Document ID: chunk:federal_register_of_legislation:F2021C01242:reg:5:p8
Version: federal_register_of_legislation:F2021C01242
Segment Type: reg
Provision Reference: reg 5 (pt 8/12)
Character Range: 26803–29707

with the recognised authority determine that all the financial statements that comprise the financial report, including the related notes, have been prepared and that those with the recognised authority have asserted that they have taken responsibility for that financial report.

Date of the Auditor's Report (Ref: Para. 5(b))

A3.             The auditor's report cannot be dated earlier than the date on which the auditor has obtained sufficient appropriate audit evidence on which to base the opinion on the financial report including evidence that all the financial statements that comprise the financial report, including the related notes, have been prepared and that those with the recognised authority have asserted that they have taken responsibility for that financial report.[9]  Consequently, the date of the auditor's report cannot be earlier than the date of approval of the financial report as defined in paragraph 5(b).  A time period may elapse due to administrative issues between the date of the auditor's report as defined in paragraph 5(c) and the date the auditor's report is provided to the entity.

Date the Financial Report Is Issued (Ref: Para. 5(c))

A4.             The date the financial report is issued generally depends on the regulatory environment of the entity.  In some circumstances, the date the financial report is issued may be the date that they are filed with a regulatory authority.  Since an audited financial report cannot be issued without an auditor's report, the date that the audited financial report is issued must not only be at or later than the date of the auditor's report, but must also be at or later than the date the auditor's report is provided to the entity.

Considerations Specific to Public Sector Entities

A5.             In the case of the public sector, the date the financial report is issued may be the date the audited financial report and the auditor's report thereon are presented to the legislature or otherwise made public.

Events Occurring between the Date of the Financial Report and the Date of the Auditor's Report (Ref: Para. 6‑9)

A6.             Depending on the auditor's risk assessment, the audit procedures required by paragraph 6 may include procedures, necessary to obtain sufficient appropriate audit evidence, involving the review or testing of accounting records or transactions occurring between the date of the financial report and the date of the auditor's report.  The audit procedures required by paragraphs 6 and 7 are in addition to procedures that the auditor may perform for other purposes that, nevertheless, may provide evidence about subsequent events (for example, to obtain audit evidence for account balances as at the date of the financial report, such as cut‑off procedures or procedures in relation to subsequent receipts of accounts receivable).

A7.             Paragraph 7 stipulates certain