Document ID: chunk:federal_register_of_legislation:F2023C01137:body:0:p14
Version: federal_register_of_legislation:F2023C01137
Segment Type: other
Provision Reference: 
Character Range: 38256–41222

The disclosures have not been prepared by management or the disclosures are otherwise not readily available to the auditor; or

(b)                In the auditor's judgement, the disclosures would be unduly voluminous in relation to the auditor's report.

         Aus A23.1 Where an audit is conducted under the Corporations Act 2001 (the Act) and there is a material misstatement of the financial report that relates to the non-disclosure of required information, the auditor needs to consider reporting obligations under the Act, for example under sections 311, 601HG or 990K of the Act.

A24.         An adverse opinion or a disclaimer of opinion relating to a specific matter described within the Basis for Opinion section does not justify the omission of a description of other identified matters that would have otherwise required a modification of the auditor's opinion.  In such cases, the disclosure of such other matters of which the auditor is aware may be relevant to users of the financial report.

Description of Auditor's Responsibilities for the Audit of the Financial Report When the Auditor Disclaims an Opinion on the Financial Report (Ref: Para. 28)

A25.         When the auditor disclaims an opinion on the financial report, the following statements are better positioned within the Auditor's Responsibilities for the Audit of the Financial Report section of the auditor's report, as illustrated in Illustrations 4–5 of the Appendix.

           * The statement required by paragraph 28(a) of ASA 700, amended to state that the auditor's responsibility is to conduct an audit of the entity's financial report in accordance with Australian Auditing Standards; and

           * The statement required by paragraph Aus 28(c) of ASA 700 about independence and other ethical responsibilities.

Considerations When the Auditor Disclaims an Opinion on the Financial Report (Ref: Para. 29)

A26.         Providing the reasons for the auditor's inability to obtain sufficient appropriate audit evidence within the Basis for Disclaimer of Opinion section of the auditor's report provides useful information to users in understanding why the auditor has disclaimed an opinion on the financial report and may further guard against inappropriate reliance on them.  However, communication of any key audit matters other than the matter(s) giving rise to the disclaimer of opinion may suggest that the financial report as a whole are more credible in relation to those matters than would be appropriate in the circumstances, and would be inconsistent with the disclaimer of opinion on the financial report as a whole. Similarly, it would not be appropriate to include an Other Information section in accordance with ASA 720 addressing the auditor's consideration of the consistency of the other information with the financial report.  Accordingly, paragraph 29 prohibits a Key Audit Matters section or an Other Information section from being included in the