Document ID: chunk:federal_register_of_legislation:F2022C01208:reg:14:p54
Version: federal_register_of_legislation:F2022C01208
Segment Type: reg
Provision Reference: reg 14 (pt 54/57)
Character Range: 159379–162432

fairly, in all material respects, [or "give a true and fair view of"[54]] the financial position of the [entity] as at [date], and of its financial performance and its cash flows for the [period] period ended on that date, in accordance with [applicable financial reporting framework].

A review of a half‑year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit.  Accordingly, we do not express an audit opinion.

Report on Other Legal and Regulatory Requirements

[Form and content of this section of the auditor's review report will vary depending on the nature of the auditor's other reporting responsibilities.]

[Auditor's signature[55]]

[Date of the auditor's review report[56]]

[Auditor's address]

EXAMPLE D – AUDITOR'S REVIEW REPORT WITH AN ADVERSE CONCLUSION FOR A DEPARTURE FROM THE APPLICABLE FINANCIAL REPORTING FRAMEWORK – FAIR PRESENTATION

INDEPENDENT AUDITOR'S REVIEW REPORT

To [appropriate addressee]

Report on the [appropriate title for the financial report] Financial Report[57]

Adverse Conclusion

We have reviewed the [period] financial report of [name of entity], which comprises the statement of financial position as at [date], the statement of comprehensive income, statement of changes in equity and statement of cash flows for the [period] ended on that date, a summary of significant accounting policies[58]]and other explanatory information, and [the declaration of those charged with governance[59]].[60],[61]

Based on our review, which is not an audit, because of the significance of the matter described in the Basis for Adverse Conclusion section of our report, the accompanying [period] financial report of [name of entity] does not present fairly, in all material respects, [or "give a true and fair view of[62]]" the financial position of the [entity] as at [date], and of its financial performance and its cash flows for the [period] period ended on that date, in accordance with [applicable financial reporting framework].

Basis for Adverse Conclusion

As explained in Note X, commencing this period, [title of those charged with governance] of the [entity] ceased to consolidate the financial reports of its subsidiary companies since [title of those charged with governance] considers consolidation to be inappropriate because of the existence of new substantial non‑controlling interests.  This is not in accordance with [applicable financial reporting framework].  Had a consolidated financial report been prepared, virtually every account in the financial report would have been materially different. The effects on the financial report of the failure to consolidated have not been determined.

We conducted our review