Document ID: chunk:federal_register_of_legislation:F2023C00335:body:0:p4
Version: federal_register_of_legislation:F2023C00335
Segment Type: other
Provision Reference: 
Character Range: 9530–12698

in the Independent Auditor's Report

Application

         Aus 0.1 This Auditing Standard applies to:

             (a) an audit of a financial report for a financial year, or an audit of a financial report for a half‑year, in accordance with the Corporations Act 2001; and

             (b) an audit of a financial report, or a complete set of financial statements, for any other purpose.

         Aus 0.2 This Auditing Standard also applies, as appropriate, to an audit of other historical financial information.

Operative Date

         Aus 0.3 This Auditing Standard is operative for financial reporting periods ending on or after 15 December 2016.  [Note: For operative dates of paragraphs changed or added by an Amending Standard, see Compilations Details.]

Introduction

Scope of this Auditing Standard

      1. This Auditing Standard deals with additional communication in the auditor's report when the auditor considers it necessary to:

(a)                Draw users' attention to a matter or matters presented or disclosed in the financial report that are of such importance that they are fundamental to users' understanding of the financial report; or

(b)                Draw users' attention to any matter or matters other than those presented or disclosed in the financial report that are relevant to users' understanding of the audit, the auditor's responsibilities or the auditor's report.

2.                   ASA 701[1] establishes requirements and provides guidance when the auditor determines key audit matters and communicates them in the auditor's report.  When the auditor includes a Key Audit Matters section in the auditor's report, this Auditing Standard addresses the relationship between key audit matters and any additional communication in the auditor's report in accordance with this Auditing Standard.  (Ref: Para. A1–A3)

3.                   ASA 570[2]  and ASA 720[3] establish requirements and provides guidance about communication in the auditor's report relating to going concern and other information, respectively.

4.                   Appendices 1 and 2 of this Auditing Standard identify Australian Auditing Standards that contain specific requirements for the auditor to include Emphasis of Matter paragraphs or Other Matter paragraphs in the auditor's report.  In those circumstances, the requirements in this Auditing Standard regarding the form of such paragraphs apply.  (Ref: Para. A4)

Effective Date

5.                   [Deleted by the AUASB.  Refer Aus 0.3]

Objective

6.                   The objective of the auditor, having formed an opinion on the financial report, is to draw users' attention, when in the auditor's judgement it is necessary to do so, by way of clear additional communication in the auditor's report, to:

(a)                A matter, although appropriately presented or disclosed in the financial report, that is of such importance that it is fundamental to users' understanding of the financial report; or

(b)                As appropriate, any other matter that is relevant to users' understanding of the audit, the auditor's responsibilities or the auditor's report.

Definitions