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Commonwealth legislation
This Act has been repealed and is no longer in force. It is retained for historical reference.
This standard directs how auditors conclude an audit and issue their final opinion on financial statements—requiring them to form a view on whether the accounts are prepared under the applicable reporting framework and to present that opinion in a prescribed report. It affects audits of registered companies (including Corporations Act-specific disclosures) and other entities' financial statement audits. It matters because it defines the auditor’s responsibility, report content and Australian-specific requirements (IFRS statements, dating and signing, and certain separate legal reports).
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Direct links to the current provisions in ASA 700 - Forming an Opinion and Reporting on a Financial Report - October 2009.
The most recently compiled versions of Auditing Standards, original Standards and amending Standards (see Compilation Details) are available on the AUASB website: www.auasb.gov.au
| Auditing and Assurance Standards BoardLevel 7, 600 Bourke StreetMelbourne Victoria 3000AUSTRALIA | Phone: (03) 8080 7400Fax: (03) 8080 7450E‑mail: enquiries@auasb.gov.auPostal Address:PO Box 204Collins Street WestMelbourne Victoria 8007AUSTRALIA |
|---|
© 2013 Auditing and Assurance Standards Board. The text, graphics and layout of this compiled Auditing Standard are protected by Australian copyright law and the comparable law of other countries. Reproduction within Australia in unaltered form (retaining this notice) is permitted for personal and non‑commercial use subject to the inclusion of an acknowledgment of the source. Requests and enquiries concerning reproduction and rights for commercial purposes within Australia should be addressed to the Executive Director, Auditing and Assurance Standards Board, PO Box 204, Collins Street West, Melbourne Victoria 8007. Otherwise, no part of this compiled Auditing Standard may be reproduced, stored or transmitted in any form or by any means without the prior written permission of the AUASB except as permitted by law.
ISSN 1833‑4393
COMPILATION DETAILS
AUTHORITY STATEMENT
Paragraphs
Application......................................................Aus 0.1-Aus 0.2
Operative Date.........................................................Aus 0.3
Introduction
Scope of this Auditing Standard.................................................1-4
Effective Date...............................................................5
Objectives..................................................................6
Definitions...........................................................7-Aus 9.1
Requirements
Forming an Opinion on the Financial Report......................................10-15
Form of Opinion..........................................................16-19
Auditor’s Report..........................................................20-45
Supplementary Information Presented with the Financial Report........................46-47
Application and Other Explanatory Material
Qualitative Aspects of the Entity’s Accounting Practices............................A1-A3
Disclosure of the Effect of Material Transactions and Events on the Information Conveyed in the Financial Report A4
Description of the Applicable Financial Reporting Framework.......................A5-A10
Form of Opinion........................................................A11-A12
Auditor’s Report.......................................................A13-A44
Supplementary Information Presented with the Financial Report.....................A45-A51
Conformity with International Standards on Auditing
Appendix 1: Illustrations of Auditors’ Reports on a General Purpose Financial Report—Unmodified Opinions
The most recently compiled versions of Auditing Standards, original Standards and amending Standards (see Compilation Details) are available on the AUASB website: www.auasb.gov.au
| Auditing and Assurance Standards BoardLevel 7, 600 Bourke StreetMelbourne Victoria 3000AUSTRALIA | Phone: (03) 8080 7400Fax: (03) 8080 7450E‑mail: enquiries@auasb.gov.auPostal Address:PO Box 204Collins Street WestMelbourne Victoria 8007AUSTRALIA |
|---|
© 2013 Auditing and Assurance Standards Board. The text, graphics and layout of this compiled Auditing Standard are protected by Australian copyright law and the comparable law of other countries. Reproduction within Australia in unaltered form (retaining this notice) is permitted for personal and non‑commercial use subject to the inclusion of an acknowledgment of the source. Requests and enquiries concerning reproduction and rights for commercial purposes within Australia should be addressed to the Executive Director, Auditing and Assurance Standards Board, PO Box 204, Collins Street West, Melbourne Victoria 8007. Otherwise, no part of this compiled Auditing Standard may be reproduced, stored or transmitted in any form or by any means without the prior written permission of the AUASB except as permitted by law.
ISSN 1833‑4393
COMPILATION DETAILS
AUTHORITY STATEMENT
Paragraphs
Application......................................................Aus 0.1-Aus 0.2
Operative Date.........................................................Aus 0.3
Introduction
Scope of this Auditing Standard.................................................1-4
Effective Date...............................................................5
Objectives..................................................................6
Definitions...........................................................7-Aus 9.1
Requirements
Forming an Opinion on the Financial Report......................................10-15
Form of Opinion..........................................................16-19
Auditor’s Report..........................................................20-45
Supplementary Information Presented with the Financial Report........................46-47
Application and Other Explanatory Material
Qualitative Aspects of the Entity’s Accounting Practices............................A1-A3
Disclosure of the Effect of Material Transactions and Events on the Information Conveyed in the Financial Report A4
Description of the Applicable Financial Reporting Framework.......................A5-A10
Form of Opinion........................................................A11-A12
Auditor’s Report.......................................................A13-A44
Supplementary Information Presented with the Financial Report.....................A45-A51
Conformity with International Standards on Auditing
Appendix 1: Illustrations of Auditors’ Reports on a General Purpose Financial Report—Unmodified Opinions
This compilation takes into account amendments made up to and including 1 July 2013 and was prepared on 1 July 2013 by the Auditing and Assurance Standards Board (AUASB).
This compilation is not a separate Auditing Standard made by the AUASB. Instead, it is a representation of ASA 700 (27 October 2009) as amended by other Auditing Standards which are listed in the Table below.
| Standard | Date made | Operative Date |
|---|---|---|
| ASA 700 [A] | 27 October 2009 | 1 January 2010 |
| ASA 2011‑1 [B] | 27 June 2011 | 1 July 2011 |
| ASA 2013‑3 [C] | 1 July 2013 | 1 July 2013 |
| Paragraph affected | How affected | By … [paragraph] |
|---|---|---|
| Appendix 1Illustrations 1 and 3 | Amended | ASA 2011‑1 [56] |
| Appendix 1Illustrations 1A and 3A | Amended | ASA 2011‑1 [57] |
| Appendix 1Illustration 2 | Amended | ASA 2011‑1 [58] |
| Appendix 1[Aus] Illustration 1A | Amended | ASA 2011‑1 [59] |
| Appendix 1[Aus]Illustration 3A | Amended | ASA 2011‑1 [60] |
| Appendix 1[Aus] Illustration 3A | Amended | ASA 2013‑3 [15] |
[A] Federal Register of Legislative Instruments – registration number F2009L04100,
27 October 2009.
[B] Federal Register of Legislative Instruments – registration number F2011L01379,
27 June 2011.
[C] Federal Register of Legislative Instruments – registration number F2013L01326,
1 July 2013.
Auditing Standard ASA 700 Forming an Opinion and Reporting on a Financial Report (as amended to 1 July 2013) is set out in paragraphs Aus 0.1 to A51 and Appendix 1.
This Auditing Standard is to be read in conjunction with ASA 101 Preamble to Australian Auditing Standards, which sets out the intentions of the AUASB on how the Australian Auditing Standards, operative for financial reporting periods commencing on or after 1 January 2010, 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.
Dated: 1 July 2013
This compilation takes into account amendments made up to and including 1 July 2013 and was prepared on 1 July 2013 by the Auditing and Assurance Standards Board (AUASB).
This compilation is not a separate Auditing Standard made by the AUASB. Instead, it is a representation of ASA 700 (27 October 2009) as amended by other Auditing Standards which are listed in the Table below.
| Standard | Date made | Operative Date |
|---|---|---|
| ASA 700 [A] | 27 October 2009 | 1 January 2010 |
| ASA 2011‑1 [B] | 27 June 2011 | 1 July 2011 |
| ASA 2013‑3 [C] | 1 July 2013 | 1 July 2013 |
| Paragraph affected | How affected | By … [paragraph] |
|---|---|---|
| Appendix 1Illustrations 1 and 3 | Amended | ASA 2011‑1 [56] |
| Appendix 1Illustrations 1A and 3A | Amended | ASA 2011‑1 [57] |
| Appendix 1Illustration 2 | Amended | ASA 2011‑1 [58] |
| Appendix 1[Aus] Illustration 1A | Amended | ASA 2011‑1 [59] |
| Appendix 1[Aus]Illustration 3A | Amended | ASA 2011‑1 [60] |
| Appendix 1[Aus] Illustration 3A | Amended | ASA 2013‑3 [15] |
[A] Federal Register of Legislative Instruments – registration number F2009L04100,
27 October 2009.
[B] Federal Register of Legislative Instruments – registration number F2011L01379,
27 June 2011.
[C] Federal Register of Legislative Instruments – registration number F2013L01326,
1 July 2013.
Auditing Standard ASA 700 Forming an Opinion and Reporting on a Financial Report (as amended to 1 July 2013) is set out in paragraphs Aus 0.1 to A51 and Appendix 1.
This Auditing Standard is to be read in conjunction with ASA 101 Preamble to Australian Auditing Standards, which sets out the intentions of the AUASB on how the Australian Auditing Standards, operative for financial reporting periods commencing on or after 1 January 2010, 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.
Dated: 1 July 2013
Auditing Standard ASA 700 Forming an Opinion and Reporting on a Financial Report (as amended to 1 July 2013) is set out in paragraphs Aus 0.1 to A51 and Appendix 1.
This Auditing Standard is to be read in conjunction with ASA 101 Preamble to Australian Auditing Standards, which sets out the intentions of the AUASB on how the Australian Auditing Standards, operative for financial reporting periods commencing on or after 1 January 2010, 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.
Auditing Standard ASA 700
The Auditing and Assurance Standards Board (AUASB) made Auditing Standard ASA 700 Forming an Opinion and Reporting on a Financial Report, pursuant to section 227B of the Australian Securities and Investments Commission Act 2001 and section 336 of the Corporations Act 2001, on 27 October 2009.
This compiled version of ASA 700 incorporates subsequent amendments contained in other Auditing Standards made by the AUASB up to and including 1 July 2013 (see Compilation Details).
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.
Aus 0.3 This Auditing Standard is operative for financial reporting periods commencing on or after 1 January 2010. [Note: For operative dates of paragraphs changed or added by an Amending Standard, see Compilation Details.]
The term “fair presentation framework” is used to refer to a financial reporting framework that requires compliance with the requirements of the framework and:
The term “compliance framework” is used to refer to a financial reporting framework that requires compliance with the requirements of the framework, but does not contain the acknowledgements in (i) or (ii) above.[5]
Unmodified opinion means the opinion expressed by the auditor when the auditor concludes that the financial report is prepared, in all material respects, in accordance with the applicable financial reporting framework.[6]
Reference to “a financial report” in this Auditing Standard means “a complete set of general purpose financial statements, including the related notes and an assertion statement by those responsible for the financial report.” The related notes ordinarily comprise a summary of significant accounting policies and other explanatory information. The requirements of the applicable financial reporting framework determine the form and content of the financial report.[#]
[Deleted by the AUASB. Refer Aus 9.1]
Aus 9.1 Reference to “Australian Accounting Standards” in this Auditing Standard means the Australian Accounting Standards issued by the Australian Accounting Standards Board, and reference to “International Financial Reporting Standards” means the International Financial Reporting Standards issued by the International Accounting Standards Board.
the auditor shall modify the opinion in the auditor’s report in accordance with ASA 705.
Auditor’s Report for Audits Conducted in Accordance with Australian Auditing Standards
Title
Addressee
Introductory Paragraph
Management’s Responsibility for the Financial Report
Auditor’s Responsibility
Auditor’s Opinion
Aus 37.1 When an entity, in accordance with Accounting Standard AASB 101 Presentation of Financial Statements, has included in the notes to the financial statements an explicit and unreserved statement of compliance with International Financial Reporting Standards (IFRSs), and the auditor agrees with the entity’s statement of compliance, the auditor shall state that in the auditor’s opinion, the financial report complies with IFRSs. (Ref: Para. Aus A33.1‑Aus A33.2)
Other Reporting Responsibilities
Signature of the Auditor
Date of the Auditor’s Report (Ref: Para. A38‑A41)
Aus 40.1 The auditor’s report shall be dated as of the date the auditor signs that report.
Auditor’s Address
Auditor’s Report Prescribed by Law or Regulation
A reference to Australian Auditing Standards and the law or regulation; and
A description of an audit in accordance with those standards;
Auditor’s Report for Audits Conducted in Accordance with Both Auditing Standards of a Specific Jurisdiction and Australian Auditing Standards
* * *
The selective correction of misstatements brought to management’s attention during the audit (for example, correcting misstatements with the effect of increasing reported earnings, but not correcting misstatements that have the effect of decreasing reported earnings).
Possible management bias in the making of accounting estimates.
Reference to More than One Financial Reporting Framework
Auditor’s Report for Audits Conducted in Accordance with Australian Auditing Standards
Title (Ref: Para. 21)
Addressee (Ref: Para. 22)
Introductory Paragraph (Ref: Para. 23)
Management’s Responsibility for the Financial Report (Ref: Para. 26)
Auditor’s Responsibility (Ref: Para. 29‑30)
Auditor’s Opinion (Ref: Para. 35‑37)
Wording of the auditor’s opinion prescribed by law or regulation
If the auditor concludes that additional explanation in the auditor’s report cannot mitigate possible misunderstanding, ASA 210 requires the auditor not to accept the audit engagement, unless required by law or regulation to do so. In accordance with ASA 210, an audit conducted in accordance with such law or regulation does not comply with the Australian Auditing Standards. Accordingly, the auditor does not include any reference in the auditor’s report to the audit having been conducted in accordance with Australian Auditing Standards.[19]
“Presents fairly, in all material respects” or “gives a true and fair view”
Description of information that the financial report presents
Description of the applicable financial reporting framework and how it may affect the auditor’s opinion
“… in accordance with Australian Accounting Standards” or
“… in accordance with accounting principles generally accepted in Jurisdiction X …”
Aus A33.1 With respect to the requirement in paragraph Aus 37.1, Appendix 1 provides illustrations of auditors’ reports, see:
[Aus] Illustration 1A: Example Auditor’s Report Single Company—Corporations Act 2001; and
[Aus] Illustration 3A: Example Auditor’s Report Consolidated Entity—Corporations Act 2001.
Aus A33.2 ASA 705 provides requirements and guidance when the auditor disagrees with those charged with governance in relation to compliance with the requirements of Australian Accounting Standards, and this applies to, and includes, AASB 101 requirements. (Ref: Para. Aus 37.1)
Other Reporting Responsibilities (Ref: Para. 38‑39)
Aus A34.1 When the audit of a financial report is conducted in accordance with the Corporations Act 2001 (the “Act”), section 308(3)(b) of that Act requires the auditor to describe in the auditor’s report any deficiency, failure or shortcoming in respect of certain matters referred to in section 307(b), (c) or (d) of that Act.
Aus A36.1 An example of “other reporting responsibilities” is where a remuneration report is included in a directors’ report and the auditor is required to report in accordance with section 308(3C) of the Corporations Act 2001.
Signature of the Auditor (Ref: Para. 40)
Aus A37.1 Under the Corporations Act 2001, the auditor of a company or registered scheme is required to sign the auditor’s report in both their own name and the name of their firm [section 324AB(3)] or the name of the audit company [section 324AD(1)], as applicable.
Date of the Auditor’s Report (Ref: Para. Aus 40.1 and 41)
Auditor’s Report Prescribed by Law or Regulation (Ref: Para. 43)
Auditor’s Report for Audits Conducted in Accordance with Both Auditing Standards of a Specific Jurisdiction and Australian Auditing Standards (Ref: Para. 44)
Removing any cross references from the financial report to unaudited supplementary schedules or unaudited notes so that the demarcation between the audited and unaudited information is sufficiently clear.
Placing the unaudited supplementary information outside of the financial report or, if that is not possible in the circumstances, at a minimum place the unaudited notes together at the end of the required notes to the financial statements and clearly label them as unaudited. Unaudited notes that are intermingled with the audited notes can be misinterpreted as being audited.
This Auditing Standard conforms with International Standard on Auditing ISA 700 Forming an Opinion and Reporting on Financial Statements, 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.
When an entity, in accordance with Accounting Standard AASB 101 Presentation of Financial Statements has included in the notes to the financial statements, an explicit and unreserved statement of compliance with International Financial Reporting Standards (IFRSs), and the auditor agrees with the entity’s statement of compliance, the auditor shall state that in the auditor’s opinion, the financial report complies with IFRSs. (Ref: Para. Aus 37.1)
The auditor’s report shall be dated as of the date the auditor signs that report. Ref: Para. Aus 40.1)
Compliance with this Auditing Standard enables compliance with ISA 700.
Auditing Standard ASA 700
The Auditing and Assurance Standards Board (AUASB) made Auditing Standard ASA 700 Forming an Opinion and Reporting on a Financial Report, pursuant to section 227B of the Australian Securities and Investments Commission Act 2001 and section 336 of the Corporations Act 2001, on 27 October 2009.
This compiled version of ASA 700 incorporates subsequent amendments contained in other Auditing Standards made by the AUASB up to and including 1 July 2013 (see Compilation Details).
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.
Aus 0.3 This Auditing Standard is operative for financial reporting periods commencing on or after 1 January 2010. [Note: For operative dates of paragraphs changed or added by an Amending Standard, see Compilation Details.]
The term “fair presentation framework” is used to refer to a financial reporting framework that requires compliance with the requirements of the framework and:
The term “compliance framework” is used to refer to a financial reporting framework that requires compliance with the requirements of the framework, but does not contain the acknowledgements in (i) or (ii) above.[5]
Unmodified opinion means the opinion expressed by the auditor when the auditor concludes that the financial report is prepared, in all material respects, in accordance with the applicable financial reporting framework.[6]
Reference to “a financial report” in this Auditing Standard means “a complete set of general purpose financial statements, including the related notes and an assertion statement by those responsible for the financial report.” The related notes ordinarily comprise a summary of significant accounting policies and other explanatory information. The requirements of the applicable financial reporting framework determine the form and content of the financial report.[#]
[Deleted by the AUASB. Refer Aus 9.1]
Aus 9.1 Reference to “Australian Accounting Standards” in this Auditing Standard means the Australian Accounting Standards issued by the Australian Accounting Standards Board, and reference to “International Financial Reporting Standards” means the International Financial Reporting Standards issued by the International Accounting Standards Board.
the auditor shall modify the opinion in the auditor’s report in accordance with ASA 705.
Auditor’s Report for Audits Conducted in Accordance with Australian Auditing Standards
Title
Addressee
Introductory Paragraph
Management’s Responsibility for the Financial Report
Auditor’s Responsibility
Auditor’s Opinion
Aus 37.1 When an entity, in accordance with Accounting Standard AASB 101 Presentation of Financial Statements, has included in the notes to the financial statements an explicit and unreserved statement of compliance with International Financial Reporting Standards (IFRSs), and the auditor agrees with the entity’s statement of compliance, the auditor shall state that in the auditor’s opinion, the financial report complies with IFRSs. (Ref: Para. Aus A33.1‑Aus A33.2)
Other Reporting Responsibilities
Signature of the Auditor
Date of the Auditor’s Report (Ref: Para. A38‑A41)
Aus 40.1 The auditor’s report shall be dated as of the date the auditor signs that report.
Auditor’s Address
Auditor’s Report Prescribed by Law or Regulation
A reference to Australian Auditing Standards and the law or regulation; and
A description of an audit in accordance with those standards;
Auditor’s Report for Audits Conducted in Accordance with Both Auditing Standards of a Specific Jurisdiction and Australian Auditing Standards
* * *
The selective correction of misstatements brought to management’s attention during the audit (for example, correcting misstatements with the effect of increasing reported earnings, but not correcting misstatements that have the effect of decreasing reported earnings).
Possible management bias in the making of accounting estimates.
Reference to More than One Financial Reporting Framework
Auditor’s Report for Audits Conducted in Accordance with Australian Auditing Standards
Title (Ref: Para. 21)
Addressee (Ref: Para. 22)
Introductory Paragraph (Ref: Para. 23)
Management’s Responsibility for the Financial Report (Ref: Para. 26)
Auditor’s Responsibility (Ref: Para. 29‑30)
Auditor’s Opinion (Ref: Para. 35‑37)
Wording of the auditor’s opinion prescribed by law or regulation
If the auditor concludes that additional explanation in the auditor’s report cannot mitigate possible misunderstanding, ASA 210 requires the auditor not to accept the audit engagement, unless required by law or regulation to do so. In accordance with ASA 210, an audit conducted in accordance with such law or regulation does not comply with the Australian Auditing Standards. Accordingly, the auditor does not include any reference in the auditor’s report to the audit having been conducted in accordance with Australian Auditing Standards.[19]
“Presents fairly, in all material respects” or “gives a true and fair view”
Description of information that the financial report presents
Description of the applicable financial reporting framework and how it may affect the auditor’s opinion
“… in accordance with Australian Accounting Standards” or
“… in accordance with accounting principles generally accepted in Jurisdiction X …”
Aus A33.1 With respect to the requirement in paragraph Aus 37.1, Appendix 1 provides illustrations of auditors’ reports, see:
[Aus] Illustration 1A: Example Auditor’s Report Single Company—Corporations Act 2001; and
[Aus] Illustration 3A: Example Auditor’s Report Consolidated Entity—Corporations Act 2001.
Aus A33.2 ASA 705 provides requirements and guidance when the auditor disagrees with those charged with governance in relation to compliance with the requirements of Australian Accounting Standards, and this applies to, and includes, AASB 101 requirements. (Ref: Para. Aus 37.1)
Other Reporting Responsibilities (Ref: Para. 38‑39)
Aus A34.1 When the audit of a financial report is conducted in accordance with the Corporations Act 2001 (the “Act”), section 308(3)(b) of that Act requires the auditor to describe in the auditor’s report any deficiency, failure or shortcoming in respect of certain matters referred to in section 307(b), (c) or (d) of that Act.
Aus A36.1 An example of “other reporting responsibilities” is where a remuneration report is included in a directors’ report and the auditor is required to report in accordance with section 308(3C) of the Corporations Act 2001.
Signature of the Auditor (Ref: Para. 40)
Aus A37.1 Under the Corporations Act 2001, the auditor of a company or registered scheme is required to sign the auditor’s report in both their own name and the name of their firm [section 324AB(3)] or the name of the audit company [section 324AD(1)], as applicable.
Date of the Auditor’s Report (Ref: Para. Aus 40.1 and 41)
Auditor’s Report Prescribed by Law or Regulation (Ref: Para. 43)
Auditor’s Report for Audits Conducted in Accordance with Both Auditing Standards of a Specific Jurisdiction and Australian Auditing Standards (Ref: Para. 44)
Removing any cross references from the financial report to unaudited supplementary schedules or unaudited notes so that the demarcation between the audited and unaudited information is sufficiently clear.
Placing the unaudited supplementary information outside of the financial report or, if that is not possible in the circumstances, at a minimum place the unaudited notes together at the end of the required notes to the financial statements and clearly label them as unaudited. Unaudited notes that are intermingled with the audited notes can be misinterpreted as being audited.
This Auditing Standard conforms with International Standard on Auditing ISA 700 Forming an Opinion and Reporting on Financial Statements, 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.
When an entity, in accordance with Accounting Standard AASB 101 Presentation of Financial Statements has included in the notes to the financial statements, an explicit and unreserved statement of compliance with International Financial Reporting Standards (IFRSs), and the auditor agrees with the entity’s statement of compliance, the auditor shall state that in the auditor’s opinion, the financial report complies with IFRSs. (Ref: Para. Aus 37.1)
The auditor’s report shall be dated as of the date the auditor signs that report. Ref: Para. Aus 40.1)
Compliance with this Auditing Standard enables compliance with ISA 700.
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.
Aus 0.3 This Auditing Standard is operative for financial reporting periods commencing on or after 1 January 2010. [Note: For operative dates of paragraphs changed or added by an Amending Standard, see Compilation Details.]
Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.
The most recently compiled versions of Auditing Standards, original Standards and amending Standards (see Compilation Details) are available on the AUASB website: www.auasb.gov.au
| Auditing and Assurance Standards BoardLevel 7, 600 Bourke StreetMelbourne Victoria 3000AUSTRALIA | Phone: (03) 8080 7400Fax: (03) 8080 7450E‑mail: enquiries@auasb.gov.auPostal Address:PO Box 204Collins Street WestMelbourne Victoria 8007AUSTRALIA |
|---|
© 2013 Auditing and Assurance Standards Board. The text, graphics and layout of this compiled Auditing Standard are protected by Australian copyright law and the comparable law of other countries. Reproduction within Australia in unaltered form (retaining this notice) is permitted for personal and non‑commercial use subject to the inclusion of an acknowledgment of the source. Requests and enquiries concerning reproduction and rights for commercial purposes within Australia should be addressed to the Executive Director, Auditing and Assurance Standards Board, PO Box 204, Collins Street West, Melbourne Victoria 8007. Otherwise, no part of this compiled Auditing Standard may be reproduced, stored or transmitted in any form or by any means without the prior written permission of the AUASB except as permitted by law.
ISSN 1833‑4393
COMPILATION DETAILS
AUTHORITY STATEMENT
Paragraphs
Application......................................................Aus 0.1-Aus 0.2
Operative Date.........................................................Aus 0.3
Introduction
Scope of this Auditing Standard.................................................1-4
Effective Date...............................................................5
Objectives..................................................................6
Definitions...........................................................7-Aus 9.1
Requirements
Forming an Opinion on the Financial Report......................................10-15
Form of Opinion..........................................................16-19
Auditor’s Report..........................................................20-45
Supplementary Information Presented with the Financial Report........................46-47
Application and Other Explanatory Material
Qualitative Aspects of the Entity’s Accounting Practices............................A1-A3
Disclosure of the Effect of Material Transactions and Events on the Information Conveyed in the Financial Report A4
Description of the Applicable Financial Reporting Framework.......................A5-A10
Form of Opinion........................................................A11-A12
Auditor’s Report.......................................................A13-A44
Supplementary Information Presented with the Financial Report.....................A45-A51
Conformity with International Standards on Auditing
Appendix 1: Illustrations of Auditors’ Reports on a General Purpose Financial Report—Unmodified Opinions
The most recently compiled versions of Auditing Standards, original Standards and amending Standards (see Compilation Details) are available on the AUASB website: www.auasb.gov.au
| Auditing and Assurance Standards BoardLevel 7, 600 Bourke StreetMelbourne Victoria 3000AUSTRALIA | Phone: (03) 8080 7400Fax: (03) 8080 7450E‑mail: enquiries@auasb.gov.auPostal Address:PO Box 204Collins Street WestMelbourne Victoria 8007AUSTRALIA |
|---|
© 2013 Auditing and Assurance Standards Board. The text, graphics and layout of this compiled Auditing Standard are protected by Australian copyright law and the comparable law of other countries. Reproduction within Australia in unaltered form (retaining this notice) is permitted for personal and non‑commercial use subject to the inclusion of an acknowledgment of the source. Requests and enquiries concerning reproduction and rights for commercial purposes within Australia should be addressed to the Executive Director, Auditing and Assurance Standards Board, PO Box 204, Collins Street West, Melbourne Victoria 8007. Otherwise, no part of this compiled Auditing Standard may be reproduced, stored or transmitted in any form or by any means without the prior written permission of the AUASB except as permitted by law.
ISSN 1833‑4393
COMPILATION DETAILS
AUTHORITY STATEMENT
Paragraphs
Application......................................................Aus 0.1-Aus 0.2
Operative Date.........................................................Aus 0.3
Introduction
Scope of this Auditing Standard.................................................1-4
Effective Date...............................................................5
Objectives..................................................................6
Definitions...........................................................7-Aus 9.1
Requirements
Forming an Opinion on the Financial Report......................................10-15
Form of Opinion..........................................................16-19
Auditor’s Report..........................................................20-45
Supplementary Information Presented with the Financial Report........................46-47
Application and Other Explanatory Material
Qualitative Aspects of the Entity’s Accounting Practices............................A1-A3
Disclosure of the Effect of Material Transactions and Events on the Information Conveyed in the Financial Report A4
Description of the Applicable Financial Reporting Framework.......................A5-A10
Form of Opinion........................................................A11-A12
Auditor’s Report.......................................................A13-A44
Supplementary Information Presented with the Financial Report.....................A45-A51
Conformity with International Standards on Auditing
Appendix 1: Illustrations of Auditors’ Reports on a General Purpose Financial Report—Unmodified Opinions
This compilation takes into account amendments made up to and including 1 July 2013 and was prepared on 1 July 2013 by the Auditing and Assurance Standards Board (AUASB).
This compilation is not a separate Auditing Standard made by the AUASB. Instead, it is a representation of ASA 700 (27 October 2009) as amended by other Auditing Standards which are listed in the Table below.
| Standard | Date made | Operative Date |
|---|---|---|
| ASA 700 [A] | 27 October 2009 | 1 January 2010 |
| ASA 2011‑1 [B] | 27 June 2011 | 1 July 2011 |
| ASA 2013‑3 [C] | 1 July 2013 | 1 July 2013 |
| Paragraph affected | How affected | By … [paragraph] |
|---|---|---|
| Appendix 1Illustrations 1 and 3 | Amended | ASA 2011‑1 [56] |
| Appendix 1Illustrations 1A and 3A | Amended | ASA 2011‑1 [57] |
| Appendix 1Illustration 2 | Amended | ASA 2011‑1 [58] |
| Appendix 1[Aus] Illustration 1A | Amended | ASA 2011‑1 [59] |
| Appendix 1[Aus]Illustration 3A | Amended | ASA 2011‑1 [60] |
| Appendix 1[Aus] Illustration 3A | Amended | ASA 2013‑3 [15] |
[A] Federal Register of Legislative Instruments – registration number F2009L04100,
27 October 2009.
[B] Federal Register of Legislative Instruments – registration number F2011L01379,
27 June 2011.
[C] Federal Register of Legislative Instruments – registration number F2013L01326,
1 July 2013.
Auditing Standard ASA 700 Forming an Opinion and Reporting on a Financial Report (as amended to 1 July 2013) is set out in paragraphs Aus 0.1 to A51 and Appendix 1.
This Auditing Standard is to be read in conjunction with ASA 101 Preamble to Australian Auditing Standards, which sets out the intentions of the AUASB on how the Australian Auditing Standards, operative for financial reporting periods commencing on or after 1 January 2010, 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.
Dated: 1 July 2013
This compilation takes into account amendments made up to and including 1 July 2013 and was prepared on 1 July 2013 by the Auditing and Assurance Standards Board (AUASB).
This compilation is not a separate Auditing Standard made by the AUASB. Instead, it is a representation of ASA 700 (27 October 2009) as amended by other Auditing Standards which are listed in the Table below.
| Standard | Date made | Operative Date |
|---|---|---|
| ASA 700 [A] | 27 October 2009 | 1 January 2010 |
| ASA 2011‑1 [B] | 27 June 2011 | 1 July 2011 |
| ASA 2013‑3 [C] | 1 July 2013 | 1 July 2013 |
| Paragraph affected | How affected | By … [paragraph] |
|---|---|---|
| Appendix 1Illustrations 1 and 3 | Amended | ASA 2011‑1 [56] |
| Appendix 1Illustrations 1A and 3A | Amended | ASA 2011‑1 [57] |
| Appendix 1Illustration 2 | Amended | ASA 2011‑1 [58] |
| Appendix 1[Aus] Illustration 1A | Amended | ASA 2011‑1 [59] |
| Appendix 1[Aus]Illustration 3A | Amended | ASA 2011‑1 [60] |
| Appendix 1[Aus] Illustration 3A | Amended | ASA 2013‑3 [15] |
[A] Federal Register of Legislative Instruments – registration number F2009L04100,
27 October 2009.
[B] Federal Register of Legislative Instruments – registration number F2011L01379,
27 June 2011.
[C] Federal Register of Legislative Instruments – registration number F2013L01326,
1 July 2013.
Auditing Standard ASA 700 Forming an Opinion and Reporting on a Financial Report (as amended to 1 July 2013) is set out in paragraphs Aus 0.1 to A51 and Appendix 1.
This Auditing Standard is to be read in conjunction with ASA 101 Preamble to Australian Auditing Standards, which sets out the intentions of the AUASB on how the Australian Auditing Standards, operative for financial reporting periods commencing on or after 1 January 2010, 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.
Dated: 1 July 2013
Auditing Standard ASA 700 Forming an Opinion and Reporting on a Financial Report (as amended to 1 July 2013) is set out in paragraphs Aus 0.1 to A51 and Appendix 1.
This Auditing Standard is to be read in conjunction with ASA 101 Preamble to Australian Auditing Standards, which sets out the intentions of the AUASB on how the Australian Auditing Standards, operative for financial reporting periods commencing on or after 1 January 2010, 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.
Auditing Standard ASA 700
The Auditing and Assurance Standards Board (AUASB) made Auditing Standard ASA 700 Forming an Opinion and Reporting on a Financial Report, pursuant to section 227B of the Australian Securities and Investments Commission Act 2001 and section 336 of the Corporations Act 2001, on 27 October 2009.
This compiled version of ASA 700 incorporates subsequent amendments contained in other Auditing Standards made by the AUASB up to and including 1 July 2013 (see Compilation Details).
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.
Aus 0.3 This Auditing Standard is operative for financial reporting periods commencing on or after 1 January 2010. [Note: For operative dates of paragraphs changed or added by an Amending Standard, see Compilation Details.]
This is an opening excerpt, not the complete document.