Document ID: chunk:federal_register_of_legislation:F2023C01140:reg:39:p18
Version: federal_register_of_legislation:F2023C01140
Segment Type: reg
Provision Reference: reg 39 (pt 18/53)
Character Range: 60480–63519

in accordance with Australian Accounting Standards that also describes the extent to which it complies with IFRSs).  Such description may constitute supplementary financial information as discussed in paragraph 54 and is covered by the auditor's opinion if it cannot be clearly differentiated from the financial report.

Form of Opinion (Ref: Para. 18–19)

A16.         There may be cases where the financial report, although prepared in accordance with the requirements of a fair presentation framework, does not achieve fair presentation.  Where this is the case, it may be possible for management to include additional disclosures in the financial report beyond those specifically required by the framework or, in extremely rare circumstances, to depart from a requirement in the framework in order to achieve fair presentation of the financial report.

A17.         It will be extremely rare for the auditor to consider a financial report that is prepared in accordance with a compliance framework to be misleading if, in accordance with ASA 210, the auditor determined that the framework is acceptable.[26]

Auditor's Report (Ref: Para. 20)

A18.         A written report encompasses reports issued in hard copy and those using an electronic medium.

A19.         The Appendix to this Auditing Standard contains illustrations of auditor's reports on a financial report, incorporating the elements set out in paragraphs 20–49.  With the exception of the Opinion and Basis for Opinion sections, this Auditing Standard does not establish requirements for ordering the elements of the auditor's report.  However, this Auditing Standard requires the use of specific headings, which are intended to assist in making auditor's reports that refer to audits that have been conducted in accordance with Australian Auditing Standards more recognisable, particularly in situations where the elements of the auditor's report are presented in an order that differs from the illustrative auditor's reports in the Appendix to this Auditing Standard.

Auditor's Report for Audits Conducted in Accordance with Australian Auditing Standards

Title (Ref: Para. 21)

A20.         A title indicating the report is the report of an independent auditor, for example, "Independent Auditor's Report," distinguishes the independent auditor's report from reports issued by others.

Addressee (Ref: Para. 22)

A21.         Law, regulation or the terms of the engagement may specify to whom the auditor's report is to be addressed in that particular jurisdiction.  The auditor's report is normally addressed to those for whom the report is prepared, often either to the shareholders or to those charged with governance of the entity whose financial report is being audited.

Auditor's Opinion (Ref. Para. 24–26)

Reference to the financial report that has been audited

A22.         The auditor's report states, for example, that the auditor has audited the financial report of the entity, which comprises [state the title of each financial statement and assertion