CTHRepealedLegislation
ASA 705 - Modifications to the Opinion in the Independent Auditor's Report - October 2009
DefinitionsDefinitions
Start here
Get a plain-English read of Definitions
Turn the raw legal text into a practical explanation grounded in ASA 705 - Modifications to the Opinion in the Independent Auditor's Report - October 2009.
Definitions
- For purposes of the Australian Auditing Standards, the following terms have the meanings attributed below:
- Pervasive means a term used, in the context of misstatements, to describe the effects on the financial report of misstatements or the possible effects on the financial report of misstatements, if any, that are undetected due to an inability to obtain sufficient appropriate audit evidence. Pervasive effects on the financial report are those that, in the auditor’s judgement:
- Are not confined to specific elements, accounts or items of the financial report;
- If so confined, represent or could represent a substantial proportion of the financial report; or
- In relation to disclosures, are fundamental to users’ understanding of the financial report.
- Modified opinion means a qualified opinion, an adverse opinion or a disclaimer of opinion.
- Pervasive means a term used, in the context of misstatements, to describe the effects on the financial report of misstatements or the possible effects on the financial report of misstatements, if any, that are undetected due to an inability to obtain sufficient appropriate audit evidence. Pervasive effects on the financial report are those that, in the auditor’s judgement: