Obtaining a Copy of Auditing Standards

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.

Alternatively, printed copies of Auditing Standards are available by contacting:

COPYRIGHT

© Commonwealth of Australia 2007. 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 Principal Executive, Auditing and Assurance Standards Board, PO Box 204, Collins Street West, Melbourne Victoria 8007. Otherwise, no part of the 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

CONTENTS

COMPILATION DETAILS

AUTHORITY STATEMENT

Paragraphs

Application.................................. 1

Operative Date................................ 2

Introduction.................................. 3-5

The Auditor’s Report on a Financial Report............. 6-12

Applicable Financial Reporting Framework............. 13-14

Forming an Opinion on the Financial Report............ 15-19

Rare Circumstances when Applying the Financial Reporting Framework Results in a Misleading Financial Report 20

Elements of the Auditor’s Report in an Audit Conducted in Accordance with Auditing Standards 21-22

Title....................................... 23-24

Addressee................................... 25-26

Introductory Paragraph.......................... 27-32

The Responsibility of Those Charged with Governance for the Financial Report 33-36

Auditor’s Responsibility.......................... 37-43

Auditor’s Opinion.............................. 44-49

Other Reporting Responsibilities.................... 50-52

Auditor’s Signature............................. 53

Date of the Auditor’s Report....................... 54-57

Auditor’s Address.............................. 58

Other...................................... 59-61

Auditor’s Reports for Audits Conducted in Accordance with both Australian Auditing Standards and International Standards on Auditing 62-63

Unaudited Supplementary Information Presented with an Audited Financial Report 64-68

Conformity with International Standards on Auditing...... 69

Appendix 1: Example of an Unmodified Auditor’s Report

Appendix 2: Summary of Audit Reporting Requirements Under the Corporations Act 2001

compilation details

Auditing Standard ASA 700 The Auditor’s Report on a General Purpose Financial Report as Amended

This compilation takes into account amendments up to and including 27 June 2007 and was prepared on 27 June 2007 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 (April 2006) as amended by an other Auditing Standard which is listed in the Table below.

Table of Standards

Table of Amendments

AUTHORITY STATEMENT

Auditing Standard ASA 700 The Auditor's Report on a General Purpose Financial Report (as amended at 27 June 2007) is set out in paragraphs 1 to 69 and Appendices 1 to 2.

This Auditing Standard is to be read in conjunction with the Preamble to AUASB Standards, which sets out the intentions of the AUASB on how the Auditing Standards are to be understood, interpreted and applied.

The mandatory requirements of this Auditing Standard are set out in bold-type paragraphs.