Scope of this Auditing StandardScope of this Auditing Standard

Scope of this Auditing Standard

1. This Auditing Standard deals with the auditor’s responsibility to form an opinion on the financial report. It also deals with the form and content of the auditor’s report issued as a result of an audit of a financial report.
2. ASA 705[1] and ASA 706[2] deal with how the form and content of the auditor’s report are affected when the auditor expresses a modified opinion or includes an Emphasis of Matter paragraph or an Other Matter paragraph in the auditor’s report.
3. This Auditing Standard is written in the context of a general purpose financial report. ASA 800[3] deals with special considerations when a financial report is prepared in accordance with a special purpose framework. ASA 805[4] deals with special considerations relevant to an audit of a single financial statement or of a specific element, account or item of a financial statement.
4. This Auditing Standard promotes consistency in the auditor’s report. Consistency in the auditor’s report, when the audit has been conducted in accordance with the Australian Auditing Standards, which use the International Standards on Auditing (ISAs) as the underlying auditing standards, promotes credibility in the global marketplace by making more readily identifiable those audits that have been conducted in accordance with globally recognised standards. It also helps to promote the user’s understanding and to identify unusual circumstances when they occur.