Illustrations of Independent Auditor’s RIllustrations of Independent Auditor’s Reports on Financial Reports

Illustrations of Independent Auditor’s Reports on Financial Reports

• Illustration 1: [Deleted by the AUASB.] Refer [Aus] Illustration 1A.
• [Aus] Illustration 1A: An auditor’s report on a financial report of a single listed company prepared in accordance with the Corporations Act 2001 (a fair presentation framework).
• Illustration 2: [Deleted by the AUASB.] Refer [Aus] Illustration 2A.
• [Aus] Illustration 2A: An auditor’s report on a financial report of a listed company and its subsidiaries (Group) prepared in accordance with the Corporations Act 2001 (a fair presentation framework).
• Illustration 3: An auditor’s report on a financial report of an entity other than a listed entity prepared in accordance with a fair presentation framework.
• Illustration 4: An auditor’s report on a financial report of an entity other than a listed entity prepared in accordance with a general purpose compliance framework.

Example Auditor’s Report
Single Company—Corporations Act 2001
(Fair Presentation Framework)

[Aus] Illustration 1A:

For purposes of this illustrative auditor’s report, the following circumstances are assumed:

 Audit of the financial report of a single listed company. The audit is not a group audit (i.e. ASA 600 does not apply).

 The financial report is prepared by the directors of the company in accordance with Australian Accounting Standards (a general purpose framework) and under the Corporations Act 2001.

 The terms of the audit engagement reflect the description of the directors’ responsibility for the financial report in ASA 210.

 The auditor has concluded an unmodified (i.e. “clean”) opinion is appropriate based on the audit evidence obtained.

 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) (the Code). The Code includes independence requirements that are applicable to audits of financial reports of public interest entities. The Code also requires the auditor to publicly disclose that the independence requirements applicable to audits of financial reports of public interest entities were applied.

 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.

 Key audit matters have been communicated in accordance with ASA 701.

 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.