Document ID: chunk:federal_register_of_legislation:F2023C00329:reg:16:p16
Version: federal_register_of_legislation:F2023C00329
Segment Type: reg
Provision Reference: reg 16 (pt 16/23)
Character Range: 49285–52355

the corresponding figures.
                    The relevant ethical requirements that apply to the audit are the Accounting Professional & Ethical Standards Board's APES 110 Code of Ethics for Professional Accountants (including Independence Standards).
                    Based on the audit evidence obtained, the auditor has concluded that a material uncertainty does not exist related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern in accordance with ASA 570.[23]
                    Key audit matters have been communicated in accordance with ASA 701.[24]
                    The auditor has obtained all of the other information prior to the date of the auditor's report and has not identified a material misstatement of the other information.
                    In addition to the audit of the financial report, the auditor has other reporting responsibilities required under section 308(C) of the Corporations Act 2001.

INDEPENDENT AUDITOR'S REPORT

To the Members of ABC Company [or Other Appropriate Addressee]

Report on the Audit of the Financial Report[*]

Qualified Opinion

We have audited the financial report of ABC Company Ltd. (the Company), which comprises the statement of financial position as at 30 June 20X1, statement of comprehensive income, statement of changes in equity, statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information, and the directors' declaration.

In our opinion, except for the possible effects of the matter described in the Basis for Qualified Opinion section of our report, the accompanying financial report of ABC Company Ltd., is in accordance with the Corporations Act  2001, including:

    (i)            giving a true and fair view of the company's financial position as at 30 June 20X1, and of its financial performance for the year then ended; and

    (ii)          complying with Australian Accounting Standards and the Corporations Regulations 2001.

Basis for Qualified Opinion

Because we were appointed auditors of ABC Company Ltd., during 20X0, we were not able to observe the counting of the physical inventories at the beginning of that period or satisfy ourselves concerning those inventory quantities by alternative means.  Since opening inventories affect the determination of the results of operations, we were unable to determine whether adjustments to the results of operations and opening retained earnings might be necessary for 20X0.  Our audit opinion on the financial report for the period ended 30 June 20X0 was modified accordingly.  Our opinion on the current period's financial report is also modified because of the possible effect of this matter on the comparability of the current period's figures and the corresponding figures.

We conducted our audit in accordance with Australian Auditing Standards.  Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial