IntroductionIntroduction

Introduction

3 The purpose of this Auditing Standard is to establish mandatory requirements and to provide explanatory guidance on the auditor’s report issued as a result of an audit of a general purpose financial report prepared in accordance with a financial reporting framework that is designed to achieve fair presentation.[1] This Auditing Standard also provides explanatory guidance on the matters the auditor ordinarily considers in forming an opinion on the financial report. A “general purpose financial report” is a financial report prepared in accordance with a financial reporting framework that is designed to meet the common information needs of a wide range of users.

4 This Auditing Standard addresses circumstances when the auditor is able to express an unqualified opinion and no modification to the auditor’s report is necessary. ASA 701 Modifications to the Auditor’s Report, establishes mandatory requirements and provides explanatory guidance on modifications to this report for an emphasis of matter, a qualified opinion, a disclaimer of opinion or an adverse opinion.

5 ASA 800 The Auditor’s Report on Special Purpose Audit Engagements, establishes mandatory requirements and provides explanatory guidance on the form and content of the auditor’s report issued as a result of an audit of:

(a) a complete financial report prepared in accordance with an alternative comprehensive basis of accounting, such as a special purpose financial report prepared for the purpose of fulfilling the directors’ financial reporting requirements under the Corporations Act 2001;

(b) a component of a general purpose or special purpose financial report, such as a single financial statement, specified accounts, elements of accounts, or items in a financial statement;

(c) compliance with a contractual agreement; and

(d) a summarised financial report.