Expressing an Opinion on a Financial RepExpressing an Opinion on a Financial Report

Expressing an Opinion on a Financial Report

46 ASA 700 contains mandatory requirements and explanatory guidance on the matters the auditor considers in forming an opinion on a general purpose financial report prepared in accordance with a financial reporting framework that is designed to achieve fair presentation and on the form and content of the auditor’s report. ASA 701 Modifications to the Auditor’s Report contains mandatory requirements and explanatory guidance when the auditor expresses a modified auditor’s opinion, including an emphasis of matter, a qualified opinion, a disclaimer of opinion or an adverse opinion.

47 ASA 800 The Auditor’s Report on Special Purpose Audit Engagements contains mandatory requirements and explanatory guidance when expressing an opinion on:

(a) a financial report prepared in accordance with an alternative comprehensive basis of accounting, such as a special purpose financial report prepared for the purpose of fulfilling the directors’ financial reporting requirements of the Corporations Act 2001;

(b) a component of a general purpose or special purpose financial report, such as a single financial statement, specified accounts, elements of accounts, or items in a financial statement;

(c) compliance with contractual agreements; and

(d) a summarised financial report.

48 In addition to addressing reporting considerations, ASA 800 also addresses other matters the auditor ordinarily considers in such engagements related to, for example, engagement acceptance and the conduct of the audit.