Conformity with International Standards Conformity with International Standards on Auditing

Conformity with International Standards on Auditing

69 Except as noted below, this Auditing Standard conforms with International Standard on Auditing ISA 700 The Independent Auditor's Report on a Complete Set of General Purpose Financial Statements, effective for auditor’s reports dated on or after 31 December 2006, issued by the International Auditing and Assurance Standards Board of the International Federation of Accountants. The main differences between this Auditing Standard and ISA 700 are:

• This Auditing Standard includes the following mandatory requirements that are included as explanatory guidance in ISA 700:

♦ Unless required by law or regulation to use different wording, the auditor’s opinion on a general purpose financial report prepared in accordance with a financial reporting framework designed to achieve fair presentation shall state whether the financial report “gives a true and fair view” or “presents fairly, in all material respects” in accordance with the financial reporting framework (paragraph 8).

♦ The auditor’s report shall be signed in one or more of the name of the audit firm, the audit company or the personal name of the auditor, as appropriate for the particular jurisdiction (paragraph 53). ISA 700 requires the auditor’s report to be signed but this mandatory requirement does not specify by whom.

• This Auditing Standard contains the following mandatory requirement not contained in ISA 700:

♦ When expressing an unqualified opinion, the auditor shall include a section headed “Auditor’s Opinion” (paragraph 45).

♦ 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 (paragraph 49A).

♦ The auditor’s report shall be dated as of the date the auditor signs that report (paragraph 54).

• This Auditing Standard incorporates terminology and references used in Australia and refers to the requirements of the Australian Accounting Standards and the Corporations Act 2001. This Auditing Standard includes an Appendix relating to the “Audit Reporting Requirements under the Corporations Act 2001” and includes two example auditors’ reports applicable when the audit is conducted under that Act, whereas ISA 700 does not.
• This Auditing Standard contains a section relating to “Auditor’s Reports for Audits Conducted in Accordance with Both Auditing Standards and International Standards on Auditing” whereas, the equivalent section in ISA 700 relates to “Auditor’s Reports for Audits Conducted in Accordance with Both ISAs and Auditing Standards of a Specific Jurisdiction or Country.” In this Auditing Standard, this section has been tailored to reflect audits conducted in accordance with both Auditing Standards and ISAs only whereas, in ISA 700, this section has a broad focus.