ASA 705 - Modifications to the Opinion in the Independent Auditor's Report - December 2015
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ISSN 1833‑4393
Part COMPILATION DETAILS - ASA 705 - Modifications to the Opinion in the Independent Auditor's Report - December 2015 - COMPILATION DETAILS | Zoe
CONTENTS
COMPILATION DETAILS
AUTHORITY STATEMENT
CONFORMITY WITH INTERNATIONAL STANDARDS ON AUDITING
Basis for Opinion................................................A21‑A26
Communication with Those Charged with Governance................................A27
Appendix: Illustrations of Auditor’s Reports with Modifications to the Opinion
COMPILATION DETAILS
Auditing Standard ASA 705 Modifications to the Opinion in the Independent Auditor's Report (as Amended)
This compilation takes into account amendments made up to and including 15 March 2023 and was prepared on 31 March 2023 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 705 (December 2015) as amended by other Auditing Standards which are listed in the Table below.
Table of Standards
Standard
Date made
Operative Date
ASA 705 [A]
1 December 2015
Financial reporting periods ending on or after 15 December 2016
ASA 2020-2 [B]
30 June 2020
Financial reporting periods ending on or after 15 July 2020
ASA 2023-1 [C]
15 March 2023
Financial reporting periods commencing on or after 1 January 2023
ASA 2022-1 [D]
27 April 2022
Financial reporting periods commencing on or after 15 December 2023
Legislation History
Standard
Registration Number
Registration Date
Commencement Date
ASA 705
F2015L02017
15 December 2015
16 December 2015
ASA 2020‑2
F2020L00885
7 July 2020
8 July 2020
ASA 2023-1
F2023L00295
21 March 2023
22 March 2023
ASA 2022-1
F2022L00712
19 May 2022
14 December 2023
Table of Amendments
Paragraph affected
How affected
By … [paragraph]
Appendix
Amended
ASA 2020‑2 [56] to [61]
Appendix
Amended
ASA 2023‑1 [31] to [35]
A10
Amended
ASA 2022-1 [42]
AUTHORITY STATEMENT
Auditing Standard ASA 705 Modifications to the Opinion in the Independent Auditor's Report (as amended to 15 March 2023) is set out in paragraphs Aus 0.1 to A27 and Appendix.
This Auditing Standard is to be read in conjunction with ASA 101 Preamble to AUASB Standards, which sets out how AUASB Standards 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.
Conformity with International Standards on Auditing
This Auditing Standard conforms with International Standard on Auditing ISA 705 Modifications to the Opinion in the Independent Auditor's Report 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 application and other explanatory material are additional to ISA 705:
Paragraphs Aus A12.1; Aus A15.1; and Aus A23.1 refer to requirements under the Corporations Act 2001.
The appendix includes [Aus] Illustration 1A, [Aus] Illustration 2A and [Aus] Illustration 3A example auditor’s reports (in respect of a single company and a group) that conform with the requirements of the Corporations Act 2001.
This Auditing Standard incorporates terminology and definitions used in Australia.
The equivalent requirements and related application and other explanatory material included in ISA 705 in respect of “relevant ethical requirements”, have been included in Auditing Standard, ASA 102 Compliance with Ethical Requirements when Performing Audits, Reviews and Other Assurance Engagements. There is no international equivalent to ASA 102.
Compliance with this Auditing Standard enables compliance with ISA 705.