Third paragraph of Conformity with International Standards on Auditing
Amended
ASA 2021-3 [9]
Fourth paragraph of Conformity with International Standards on Auditing
Amended
ASA 2021-3 [10]
Sub-heading inserted below paragraph 42
Addition
ASA 2021-3 [11]
Aus 42.1
Addition
ASA 2021-3 [12]
Sub-heading inserted below paragraph Aus A57.1 before existing sub-heading “Other Reporting Responsibilities”
Addition
ASA 2021-3 [13]
Aus A57.2
Addition
ASA 2021-3 [14]
Aus A57.2Footnote #
Addition
ASA 2021-3 [15]
A47Footnote 35
Amended
ASA 2020-1 [206]
A36
Amended
ASA 2021-1 [109]
Aus A61.1
Amended
ASA 2021-1 [110]
Appendix 1
Amended
ASA 2023-1 [27] to [30]
39
Amended
ASA 2022-1 [37]
Footnote 18
Addition
ASA 2022-1 [37]
A38
Amended
ASA 2022-1 [38]
Existing footnote 28
Amended
ASA 2022-1 [38]
A39
Amended
ASA 2022-1 [39]
Existing footnote 29
Amended
ASA 2022-1 [39]
Appendix 1 – Illustration 2A
Amended
ASA 2022-1 [40]
Aus 28.1(c)
Amended
ASA 2025-1 [9]
Aus 50.1(e)
Amended
ASA 2025-1 [10]
Renumbering of paragraphs
Amended
ASA 2025-1 [11]
A36
Addition
ASA 2025-1 [12]
A37
Amended
ASA 2025-1 [13]
Appendix 1 – [Aus] Illustration 1A and [Aus] Illustration 2A
Amended
ASA 2025-1 [14] to [16]
Aus 9.1
Amended
AUASB 2025-8 [17]
27
Amended
AUASB 2025-8 [18]
A13
Amended
AUASB 2025-8 [19]
A15
Amended
AUASB 2025-8 [20]
A27
Amended
AUASB 2025-8 [21]
AUTHORITY STATEMENT
Auditing Standard ASA 700 Forming an Opinion and Reporting on a Financial Report (as amended to 12 November 2025) is set out in paragraphs Aus 0.1 to A84 and Appendix 1.
This Auditing Standard is to be read in conjunction with ASA 101 Preamble to AUASB Standards, which sets out how AUASB Standards are to be understood, interpreted and applied. This Auditing Standard is to be read also in conjunction with ASA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Australian Auditing Standards.
Conformity with International Standards on Auditing
This Auditing Standard conforms with International Standard on Auditing ISA 700 Forming an Opinion and Reporting on a Financial Report issued by the International Auditing and Assurance Standards Board (IAASB), an independent standard‑setting board of the International Federation of Accountants (IFAC).
Paragraphs that have been added to this Auditing Standard (and do not appear in the text of the equivalent ISA) are identified with the prefix “Aus”.
The following requirements are additional to ISA 700:
Paragraph Aus 28.1(c) requires the auditor to identify the relevant ethical requirements applicable within Australia when providing the basis for opinion.
Aus 42.1 requires that when the auditor elects to early adopt an Auditing Standard made under section 336 of the Corporations Act 2001, in accordance with section 336(4) of that Act, that election is required to be recorded in the auditor’s report.
Paragraph Aus 46.1 requires the name of the engagement partner to be included in the auditor’s report where required by law or regulation.
Paragraph Aus 49.1 requires that the auditor’s report be dated as of the date the auditor signs that report.
Paragraph Aus 50.1(e) requires the auditor to identify the relevant ethical requirements applicable within Australia when using an auditor’s report prescribed by law or regulation.
Paragraph Aus 50.1(l) requires the name of the engagement partner where required by law or regulation when using an auditor’s report prescribed by law or regulation.
The following application and other explanatory material is additional to ISA 700:
Paragraph Aus A57.1 identifies the Auditing and Assurance Standards Board and its website address when an auditor refers to a description of the auditor’s responsibilities on a website.
Paragraph Aus A57.2 includes guidance on how the election to early adopt an Auditing Standard made under section 336 of the Corporations Act 2001 could be reported in the auditor’s report and includes a reference to ASA 706 Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report for further requirements and guidance relevant to Other Matter paragraphs.
The Appendix includes [Aus] Illustration 1A and [Aus] Illustration 2A example auditor’s reports (in respect of a single company and a group) that conform with the requirements of the Corporations Act 2001.
Paragraphs Aus A58.1; Aus A59.1; and Aus A64.1 refer to requirements under the Corporations Act 2001.
Paragraph Aus A61.1 refers to ASQM 1 and name of the engagement partner.
This Auditing Standard incorporates terminology and definitions used in Australia.
The equivalent requirements and related application and other explanatory material included in ISA 700 in respect of “relevant ethical requirements”, have been included in Auditing Standard, ASA 102 Compliance with Ethical Requirements when Performing Audits, Reviews and Other Assurance Engagements. There is no international equivalent to ASA 102.
Compliance with this Auditing Standard enables compliance with ISA 700.
Section Table of Amendments - ASA 700 - Forming an Opinion and Reporting on a Financial Report - December 2015 - Table of Amendments | Zoe