Document ID: chunk:federal_register_of_legislation:F2023C01140:reg:39:p19
Version: federal_register_of_legislation:F2023C01140
Segment Type: reg
Provision Reference: reg 39 (pt 19/53)
Character Range: 63254–66212

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 statement comprising the financial report required by the applicable financial reporting framework, specifying the date or period covered by each financial statement and assertion statement] and notes to the financial statements, including a summary of significant accounting policies.

A23.         When the auditor is aware that the audited financial report will be included in a document that contains other information, such as an annual report, the auditor may consider, if the form of presentation allows, identifying the page numbers on which the audited financial report is presented.  This helps users to identify the financial report to which the auditor's report relates.

"Present fairly, in all material respects" or "give a true and fair view"

A24.         The phrases "present fairly, in all material respects," and "give a true and fair view" are regarded as being equivalent.  Whether the phrase "present fairly, in all material respects," or the phrase "give a true and fair view" is used in any particular jurisdiction is determined by the law or regulation governing the audit of a financial report in that jurisdiction, or by generally accepted practice in that jurisdiction.  Where law or regulation requires the use of different wording, this does not affect the requirement in paragraph 14 for the auditor to evaluate the fair presentation of the financial report prepared in accordance with a fair presentation framework.

A25.         When the auditor expresses an unmodified opinion, it is not appropriate to use phrases such as "with the foregoing explanation" or "subject to" in relation to the opinion, as these suggest a conditional opinion or a weakening or modification of opinion.

Description of the financial report and the matters it presents

A26.         The auditor's opinion covers the financial report as defined by the applicable financial reporting framework.  For example, in the case of many general purpose frameworks, the financial report may include: a statement of financial position, a statement of comprehensive income, a statement of changes in equity, a statement of cash flows, and related notes, which ordinarily comprise a summary of significant accounting policies and other explanatory information.  In some jurisdictions, additional information may also be considered to be an integral part of the financial report.

A27.         In the case of a financial report prepared in accordance with a fair presentation framework, the auditor's opinion states that the financial report presents fairly, in all material respects, or gives a true and fair view of, the matters that the financial report are designed to present.  For example,