ASRE 2415 Review of a Financial Report - : Company Limited by Guarantee or an Entity Reporting under the ACNC Act or Other Applicable Legislation or Regulation | Zoe

Deep Dive

6,007 words · generated 18/06/2026

What it does

This Auditing Standard on Review Engagements, ASRE 2415, sets out the auditor’s responsibilities when conducting a review of a financial report for: a company limited by guarantee under the Corporations Act 2001, an entity required to report under the Australian Charities and Not‑for‑Profit Commission Act 2012 (the ACNC Act), or an entity required to report under other applicable legislation or regulation (Application, para. 1). The Standard is operative for financial reporting periods ending on or after 30 June 2010 (Operative Date, para. 1) and is a compiled version that incorporates amendments up to 13 December 2022 (Compilation Details, Table of Standards).

Mechanically, ASRE 2415 does four things, as stated in the source text:

Defines the scope of review engagements covered: financial reports for a financial year of the specified entity types (Scope, para. 1). It expressly does not apply to half‑year financial report reviews under the Corporations Act; half‑year reviews are governed by ASRE 2410 as amended (Effective Date).
Sets the objective of the auditor: to plan and perform a review to enable expression of a conclusion whether anything has come to the auditor’s attention that causes belief the financial report is not prepared, in all material respects, in accordance with the applicable financial reporting framework (Objective, para. 1).
Prescribes which review standard the auditor must apply depending on prior engagement history: if the auditor audited the previous period’s financial report, conduct the review under ASRE 2410 for the first period under the revised legislation (Applicable Standards, para. 9); if the auditor has not audited the prior report, conduct the review under ASRE 2400 (Applicable Standards, para. 10).
Requires compliance with ethical requirements and firm policies relevant to the engagement (General Principles, para. 11).

The Standard also provides an example unmodified review report (Appendix 1) that embodies the required messaging: the auditor’s scope (enquiries, analytical procedures), the limitation relative to an audit, the conclusion wording (not an audit; not become aware of matters indicating the report is not in accordance with the Act or standards) and space for an independence statement if relevant (Appendix 1 example).

Statutory provenance is stated: the AUASB made ASRE 2415 under section 227B of the Australian Securities and Investments Commission Act 2001 and section 336 of the Corporations Act 2001 (Authority Statement). The compilation is to be read with ASA 101 Preamble to AUASB Standards and, where relevant, ASA 100/ASA 101 in relation to ASRE 2400 and ASRE 2410 (Authority Statement; Application and Other Explanatory Material). The compilation document includes a Table of Standards and Table of Amendments that identifies subsequent amending standards and operative dates (Compilation Details).

In short, ASRE 2415 does not create new statutory criminal or civil penalties in its text; it prescribes professional review procedures, the objective and required applicable standards, ethical obligations and provides an auditor’s report template for use where a review (not an audit) is the engaged service (Objective, para. 1; General Principles, para. 11; Appendix 1). It defines who counts as an auditor for these reviews (Definitions, paras. 1-3) and sets out how to select the appropriate review standard based on prior audit history (Applicable Standards, paras. 9-10).

Main concepts

ASRE 2415 is a procedural and normative standard for review engagements; its principal concepts are scope, objective, distinction from an audit, applicable standards selection and the ethical/firm policy requirements for auditors.

Scope and applicability: The Standard applies to review engagements for financial reports for a financial year for three entity types: (a) a company limited by guarantee electing a review under s301(3) of the Corporations Act, (b) entities electing review under the ACNC Act, and (c) entities required to report under other applicable legislation or regulation (Application, para. 1; Scope, para. 1). The Standard explicitly excludes half‑year reviews under the Corporations Act, directing readers to ASRE 2410 for such engagements (Effective Date).

Objective: The core objective is a limited assurance objective: plan and perform the review such that the auditor can express a conclusion about whether anything has come to the auditor’s attention that causes the auditor to believe the financial report is not prepared, in all material respects, in accordance with the applicable financial reporting framework (Objective, para. 1). This is the central framing device for all required procedures and reporting language.

Review versus audit: The Standard emphasises the lesser scope of a review compared with an audit. The example report states a review consists of enquiries and analytical procedures, and is substantially less in scope than an audit, therefore it does not provide the same level of assurance nor an audit opinion (Appendix 1, Auditor’s Responsibility). This conceptual distinction is embedded in the report wording that must be used to communicate the review’s limitations to users.

Applicable standards selection: ASRE 2415 operates as a choice rule. If the current auditor audited the prior financial report in accordance with Australian Auditing Standards, the auditor must, in the first reporting period under the revised legislation, conduct the review under ASRE 2410 (Applicable Standards, para. 9; Application and Other Explanatory Material, Company or Entity Previously Audited). If the current auditor did not audit the prior report, the review must follow ASRE 2400 (Applicable Standards, para. 10; Application and Other Explanatory Material, Company Not Previously Audited by the Auditor). The choice is tied to whether the auditor has recently obtained an understanding of the entity and its internal control through prior audit work (Application and Other Explanatory Material).

Ethics and firm policies: The auditor must comply with relevant ethical requirements relating to the review and implement the firm’s policies or procedures applicable to the engagement (General Principles, paras. 11-12 referencing A3). The compilation repeatedly points to the need to read the relevant ASRE in conjunction with ASA 100/ASA 101 and the Preamble to AUASB Standards which set out interpretive rules (Authority Statement).

Who it affects

Entities: ASRE 2415 explicitly applies to three categories of reporting entities for financial years: (a) companies limited by guarantee under the Corporations Act that elect to have a financial report reviewed instead of audited (Application, para. 1(a); Scope, para. 1(a)); (b) entities required to report under the ACNC Act that elect review instead of audit (Application, para. 1(b); Scope, para. 1(b)); and (c) entities required to report under other applicable legislation or regulation (Application, para. 1(c); Scope, para. 1(c)). The Standard therefore targets the non‑for‑profit / charity sector and other legislative regimes where review rather than audit is the elected or mandated pathway.

Auditors and audit firms: The Standard affects persons who carry out reviews: “auditor” is defined to include a registered company auditor or an individual taken to be or permitted under relevant provisions (Definitions, paras. 2-3). The document references registered company auditors under s324BE of the Corporations Act (Definitions, para. 1(b)). It requires auditors to observe ethical requirements and implement their firm’s policies and procedures relevant to the engagement (General Principles, para. 11). The Standard directs auditors to apply ASRE 2410 or ASRE 2400 depending on their prior audit engagement with the entity (Applicable Standards, paras. 9-10).

Directors / management: The example report places responsibility for the financial report on the directors or board of management, who are responsible for preparing a financial report that gives a true and fair view and for such internal control as they determine necessary (Appendix 1, Directors’ Responsibility). This allocates legal and practical responsibilities for record‑keeping, internal controls and the financial reporting framework to the entity’s governance.

Users of financial reports: Members, donors, regulators and other users are indirectly affected because the Standard prescribes the form and wording of the auditor’s review report that will be provided to them (Appendix 1). The report language explicitly communicates the limited nature of assurance provided by a review engagement, which influences users’ reliance decisions.

Regulators and standard‑setters: The AUASB is the decision‑maker that issued the Standard under statutory power (Authority Statement). The Standard is to be read with ASA 100/ASA 101 Preambles, which guide interpretation. Regulators (ASIC, the ACNC, other regulators) are affected insofar as the Standard establishes professional expectations used in regulatory oversight and reporting regimes; the Authority Statement cites s227B ASIC Act and s336 Corporations Act as the AUASB’s statutory base.

Key duties and rights

Duties imposed on auditors:

Apply the correct review standard based on prior audit engagement: if the auditor audited the previous period, conduct the review under ASRE 2410 for the first period under the revised legislation (Applicable Standards, para. 9; Application and Other Explanatory Material). If not, use ASRE 2400 (Applicable Standards, para. 10).
Plan and perform the review to enable the auditor to express a conclusion about whether anything has come to the auditor’s attention that causes belief the financial report is not prepared in all material respects in accordance with the applicable financial reporting framework (Objective, para. 1).
Comply with relevant ethical requirements and the firm’s policies and procedures applicable to the engagement (General Principles, paras. 11-12; Application and Other Explanatory Material referencing A3). The example report reiterates independence requirements where relevant (Appendix 1, Independence section, optional).
Use appropriate review procedures , enquiries of responsible personnel, analytical procedures and other review procedures , and reflect the limited nature of a review in the auditor’s report (Appendix 1, Auditor’s Responsibility).

Duties imposed on directors / entity governance:

Prepare the financial report in accordance with the applicable financial reporting framework and to determine the internal controls as they consider necessary to enable preparation of a true and fair financial report, free from material misstatement, whether due to fraud or error (Appendix 1, Directors’ Responsibility). That duty is stated in the example report template and links to statutory obligations under the Corporations Act / ACNC Act (Appendix 1).

Reporting obligations / rights:

Auditors have the right and obligation to include specific language in their review report making plain the procedures performed and the limitation compared with an audit (Appendix 1). The auditor must state the conclusion in the standard form provided: e.g., “Based on our/my review, which is not an audit, we/I have not become aware of any matter that makes us/me believe that the financial report … is not in accordance with the Corporations Act 2001 …” (Appendix 1, Conclusion).
Auditors may include an independence statement consistent with the Corporations Act where required; the example shows independence wording as an optional section (Appendix 1).

Procedural rights for auditors:

Penalties and enforcement

Textual limits on penalties: The Standard itself contains no sentences that create criminal sanctions, civil penalties or express administrative fines within its body. ASRE 2415 is a professional standard compiled by the AUASB; its text prescribes procedures, the form of reports and ethical obligations but does not set statutory penalties in the document (Authority Statement; Requirements).

Statutory basis and regulatory linkage: The AUASB made ASRE 2415 pursuant to statutory powers under section 227B of the Australian Securities and Investments Commission Act 2001 and section 336 of the Corporations Act 2001 (Authority Statement). Those statutory references establish the AUASB’s authority to issue standards. The Standard must be read in conjunction with ASA 101 Preamble and other AUASB standards which set out how to understand, interpret and apply AUASB Standards (Authority Statement). Any regulatory or disciplinary consequences for non‑compliance with this Standard will therefore arise through:

The regulatory regimes and enforcement powers of ASIC and other regulators under the Corporations Act and related legislation (the Standard establishes duties under professional practice that feed into the regulatory regime by reference to s336 and s227B).
Professional disciplinary processes for registered auditors and firms, which are operated under statutory and professional rules tied to registration and licensing (the Standard defines “registered company auditor” by reference to s324BE of the Act; any breach of professional duties may trigger registration/discipline processes outside the Standard’s text) (Definitions, para. 1(b)).

Obligations the Standard imposes that are enforceable by reference: While ASRE 2415 does not itself state penalties, it requires auditors to comply with relevant ethical requirements and firm policies applicable to the engagement (General Principles, para. 11). Ethical compliance obligations are enmeshed with auditing professional rules which, when breached, can give rise to disciplinary action, regulator reviews and possible sanctions administered by ASIC or relevant bodies. The Standard also mandates the form and wording of the review report; failure to follow required professional reporting language may attract regulatory scrutiny in the context of an investigation into the audit or review file, but the Standard does not quantify sanctions.

Reporting obligations to other regulators: The example report contains a “Report on Other Legal and Regulatory Requirements” section and notes that its form and content will vary depending on the auditor’s reporting responsibilities (Appendix 1). Such other legal or regulatory reporting may carry specific statutory consequences; the Standard signals that auditors must comply with those other obligations but does not itself set their enforcement mechanisms.

How it interacts with other laws

Primary legislative and regulatory links: ASRE 2415 is situated within the statutory and standards framework. The AUASB made it under s227B of the Australian Securities and Investments Commission Act 2001 and s336 of the Corporations Act 2001 (Authority Statement). The Standard explicitly requires reading it in conjunction with ASA 101 Preamble to AUASB Standards, which governs interpretation and application of AUASB Standards (Authority Statement; repeated references to ASA 101/ASA 100 in Application and Other Explanatory Material). The Definitions section references statutory provisions in the Corporations Act: “company limited by guarantee” links to s285A and “registered company auditor” links to s324BE (Definitions, para. 1).

Interaction with other AUASB standards:

ASRE 2410: Where the auditor audited the prior financial report, ASRE 2415 mandates that the auditor, in the first financial reporting period under revised legislation, conduct the review in accordance with ASRE 2410 (Applicable Standards, para. 9; Application and Other Explanatory Material). ASRE 2410 is to be read with ASA 101 Preamble (Application and Other Explanatory Material).
ASRE 2400: Where the auditor has not conducted the prior audit, the auditor must conduct the review under ASRE 2400 (Applicable Standards, para. 10). ASRE 2400 is to be read with ASA 100 Preamble to AUASB Standards (Application and Other Explanatory Material).
ASA 100/ASA 101: The Standard refers auditors back to the ASA preambles for interpretive rules and how standards should be understood, interpreted and applied (Authority Statement; Application and Other Explanatory Material).

Interaction with the Corporations Act and ACNC Act:

The Standard is linked to statutory choices by entities: it applies where a company limited by guarantee elects under s301(3) of the Corporations Act to have a review rather than an audit (Scope, para. 1(a)), and where an entity elects review under the ACNC Act (Scope, para. 1(b)). The example report’s conclusion wording refers to compliance with the Corporations Act 2001 or ACNC Act, reflecting interaction with those statutes (Appendix 1).
Definitions reference statutory concepts and registration requirements (Definitions, paras. 1-2). This ties professional practice directly to statutory definitions and registration.

No international standard equivalence: The Authority Statement notes that this Standard was made for Australian legislative purposes and that there is no equivalent International Standard on Review Engagements (ISRE) issued by the IAASB (Authority Statement, Conformity section). This signals that, for the particular entity types covered, auditors must rely on AUASB standards rather than a single international ISRE analogue.

Amendment history

Compilation scope and preparation: This is a compiled version of ASRE 2415 prepared by the AUASB taking into account amendments made up to and including 13 December 2022 (Compilation Details). The compilation is not a separate standard but a representation of ASRE 2415 (June 2010) as amended (Compilation Details, first paragraphs).

Table of Standards (principal instruments and operative dates):

ASRE 2415 [A], made 30 June 2010, operative for financial reporting periods ending on or after 30 June 2010 (Table of Standards).
ASA 2013‑1 [B], made 26 March 2013, operative for financial reporting periods commencing on or after 1 July 2013, early adoption permitted (Table of Standards).
ASA 2013‑3 [C], made 1 July 2013, operative for financial reporting periods commencing on or after 1 July 2013 (Table of Standards).
ASA 2021‑5 [D], made 5 November 2021, operative for financial reporting periods commencing on or after 15 December 2021 (Table of Standards).
ASA 2022‑2 [E], made 13 December 2022, operative for financial reporting periods commencing on or after 15 December 2022 (Table of Standards).

Table of Amendments (selected entries and effect summary): The compilation provides a detailed Table of Amendments identifying paragraphs affected, how they were affected, and the amending standard. Selected entries include:

Title Page and Page Headers: Title changed by ASA 2013‑1 (Table of Amendments).
Para. 1: Application extended by ASA 2013‑1 (Table of Amendments).
Para. 3: Consequential scope extension by ASA 2013‑1 (Table of Amendments).
Para. 9: Consequential editorial changes and references deleted by ASA 2013‑1 (Table of Amendments).
Appendix 1: Added new introductory paragraph and editorial changes to the example review report by ASA 2013‑1 and amended by ASA 2013‑3 (Table of Amendments).
Paras. 11 and Footnote 4: Deleted by ASA 2021‑5; Para. 12 and Footnote 5 amended by ASA 2022‑2 (Table of Amendments).

Interpretation of amendment entries in the compilation: The Table of Amendments records both substantive and editorial changes effected across the cited amending standards. Several entries are described as “consequential editorial change” indicating that the amendment was to align text with other standards or to update cross‑references. Other entries extend application or change operative instructions (for instance, the application extension entry at Para. 1 by ASA 2013‑1).

Litigation history

Source content: The text of ASRE 2415 as provided contains no case citations, judicial decisions, litigation outcomes, or references to court or tribunal proceedings. The compilation and the Standard do not record any litigation history or judicial interpretation (Compilation Details; Authority Statement; Appendix 1).

Implication of absent litigation references in the source: Because the provided compilation does not name cases or report judicial treatment, there is no litigation history to summarise from this source. The Standard is presented as a professional instrument and compilation; any litigation or case law that might bear on the Standard’s interpretation or application is not contained in the compilation text.

What to do when seeking litigation precedent: Practitioners wanting to know how courts have treated review engagements, auditor reporting language, or the distinction between reviews and audits must search external sources beyond this Standard , for example, relevant case law databases and regulator enforcement notices. The compilation does not supply that material.

Confirmatory statement: The Standard itself does not cite judicial authorities nor provide a litigation history; therefore, the source yields no litigation history to report.

Gotchas

Limited assurance language must be preserved: The example report insists the auditor states that “a review is substantially less in scope than an audit” and that “we/I do not express an audit opinion” (Appendix 1, Auditor’s Responsibility). Practitioners who modify the example report should ensure that the review’s limited scope and the precise conclusion wording are preserved; the Standard expects the reviewer to communicate this limitation clearly.

Choice of applicable ASRE depends on prior audit history: The auditor must use ASRE 2410 if they conducted the prior period’s audit and, in the first financial reporting period under revised legislation, conduct the review under ASRE 2410 (Applicable Standards, para. 9). If the auditor did not audit the previous financial report, ASRE 2400 applies (Applicable Standards, para. 10). Misclassifying which ASRE applies can lead auditors to apply inappropriate procedures and report language. The compilation’s explanatory material explains the rationale: if the auditor audited the prior period they already have an understanding of the entity and its internal control, which shapes the applicable methodology (Application and Other Explanatory Material).

Not for half‑year reviews: ASRE 2415 does not apply to half‑year financial report reviews under the Corporations Act; ASRE 2410 governs half‑year reviews (Effective Date). Using ASRE 2415 for a half‑year review would be a misapplication of the Standard.

Registration and permission to perform reviews: The Standard’s definition of “auditor” ties performance to statutory registration or permission: registered company auditor per s324BE of the Corporations Act, or persons permitted under the ACNC Act or other legislation to conduct reviews (Definitions, paras. 1-3). Engaging an unregistered or unauthorised practitioner risks non‑compliance with statutory registration rules.

Form and content of the review report must be adapted appropriately: Appendix 1 provides an example review report “to be used as a guide only and will need to be adapted according to the review engagement requirements and circumstances” (Appendix 1). The example includes optional independence wording and a section for “Other Legal and Regulatory Requirements.” Prepare for state‑ or sector‑specific reporting obligations and ensure the example wording is adapted, not simply copied without considering other reporting duties.

Ethical and firm policy compliance is an explicit requirement: The auditor must comply with relevant ethical requirements and implement the firm’s policies and procedures applicable to the engagement (General Principles, para. 11). Practitioners who focus solely on technical procedures and neglect documented ethical and firm policy compliance will be out of step with the Standard’s explicit requirements.

How to comply

Determine applicability and timing

Confirm the entity type and the reporting period: ASRE 2415 applies to companies limited by guarantee under the Corporations Act, entities reporting under the ACNC Act, and entities required to report under other applicable legislation/regulation for financial years (Application, para. 1; Scope, para. 1). It is operative for reporting periods ending on or after 30 June 2010; check the compilation’s Table of Standards and Table of Amendments for operative dates of any amended paragraphs (Operative Date; Compilation Details).

Establish auditor eligibility

Verify the auditor meets statutory or regulatory permissions: the Standard defines “auditor” to include registered company auditors (per s324BE), those permitted under the ACNC Act to conduct reviews, or those permitted under other legislation (Definitions, paras. 1-3). Ensure practitioner registration and authorisation paperwork is current.

Ascertain whether ASRE 2410 or ASRE 2400 governs

If the auditor audited the previous financial report in accordance with Australian Auditing Standards, the review for the first financial reporting period under revised legislation should be conducted under ASRE 2410 (Applicable Standards, para. 9). If the auditor did not audit the previous financial report, conduct the review under ASRE 2400 (Applicable Standards, para. 10). Document your determination and the factual basis (e.g., prior year engagement letters, audit reports).

Read and apply relevant preambles and linked standards

Read ASRE 2415 in conjunction with ASA 101 (Preamble) and with ASA 100 where ASRE 2400 is applied, or ASA 101 where ASRE 2410 is applied, because the preambles set out interpretive and application rules (Authority Statement; Application and Other Explanatory Material). Ensure firm procedures align with those interpretive rules.

Plan the engagement and implement firm policies

Plan the review in accordance with the objective: design enquiries and analytical procedures to determine whether anything has come to attention that causes belief the financial report is not prepared, in all material respects, in accordance with the applicable financial reporting framework (Objective, para. 1; Appendix 1, Auditor’s Responsibility).
Implement the firm’s documented policies and procedures applicable to the engagement and confirm compliance with fundamental ethical principles (General Principles, para. 11). Maintain contemporaneous documentation of ethical compliance and application of firm policies.

Obtaining a Copy of this Auditing Standa

Obtaining a Copy of this Auditing Standard on Review Engagements

The most recently compiled versions of Auditing Standards on Review Engagements, original Standards and amending Standards (see Compilation Details) are available on the AUASB website: www.auasb.gov.au

Contact Details

Auditing and Assurance Standards BoardLevel 20, 500 Collins StreetMelbourne Victoria 3000AUSTRALIA	Phone: (03) 8080 7400E‑mail: enquiries@auasb.gov.auPostal Address:PO Box 204Collins Street WestMelbourne Victoria 8007AUSTRALIA

COPYRIGHT

© 2022 Commonwealth of Australia. The text, graphics and layout of this 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 as being the Australian Auditing and Assurance Standards Board (AUASB).

Requests and enquiries concerning reproduction and rights for commercial purposes should be addressed to the Technical Director, Auditing and Assurance Standards Board, PO Box 204, Collins Street West, Melbourne, Victoria 8007 or sent to enquiries@auasb.gov.au. Otherwise, no part of this 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

CONFORMITY WITH INTERNATIONAL STANDARDS ON REVIEW ENGAGEMENTS

Paragraphs

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

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

Introduction

Scope of this Auditing Standard on Review Engagements................................3

Effective Date...............................................................4

Objective..................................................................5

Definitions................................................................6-8

Requirements

Applicable Standards........................................................9-11

General Principles.........................................................12-13

Application and Other Explanatory Material

Applicable Standards......................................................A1-A2

General Principles...........................................................A3

Appendix 1: Example Auditor’s Review Report

COMPILATION DETAILS

Obtaining a Copy of this Auditing Standard on Review Engagements

Contact Details

Auditing and Assurance Standards BoardLevel 20, 500 Collins StreetMelbourne Victoria 3000AUSTRALIA	Phone: (03) 8080 7400E‑mail: enquiries@auasb.gov.auPostal Address:PO Box 204Collins Street WestMelbourne Victoria 8007AUSTRALIA

COPYRIGHT

ISSN 1833‑4393

COMPILATION DETAILS

AUTHORITY STATEMENT

CONFORMITY WITH INTERNATIONAL STANDARDS ON REVIEW ENGAGEMENTS

Paragraphs

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

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

Introduction

Scope of this Auditing Standard on Review Engagements................................3

Effective Date...............................................................4

Objective..................................................................5

Definitions................................................................6-8

Requirements

Applicable Standards........................................................9-11

General Principles.........................................................12-13

Application and Other Explanatory Material

Applicable Standards......................................................A1-A2

General Principles...........................................................A3

Appendix 1: Example Auditor’s Review Report

COMPILATION DETAILS

Auditing Standard on Review Engagements ASRE 2415 Review of a Financial Report Company Limited by Guarantee or an Entity Reporting under the ACNC Act or Other Applicable Legislation or Regulation

(as Amended)

This compilation takes into account amendments made up to and including 13 December 2022 and was prepared on 13 December 2022 by the Auditing and Assurance Standards Board (AUASB).

This compilation is not a separate Auditing Standard on Review Engagements made by the AUASB. Instead, it is a representation of ASRE 2415 (June 2010) as amended by other Auditing Standards which are listed in the Table below.

Table of Standards

Standard	Date made	Operative Date
ASRE 2415 [A]	30 June 2010	Financial reporting periods ending on or after 30 June 2010
ASA 2013‑1 [B]	26 March 2013	Financial reporting periods commencing on or after 1 July 2013[Early adoption permitted]
ASA 2013‑3 [C]	1 July 2013	Financial reporting periods commencing on or after 1 July 2013
ASA 2021‑5 [D]	5 November 2021	Financial reporting periods commencing on or after 15 December 2021
ASA 2022‑2 [E]	13 December 2022	Financial reporting periods commencing on or after 15 December 2022

[A] Federal Register of Legislation – registration number F2010L01935, 9 July 2010

[B] Federal Register of Legislation – registration number F2013L00587, 2 April 2013

[C] Federal Register of Legislation – registration number F2013L01326, 1 July 2013

[D] Federal Register of Legislation – registration number F2021L01525, 8 November 2021

[E] Federal Register of Legislation – registration number F2022L01638, 13 December 2022

Table of Amendments

Paragraph affected	How affected	By … [paragraph]
Title Page and Page Headers	Title changed	ASA 2013‑1[7]
1	Application extended	ASA 2013‑1[8]
3	Consequential extension of scope	ASA 2013‑1[9]
4	Editorial change and reference deleted	ASA 2013‑1[10]
5	Consequential editorial change	ASA 2013‑1[11]
7	Consequential editorial change	ASA 2013‑1[12]
Sub‑heading (above 9)	Consequential editorial change	ASA 2013‑1[13]
9	Consequential editorial changes and references deleted	ASA 2013‑1[14]
Footnote 2	Reference deleted	ASA 2013‑1[15]
10	Consequential editorial change	ASA 2013‑1[16]
11	Issue date added	ASA 2013‑1[17]
Footnote 3	Reference added	ASA 2013‑1[18]
Footnote 5	Consequential editorial change	ASA 2013‑1[19]
Footnote 6	Editorial correction	ASA2013‑1[20]
Sub‑heading (above A1)	Consequential editorial change	ASA 2013‑1[21]
A1	Consequential editorial change and editorial correction	ASA 2013‑1[22]
Footnote 7	Reference deleted and editorial correction	ASA 2013‑1[23]
Sub‑heading (above A2)	Consequential editorial change	ASA 2013‑1[24]
A2	Consequential editorial change	ASA 2013‑1[25]
Footnote 8	Reference added	ASA 2013‑1[26]
A3	Consequential editorial change	ASA 2013‑1[27]
Appendix 1	New introductory paragraph	ASA 2013‑1[28]
Appendix 1	Consequential editorial changes through the example review report	ASA 2013‑1[29‑36]
Footnotes 11 and 12	Renumbered	ASA 2013‑1[37]
Appendix 1	Amended	ASA 2013‑3 [19]
11 andFootnote 4	Deleted	ASA 2021-5 [33]
12 andFootnote 5	Amended	ASA 2022-2 [20-21]

AUTHORITY STATEMENT

Auditing Standard on Review Engagements ASRE 2415 Review of a Financial Report: Company Limited by Guarantee or an Entity Reporting under the ACNC Act or Other Applicable Legislation or Regulation (as amended to 13 December 2022) is set out in paragraphs 1 to A3 and Appendix 1.

This Auditing Standard on Review Engagements 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.

Conformity with International Standards on Review Engagements

This Auditing Standard on Review Engagements has been made for Australian legislative purposes and there is no equivalent International Standard on Review Engagements (ISRE) issued by the International Auditing and Assurance Standards Board (IAASB), an independent standard‑setting board of the International Federation of Accountants (IFAC).

Auditing Standard on Review Engagements

Auditing Standard on Review Engagements ASRE 2415 Review of a Financial Report Company Limited by Guarantee or an Entity Reporting under the ACNC Act or Other Applicable Legislation or Regulation(as Amended)

Auditing Standard on Review Engagements ASRE 2415 Review of a Financial Report Company Limited by Guarantee or an Entity Reporting under the ACNC Act or Other Applicable Legislation or Regulation

(as Amended)

This compilation takes into account amendments made up to and including 13 December 2022 and was prepared on 13 December 2022 by the Auditing and Assurance Standards Board (AUASB).

Table of Standards

Standard	Date made	Operative Date
ASRE 2415 [A]	30 June 2010	Financial reporting periods ending on or after 30 June 2010
ASA 2013‑1 [B]	26 March 2013	Financial reporting periods commencing on or after 1 July 2013[Early adoption permitted]
ASA 2013‑3 [C]	1 July 2013	Financial reporting periods commencing on or after 1 July 2013
ASA 2021‑5 [D]	5 November 2021	Financial reporting periods commencing on or after 15 December 2021
ASA 2022‑2 [E]	13 December 2022	Financial reporting periods commencing on or after 15 December 2022

[A] Federal Register of Legislation – registration number F2010L01935, 9 July 2010

[B] Federal Register of Legislation – registration number F2013L00587, 2 April 2013

[C] Federal Register of Legislation – registration number F2013L01326, 1 July 2013

[D] Federal Register of Legislation – registration number F2021L01525, 8 November 2021

[E] Federal Register of Legislation – registration number F2022L01638, 13 December 2022

Table of Amendments

Paragraph affected	How affected	By … [paragraph]
Title Page and Page Headers	Title changed	ASA 2013‑1[7]
1	Application extended	ASA 2013‑1[8]
3	Consequential extension of scope	ASA 2013‑1[9]
4	Editorial change and reference deleted	ASA 2013‑1[10]
5	Consequential editorial change	ASA 2013‑1[11]
7	Consequential editorial change	ASA 2013‑1[12]
Sub‑heading (above 9)	Consequential editorial change	ASA 2013‑1[13]
9	Consequential editorial changes and references deleted	ASA 2013‑1[14]
Footnote 2	Reference deleted	ASA 2013‑1[15]
10	Consequential editorial change	ASA 2013‑1[16]
11	Issue date added	ASA 2013‑1[17]
Footnote 3	Reference added	ASA 2013‑1[18]
Footnote 5	Consequential editorial change	ASA 2013‑1[19]
Footnote 6	Editorial correction	ASA2013‑1[20]
Sub‑heading (above A1)	Consequential editorial change	ASA 2013‑1[21]
A1	Consequential editorial change and editorial correction	ASA 2013‑1[22]
Footnote 7	Reference deleted and editorial correction	ASA 2013‑1[23]
Sub‑heading (above A2)	Consequential editorial change	ASA 2013‑1[24]
A2	Consequential editorial change	ASA 2013‑1[25]
Footnote 8	Reference added	ASA 2013‑1[26]
A3	Consequential editorial change	ASA 2013‑1[27]
Appendix 1	New introductory paragraph	ASA 2013‑1[28]
Appendix 1	Consequential editorial changes through the example review report	ASA 2013‑1[29‑36]
Footnotes 11 and 12	Renumbered	ASA 2013‑1[37]
Appendix 1	Amended	ASA 2013‑3 [19]
11 andFootnote 4	Deleted	ASA 2021-5 [33]
12 andFootnote 5	Amended	ASA 2022-2 [20-21]

AUTHORITY STATEMENT

This Auditing Standard on Review Engagements 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.

Conformity with International Standards on Review Engagements

AUTHORITY STATEMENT

This Auditing Standard on Review Engagements 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.

Conformity with International Standards

Conformity with International Standards on Review Engagements

Review of a Financial Report: Company Li

Review of a Financial Report: Company Limited by Guarantee or an Entity Reporting under the ACNC Act or Other Applicable Legislation or Regulation

Auditing Standard on Review Engagements ASRE 2415

The Auditing and Assurance Standards Board (AUASB) made Auditing Standard on Review Engagements ASRE 2415 Review of a Financial Report: Company Limited by Guarantee or an Entity Reporting under the ACNC Act or Other Applicable Legislation or Regulation, pursuant to section 227B of the Australian Securities and Investments Commission Act 2001 and section 336 of the Corporations Act 2001, on 30 June 2010.

This compiled version of ASRE 2415 incorporates subsequent amendments contained in other Auditing Standards made by the AUASB up to and including 13 December 2022 (see Compilation Details).

Auditing Standard on Review Engagements ASRE 2415

Review of a Financial Report: Company Limited by Guarantee or an Entity Reporting under the ACNC Act or Other Applicable Legislation or Regulation

Application

This Auditing Standard on Review Engagements applies to a review of a financial report for a financial year for:
1. a company limited by guarantee in accordance with the Corporations Act 2001 (the Act); or
2. an entity required to report under the Australian Charities and Not‑for‑Profit Commission Act 2012 (Cth) (the ACNC Act); or
3. an entity required to report under other applicable legislation or regulation.

Operative Date

This Auditing Standard on Review Engagements is operative for financial reporting periods ending on or after 30 June 2010. [Note: For operative dates of paragraphs changed or added by an Amending Standard, see Compilation Details.]

Introduction

Scope of this Auditing Standard on Review Engagements

This Auditing Standard on Review Engagements deals with the responsibilities of the auditor to review the financial report of:
1. A company limited by guarantee that has elected, under section 301(3) of the Act, to have its financial report reviewed instead of audited. It also deals with the form and content of the review report, which is based on the example review reports contained within existing review standards.[1]
2. An entity that has elected, under the ACNC Act, to have its financial report reviewed instead of audited.
3. An entity required to report under other applicable legislation or regulation.

Effective Date

This Auditing Standard on Review Engagements does not apply to the review of a half‑year financial report under the Act. Refer ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity, as amended.

Objective

The objective of the auditor, is to plan and perform the review of a financial report prepared by a company limited by guarantee or an entity reporting under the ACNC Act or under other applicable legislation or regulation, to enable the auditor to express a conclusion whether, on the basis of the review, anything has come to the auditor’s attention that causes the auditor to believe that the financial report is not prepared, in all material respects, in accordance with the applicable financial reporting framework.

Definitions

For the purposes of this Auditing Standard on Review Engagements, the following terms have the meanings attributed below:
1. A company limited by guarantee means a company limited by guarantee whose obligations are set out in section 285A of the Act.
2. A registered company auditor includes an individual who meets the requirements of section 324BE of the Act.
3. Revised Legislation means Corporations Amendment (Corporate Reporting Reform) Act 2010.
The term “auditor” as used in this Auditing Standard on Review Engagements, refers to a registered company auditor or an individual:
1. taken to be a registered company auditor under section 324BE of the Act; and/or
2. permitted under the ACNC Act to conduct reviews of a financial report; and/or
3. permitted to conduct reviews of a financial report under other applicable legislation or regulation.
The term “financial report”, as used in this Auditing Standard on Review Engagements, refers to a financial report for a financial year. A financial report for a financial year may be for a period that is greater than or less than 12 months.

Requirements

Applicable Standards

Company or Entity Previously Audited

When a company limited by guarantee, or an entity reporting under the ACNC Act, or an entity reporting under other applicable legislation or regulation, elects to have its financial report reviewed instead of audited, an auditor who has conducted an audit of the previous financial report of the company or entity in accordance with the Australian Auditing Standards, shall, in the first financial reporting period under revised legislation, conduct the review in accordance with ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity as amended.[2] (Ref: Para. A1)

Company Not Previously Audited by the Auditor

When a company limited by guarantee, or an entity reporting under the ACNC Act, or an entity reporting under other applicable legislation or regulation, elects to have its financial report reviewed instead of audited, an auditor who has not conducted an audit of the previous financial report of the company or entity in accordance with the Australian Auditing Standards, shall conduct the review in accordance with ASRE 2400 Review of a Financial Report Performed by an Assurance Practitioner Who is Not the Auditor of the Entity.[3] (Ref: Para. A2)

General Principles

The auditor shall comply with relevant ethical requirements relating to the review of the financial report.[4] (Ref: Para. A3)
The auditor shall implement the firm’s policies or procedures applicable to the individual engagement.[5]

* * *

Application and Other Explanatory Material

Applicable Standards

Company or Entity Previously Audited (Ref: Para. 9)

At the time of amendments to the Act there will be companies limited by guarantee and entities reporting under the ACNC Act, or other applicable legislation or regulation, that have been in existence for some time and will have appointed an auditor. Where that auditor has conducted an audit of the company’s or entity’s previous financial report, that auditor will have obtained an understanding of the company or entity and its environment, including the company’s or entity’s internal control, in accordance with the Australian Auditing Standards. Accordingly, the auditor conducting a review, does so in accordance with ASRE 2410.[6] ASRE 2410 is to be read in conjunction with ASA 101 Preamble to Australian Auditing Standards, as amended.

Company or Entity Not Previously Audited by the Auditor (Ref: Para. 10)

A company limited by guarantee, and entities reporting under the ACNC Act, or other applicable legislation or regulation, may engage an auditor, who has not conducted an audit of the company’s or entity’s previous financial report, to conduct a review of its financial report. In such cases, that auditor will not have recently obtained an understanding of the company or entity and its environment, including the company’s or entity’s internal control, through compliance with Australian Auditing Standards. Accordingly, that auditor conducts the review in accordance with ASRE 2400.[7] ASRE 2400 is to be read in conjunction with ASA 100 Preamble to AUASB Standards.

General Principles (Ref: Para. 11)

When complying with the fundamental ethical principles in accordance with ASRE 2400, an auditor with no previous engagement experience with the company or entity, pays particular attention to the principles of professional competence and due care.

Appendix 1

(Ref: Para. 3)

EXAMPLE AUDITOR’S REVIEW REPORT

The following example auditor’s review report is to be used as a guide only and will need to be adapted according to the review engagement requirements and circumstances. It is based on the example review reports contained in the Appendices of ASRE 2400 and ASRE 2410.

The example auditor’s review report is to be adapted as necessary for reviews under the ACNC Act or other applicable legislation or regulation.

Example 1: Financial report of a company limited by guarantee prepared under the Corporations Act 2001. The financial reporting framework is designed to achieve fair presentation.

EXAMPLE OF AN UNMODIFIED REVIEW REPORT

INDEPENDENT AUDITOR’S REVIEW REPORT

To the members of [name of company/entity]

Report on the Financial Report

We [I][8] have reviewed the accompanying financial report of [name of company/entity], which comprises the statement of financial position as at 30 June 20XX, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year ended on that date, notes comprising a summary of significant accounting policies and other explanatory information, and the directors’ declaration.[9]

Directors’/Board of Management’s[10] Responsibility for the Financial Report

The directors/board of management of the company/entity are responsible for the preparation of the financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001/ACNC Act[11] and for such internal control as the directors/board of management determine is necessary to enable the preparation of the financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our [My] responsibility is to express a conclusion on the financial report based on our [my] review. We [I] conducted our [my] review in accordance with Auditing Standard on Review Engagements ASRE 2415 Review of a Financial Report: Company Limited by Guarantee or an Entity Reporting under the ACNC Act or Other Applicable Legislation or Regulation, in order to state whether, on the basis of the procedures described, we [I] have become aware of any matter that makes us [me] believe that the financial report is not in accordance with the Corporations Act 2001/ACNC Act[12] including: giving a true and fair view of the company’s/entity’s financial position as at 30 June 20XX and its performance for the year ended on that date; and complying with the Australian Accounting Standards [and Corporations Regulations 2001]. ASRE 2415 requires that we [I] comply with the ethical requirements relevant to the review of the financial report.

A review of a financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us [me] to obtain assurance that we [I] would become aware of all significant matters that might be identified in an audit. Accordingly, we [I] do not express an audit opinion.

[Independence

In conducting our [my] review, we [I] have complied with the independence requirements of the Corporations Act 2001. We [I] confirm that the independence declaration required by the Corporations Act 2001, which has been given to the directors of [name of company], would be in the same terms if given to the directors as at the time of this auditor’s report.][13]

Conclusion[14]

Based on our [my] review, which is not an audit, we [I] have not become aware of any matter that makes us [me] believe that the financial report of [name of company] is not in accordance with the Corporations Act 2001[15] including:

giving a true and fair view of the company’s financial position as at 30 June 20XX and of its performance for the year ended on that date; and
complying with Australian Accounting Standards [and Corporations Regulations 2001].

Report on Other Legal and Regulatory Requirements

[Form and content of this section of the review report will vary depending on the nature of the auditor’s other reporting responsibilities].

[Auditor’s signature][16]

[Date of the auditor’s review report][17]

[Auditor’s address]

Application

This Auditing Standard on Review Engagements applies to a review of a financial report for a financial year for:
1. a company limited by guarantee in accordance with the Corporations Act 2001 (the Act); or
2. an entity required to report under the Australian Charities and Not‑for‑Profit Commission Act 2012 (Cth) (the ACNC Act); or
3. an entity required to report under other applicable legislation or regulation.

Operative Date

This Auditing Standard on Review Engagements is operative for financial reporting periods ending on or after 30 June 2010. [Note: For operative dates of paragraphs changed or added by an Amending Standard, see Compilation Details.]

Introduction

Auditing Standard on Review Engagements ASRE 2415

This compiled version of ASRE 2415 incorporates subsequent amendments contained in other Auditing Standards made by the AUASB up to and including 13 December 2022 (see Compilation Details).

Auditing Standard on Review Engagements ASRE 2415

Review of a Financial Report: Company Limited by Guarantee or an Entity Reporting under the ACNC Act or Other Applicable Legislation or Regulation

Application

This Auditing Standard on Review Engagements applies to a review of a financial report for a financial year for:
1. a company limited by guarantee in accordance with the Corporations Act 2001 (the Act); or
2. an entity required to report under the Australian Charities and Not‑for‑Profit Commission Act 2012 (Cth) (the ACNC Act); or
3. an entity required to report under other applicable legislation or regulation.

Operative Date

This Auditing Standard on Review Engagements is operative for financial reporting periods ending on or after 30 June 2010. [Note: For operative dates of paragraphs changed or added by an Amending Standard, see Compilation Details.]

Introduction

Scope of this Auditing Standard on Review Engagements

This Auditing Standard on Review Engagements deals with the responsibilities of the auditor to review the financial report of:
1. A company limited by guarantee that has elected, under section 301(3) of the Act, to have its financial report reviewed instead of audited. It also deals with the form and content of the review report, which is based on the example review reports contained within existing review standards.[1]
2. An entity that has elected, under the ACNC Act, to have its financial report reviewed instead of audited.
3. An entity required to report under other applicable legislation or regulation.

Effective Date

This Auditing Standard on Review Engagements does not apply to the review of a half‑year financial report under the Act. Refer ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity, as amended.

Objective

The objective of the auditor, is to plan and perform the review of a financial report prepared by a company limited by guarantee or an entity reporting under the ACNC Act or under other applicable legislation or regulation, to enable the auditor to express a conclusion whether, on the basis of the review, anything has come to the auditor’s attention that causes the auditor to believe that the financial report is not prepared, in all material respects, in accordance with the applicable financial reporting framework.

Definitions

For the purposes of this Auditing Standard on Review Engagements, the following terms have the meanings attributed below:
1. A company limited by guarantee means a company limited by guarantee whose obligations are set out in section 285A of the Act.
2. A registered company auditor includes an individual who meets the requirements of section 324BE of the Act.
3. Revised Legislation means Corporations Amendment (Corporate Reporting Reform) Act 2010.
The term “auditor” as used in this Auditing Standard on Review Engagements, refers to a registered company auditor or an individual:
1. taken to be a registered company auditor under section 324BE of the Act; and/or
2. permitted under the ACNC Act to conduct reviews of a financial report; and/or
3. permitted to conduct reviews of a financial report under other applicable legislation or regulation.
The term “financial report”, as used in this Auditing Standard on Review Engagements, refers to a financial report for a financial year. A financial report for a financial year may be for a period that is greater than or less than 12 months.

Requirements

Applicable Standards

Company or Entity Previously Audited

When a company limited by guarantee, or an entity reporting under the ACNC Act, or an entity reporting under other applicable legislation or regulation, elects to have its financial report reviewed instead of audited, an auditor who has conducted an audit of the previous financial report of the company or entity in accordance with the Australian Auditing Standards, shall, in the first financial reporting period under revised legislation, conduct the review in accordance with ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity as amended.[2] (Ref: Para. A1)

Company Not Previously Audited by the Auditor

When a company limited by guarantee, or an entity reporting under the ACNC Act, or an entity reporting under other applicable legislation or regulation, elects to have its financial report reviewed instead of audited, an auditor who has not conducted an audit of the previous financial report of the company or entity in accordance with the Australian Auditing Standards, shall conduct the review in accordance with ASRE 2400 Review of a Financial Report Performed by an Assurance Practitioner Who is Not the Auditor of the Entity.[3] (Ref: Para. A2)

General Principles

The auditor shall comply with relevant ethical requirements relating to the review of the financial report.[4] (Ref: Para. A3)
The auditor shall implement the firm’s policies or procedures applicable to the individual engagement.[5]

* * *

Application and Other Explanatory Material

Applicable Standards

Company or Entity Previously Audited (Ref: Para. 9)

At the time of amendments to the Act there will be companies limited by guarantee and entities reporting under the ACNC Act, or other applicable legislation or regulation, that have been in existence for some time and will have appointed an auditor. Where that auditor has conducted an audit of the company’s or entity’s previous financial report, that auditor will have obtained an understanding of the company or entity and its environment, including the company’s or entity’s internal control, in accordance with the Australian Auditing Standards. Accordingly, the auditor conducting a review, does so in accordance with ASRE 2410.[6] ASRE 2410 is to be read in conjunction with ASA 101 Preamble to Australian Auditing Standards, as amended.

Company or Entity Not Previously Audited by the Auditor (Ref: Para. 10)

A company limited by guarantee, and entities reporting under the ACNC Act, or other applicable legislation or regulation, may engage an auditor, who has not conducted an audit of the company’s or entity’s previous financial report, to conduct a review of its financial report. In such cases, that auditor will not have recently obtained an understanding of the company or entity and its environment, including the company’s or entity’s internal control, through compliance with Australian Auditing Standards. Accordingly, that auditor conducts the review in accordance with ASRE 2400.[7] ASRE 2400 is to be read in conjunction with ASA 100 Preamble to AUASB Standards.

General Principles (Ref: Para. 11)

When complying with the fundamental ethical principles in accordance with ASRE 2400, an auditor with no previous engagement experience with the company or entity, pays particular attention to the principles of professional competence and due care.

Appendix 1

(Ref: Para. 3)

EXAMPLE AUDITOR’S REVIEW REPORT

The example auditor’s review report is to be adapted as necessary for reviews under the ACNC Act or other applicable legislation or regulation.

Example 1: Financial report of a company limited by guarantee prepared under the Corporations Act 2001. The financial reporting framework is designed to achieve fair presentation.

EXAMPLE OF AN UNMODIFIED REVIEW REPORT

INDEPENDENT AUDITOR’S REVIEW REPORT

To the members of [name of company/entity]

Report on the Financial Report

Directors’/Board of Management’s[10] Responsibility for the Financial Report

Auditor’s Responsibility

[Independence

Conclusion[14]

giving a true and fair view of the company’s financial position as at 30 June 20XX and of its performance for the year ended on that date; and
complying with Australian Accounting Standards [and Corporations Regulations 2001].

Report on Other Legal and Regulatory Requirements

[Form and content of this section of the review report will vary depending on the nature of the auditor’s other reporting responsibilities].

[Auditor’s signature][16]

[Date of the auditor’s review report][17]

[Auditor’s address]

Scope of this Auditing Standard on Revie

Scope of this Auditing Standard on Review Engagements

This Auditing Standard on Review Engagements deals with the responsibilities of the auditor to review the financial report of:
1. A company limited by guarantee that has elected, under section 301(3) of the Act, to have its financial report reviewed instead of audited. It also deals with the form and content of the review report, which is based on the example review reports contained within existing review standards.[1]
2. An entity that has elected, under the ACNC Act, to have its financial report reviewed instead of audited.
3. An entity required to report under other applicable legislation or regulation.

Effective Date

This Auditing Standard on Review Engagements does not apply to the review of a half‑year financial report under the Act. Refer ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity, as amended.

Objective

The objective of the auditor, is to plan and perform the review of a financial report prepared by a company limited by guarantee or an entity reporting under the ACNC Act or under other applicable legislation or regulation, to enable the auditor to express a conclusion whether, on the basis of the review, anything has come to the auditor’s attention that causes the auditor to believe that the financial report is not prepared, in all material respects, in accordance with the applicable financial reporting framework.

Definitions

For the purposes of this Auditing Standard on Review Engagements, the following terms have the meanings attributed below:
1. A company limited by guarantee means a company limited by guarantee whose obligations are set out in section 285A of the Act.
2. A registered company auditor includes an individual who meets the requirements of section 324BE of the Act.
3. Revised Legislation means Corporations Amendment (Corporate Reporting Reform) Act 2010.
The term “auditor” as used in this Auditing Standard on Review Engagements, refers to a registered company auditor or an individual:
1. taken to be a registered company auditor under section 324BE of the Act; and/or
2. permitted under the ACNC Act to conduct reviews of a financial report; and/or
3. permitted to conduct reviews of a financial report under other applicable legislation or regulation.
The term “financial report”, as used in this Auditing Standard on Review Engagements, refers to a financial report for a financial year. A financial report for a financial year may be for a period that is greater than or less than 12 months.

Requirements

Auditing Standard on Review Engagements ASRE 2415

This compiled version of ASRE 2415 incorporates subsequent amendments contained in other Auditing Standards made by the AUASB up to and including 13 December 2022 (see Compilation Details).

Auditing Standard on Review Engagements ASRE 2415

Review of a Financial Report: Company Limited by Guarantee or an Entity Reporting under the ACNC Act or Other Applicable Legislation or Regulation

Application

This Auditing Standard on Review Engagements applies to a review of a financial report for a financial year for:
1. a company limited by guarantee in accordance with the Corporations Act 2001 (the Act); or
2. an entity required to report under the Australian Charities and Not‑for‑Profit Commission Act 2012 (Cth) (the ACNC Act); or
3. an entity required to report under other applicable legislation or regulation.

Operative Date

This Auditing Standard on Review Engagements is operative for financial reporting periods ending on or after 30 June 2010. [Note: For operative dates of paragraphs changed or added by an Amending Standard, see Compilation Details.]

Introduction

Scope of this Auditing Standard on Review Engagements

This Auditing Standard on Review Engagements deals with the responsibilities of the auditor to review the financial report of:
1. A company limited by guarantee that has elected, under section 301(3) of the Act, to have its financial report reviewed instead of audited. It also deals with the form and content of the review report, which is based on the example review reports contained within existing review standards.[1]
2. An entity that has elected, under the ACNC Act, to have its financial report reviewed instead of audited.
3. An entity required to report under other applicable legislation or regulation.

Effective Date

This Auditing Standard on Review Engagements does not apply to the review of a half‑year financial report under the Act. Refer ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity, as amended.

Objective

The objective of the auditor, is to plan and perform the review of a financial report prepared by a company limited by guarantee or an entity reporting under the ACNC Act or under other applicable legislation or regulation, to enable the auditor to express a conclusion whether, on the basis of the review, anything has come to the auditor’s attention that causes the auditor to believe that the financial report is not prepared, in all material respects, in accordance with the applicable financial reporting framework.

Definitions

For the purposes of this Auditing Standard on Review Engagements, the following terms have the meanings attributed below:
1. A company limited by guarantee means a company limited by guarantee whose obligations are set out in section 285A of the Act.
2. A registered company auditor includes an individual who meets the requirements of section 324BE of the Act.
3. Revised Legislation means Corporations Amendment (Corporate Reporting Reform) Act 2010.
The term “auditor” as used in this Auditing Standard on Review Engagements, refers to a registered company auditor or an individual:
1. taken to be a registered company auditor under section 324BE of the Act; and/or
2. permitted under the ACNC Act to conduct reviews of a financial report; and/or
3. permitted to conduct reviews of a financial report under other applicable legislation or regulation.
The term “financial report”, as used in this Auditing Standard on Review Engagements, refers to a financial report for a financial year. A financial report for a financial year may be for a period that is greater than or less than 12 months.

Requirements

Applicable Standards

Company or Entity Previously Audited

When a company limited by guarantee, or an entity reporting under the ACNC Act, or an entity reporting under other applicable legislation or regulation, elects to have its financial report reviewed instead of audited, an auditor who has conducted an audit of the previous financial report of the company or entity in accordance with the Australian Auditing Standards, shall, in the first financial reporting period under revised legislation, conduct the review in accordance with ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity as amended.[2] (Ref: Para. A1)

Company Not Previously Audited by the Auditor

When a company limited by guarantee, or an entity reporting under the ACNC Act, or an entity reporting under other applicable legislation or regulation, elects to have its financial report reviewed instead of audited, an auditor who has not conducted an audit of the previous financial report of the company or entity in accordance with the Australian Auditing Standards, shall conduct the review in accordance with ASRE 2400 Review of a Financial Report Performed by an Assurance Practitioner Who is Not the Auditor of the Entity.[3] (Ref: Para. A2)

General Principles

The auditor shall comply with relevant ethical requirements relating to the review of the financial report.[4] (Ref: Para. A3)
The auditor shall implement the firm’s policies or procedures applicable to the individual engagement.[5]

* * *

Application and Other Explanatory Material

Applicable Standards

Company or Entity Previously Audited (Ref: Para. 9)

At the time of amendments to the Act there will be companies limited by guarantee and entities reporting under the ACNC Act, or other applicable legislation or regulation, that have been in existence for some time and will have appointed an auditor. Where that auditor has conducted an audit of the company’s or entity’s previous financial report, that auditor will have obtained an understanding of the company or entity and its environment, including the company’s or entity’s internal control, in accordance with the Australian Auditing Standards. Accordingly, the auditor conducting a review, does so in accordance with ASRE 2410.[6] ASRE 2410 is to be read in conjunction with ASA 101 Preamble to Australian Auditing Standards, as amended.

Company or Entity Not Previously Audited by the Auditor (Ref: Para. 10)

A company limited by guarantee, and entities reporting under the ACNC Act, or other applicable legislation or regulation, may engage an auditor, who has not conducted an audit of the company’s or entity’s previous financial report, to conduct a review of its financial report. In such cases, that auditor will not have recently obtained an understanding of the company or entity and its environment, including the company’s or entity’s internal control, through compliance with Australian Auditing Standards. Accordingly, that auditor conducts the review in accordance with ASRE 2400.[7] ASRE 2400 is to be read in conjunction with ASA 100 Preamble to AUASB Standards.

General Principles (Ref: Para. 11)

When complying with the fundamental ethical principles in accordance with ASRE 2400, an auditor with no previous engagement experience with the company or entity, pays particular attention to the principles of professional competence and due care.

Appendix 1

(Ref: Para. 3)

EXAMPLE AUDITOR’S REVIEW REPORT

The example auditor’s review report is to be adapted as necessary for reviews under the ACNC Act or other applicable legislation or regulation.

Example 1: Financial report of a company limited by guarantee prepared under the Corporations Act 2001. The financial reporting framework is designed to achieve fair presentation.

EXAMPLE OF AN UNMODIFIED REVIEW REPORT

INDEPENDENT AUDITOR’S REVIEW REPORT

To the members of [name of company/entity]

Report on the Financial Report

Directors’/Board of Management’s[10] Responsibility for the Financial Report

Auditor’s Responsibility

[Independence

Conclusion[14]

giving a true and fair view of the company’s financial position as at 30 June 20XX and of its performance for the year ended on that date; and
complying with Australian Accounting Standards [and Corporations Regulations 2001].

Report on Other Legal and Regulatory Requirements

[Form and content of this section of the review report will vary depending on the nature of the auditor’s other reporting responsibilities].

[Auditor’s signature][16]

[Date of the auditor’s review report][17]

[Auditor’s address]

Applicable Standards

Company or Entity Previously Audited

When a company limited by guarantee, or an entity reporting under the ACNC Act, or an entity reporting under other applicable legislation or regulation, elects to have its financial report reviewed instead of audited, an auditor who has conducted an audit of the previous financial report of the company or entity in accordance with the Australian Auditing Standards, shall, in the first financial reporting period under revised legislation, conduct the review in accordance with ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity as amended.[2] (Ref: Para. A1)

Company Not Previously Audited by the Auditor

When a company limited by guarantee, or an entity reporting under the ACNC Act, or an entity reporting under other applicable legislation or regulation, elects to have its financial report reviewed instead of audited, an auditor who has not conducted an audit of the previous financial report of the company or entity in accordance with the Australian Auditing Standards, shall conduct the review in accordance with ASRE 2400 Review of a Financial Report Performed by an Assurance Practitioner Who is Not the Auditor of the Entity.[3] (Ref: Para. A2)

General Principles

The auditor shall comply with relevant ethical requirements relating to the review of the financial report.[4] (Ref: Para. A3)
The auditor shall implement the firm’s policies or procedures applicable to the individual engagement.[5]

* * *

Application and Other Explanatory Materi

Application and Other Explanatory Material

Auditing Standard on Review Engagements ASRE 2415

This compiled version of ASRE 2415 incorporates subsequent amendments contained in other Auditing Standards made by the AUASB up to and including 13 December 2022 (see Compilation Details).

Auditing Standard on Review Engagements ASRE 2415

Review of a Financial Report: Company Limited by Guarantee or an Entity Reporting under the ACNC Act or Other Applicable Legislation or Regulation

Application

This Auditing Standard on Review Engagements applies to a review of a financial report for a financial year for:
1. a company limited by guarantee in accordance with the Corporations Act 2001 (the Act); or
2. an entity required to report under the Australian Charities and Not‑for‑Profit Commission Act 2012 (Cth) (the ACNC Act); or
3. an entity required to report under other applicable legislation or regulation.

Operative Date

This Auditing Standard on Review Engagements is operative for financial reporting periods ending on or after 30 June 2010. [Note: For operative dates of paragraphs changed or added by an Amending Standard, see Compilation Details.]

Introduction

Scope of this Auditing Standard on Review Engagements

This Auditing Standard on Review Engagements deals with the responsibilities of the auditor to review the financial report of:
1. A company limited by guarantee that has elected, under section 301(3) of the Act, to have its financial report reviewed instead of audited. It also deals with the form and content of the review report, which is based on the example review reports contained within existing review standards.[1]
2. An entity that has elected, under the ACNC Act, to have its financial report reviewed instead of audited.
3. An entity required to report under other applicable legislation or regulation.

Effective Date

This Auditing Standard on Review Engagements does not apply to the review of a half‑year financial report under the Act. Refer ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity, as amended.

Objective

The objective of the auditor, is to plan and perform the review of a financial report prepared by a company limited by guarantee or an entity reporting under the ACNC Act or under other applicable legislation or regulation, to enable the auditor to express a conclusion whether, on the basis of the review, anything has come to the auditor’s attention that causes the auditor to believe that the financial report is not prepared, in all material respects, in accordance with the applicable financial reporting framework.

Definitions

For the purposes of this Auditing Standard on Review Engagements, the following terms have the meanings attributed below:
1. A company limited by guarantee means a company limited by guarantee whose obligations are set out in section 285A of the Act.
2. A registered company auditor includes an individual who meets the requirements of section 324BE of the Act.
3. Revised Legislation means Corporations Amendment (Corporate Reporting Reform) Act 2010.
The term “auditor” as used in this Auditing Standard on Review Engagements, refers to a registered company auditor or an individual:
1. taken to be a registered company auditor under section 324BE of the Act; and/or
2. permitted under the ACNC Act to conduct reviews of a financial report; and/or
3. permitted to conduct reviews of a financial report under other applicable legislation or regulation.
The term “financial report”, as used in this Auditing Standard on Review Engagements, refers to a financial report for a financial year. A financial report for a financial year may be for a period that is greater than or less than 12 months.

Requirements

Applicable Standards

Company or Entity Previously Audited

When a company limited by guarantee, or an entity reporting under the ACNC Act, or an entity reporting under other applicable legislation or regulation, elects to have its financial report reviewed instead of audited, an auditor who has conducted an audit of the previous financial report of the company or entity in accordance with the Australian Auditing Standards, shall, in the first financial reporting period under revised legislation, conduct the review in accordance with ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity as amended.[2] (Ref: Para. A1)

Company Not Previously Audited by the Auditor

When a company limited by guarantee, or an entity reporting under the ACNC Act, or an entity reporting under other applicable legislation or regulation, elects to have its financial report reviewed instead of audited, an auditor who has not conducted an audit of the previous financial report of the company or entity in accordance with the Australian Auditing Standards, shall conduct the review in accordance with ASRE 2400 Review of a Financial Report Performed by an Assurance Practitioner Who is Not the Auditor of the Entity.[3] (Ref: Para. A2)

General Principles

The auditor shall comply with relevant ethical requirements relating to the review of the financial report.[4] (Ref: Para. A3)
The auditor shall implement the firm’s policies or procedures applicable to the individual engagement.[5]

* * *

Application and Other Explanatory Material

Applicable Standards

Company or Entity Previously Audited (Ref: Para. 9)

At the time of amendments to the Act there will be companies limited by guarantee and entities reporting under the ACNC Act, or other applicable legislation or regulation, that have been in existence for some time and will have appointed an auditor. Where that auditor has conducted an audit of the company’s or entity’s previous financial report, that auditor will have obtained an understanding of the company or entity and its environment, including the company’s or entity’s internal control, in accordance with the Australian Auditing Standards. Accordingly, the auditor conducting a review, does so in accordance with ASRE 2410.[6] ASRE 2410 is to be read in conjunction with ASA 101 Preamble to Australian Auditing Standards, as amended.

Company or Entity Not Previously Audited by the Auditor (Ref: Para. 10)

A company limited by guarantee, and entities reporting under the ACNC Act, or other applicable legislation or regulation, may engage an auditor, who has not conducted an audit of the company’s or entity’s previous financial report, to conduct a review of its financial report. In such cases, that auditor will not have recently obtained an understanding of the company or entity and its environment, including the company’s or entity’s internal control, through compliance with Australian Auditing Standards. Accordingly, that auditor conducts the review in accordance with ASRE 2400.[7] ASRE 2400 is to be read in conjunction with ASA 100 Preamble to AUASB Standards.

General Principles (Ref: Para. 11)

When complying with the fundamental ethical principles in accordance with ASRE 2400, an auditor with no previous engagement experience with the company or entity, pays particular attention to the principles of professional competence and due care.

Appendix 1

(Ref: Para. 3)

EXAMPLE AUDITOR’S REVIEW REPORT

The example auditor’s review report is to be adapted as necessary for reviews under the ACNC Act or other applicable legislation or regulation.

Example 1: Financial report of a company limited by guarantee prepared under the Corporations Act 2001. The financial reporting framework is designed to achieve fair presentation.

EXAMPLE OF AN UNMODIFIED REVIEW REPORT

INDEPENDENT AUDITOR’S REVIEW REPORT

To the members of [name of company/entity]

Report on the Financial Report

Directors’/Board of Management’s[10] Responsibility for the Financial Report

Auditor’s Responsibility

[Independence

Conclusion[14]

giving a true and fair view of the company’s financial position as at 30 June 20XX and of its performance for the year ended on that date; and
complying with Australian Accounting Standards [and Corporations Regulations 2001].

Report on Other Legal and Regulatory Requirements

[Form and content of this section of the review report will vary depending on the nature of the auditor’s other reporting responsibilities].

[Auditor’s signature][16]

[Date of the auditor’s review report][17]

[Auditor’s address]

General Principles (Ref: Para. 11)

When complying with the fundamental ethical principles in accordance with ASRE 2400, an auditor with no previous engagement experience with the company or entity, pays particular attention to the principles of professional competence and due care.

Appendix 1

(Ref: Para. 3)

EXAMPLE AUDITOR’S REVIEW REPORT

The example auditor’s review report is to be adapted as necessary for reviews under the ACNC Act or other applicable legislation or regulation.

Example 1: Financial report of a company limited by guarantee prepared under the Corporations Act 2001. The financial reporting framework is designed to achieve fair presentation.

EXAMPLE OF AN UNMODIFIED REVIEW REPORT

INDEPENDENT AUDITOR’S REVIEW REPORT

To the members of [name of company/entity]

Report on the Financial Report

Directors’/Board of Management’s[10] Responsibility for the Financial Report

Auditor’s Responsibility

[Independence

Conclusion[14]

giving a true and fair view of the company’s financial position as at 30 June 20XX and of its performance for the year ended on that date; and
complying with Australian Accounting Standards [and Corporations Regulations 2001].

Report on Other Legal and Regulatory Req

Report on Other Legal and Regulatory Requirements

[Form and content of this section of the review report will vary depending on the nature of the auditor’s other reporting responsibilities].

[Auditor’s signature][16]

[Date of the auditor’s review report][17]

[Auditor’s address]

Source text: opening excerpt

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

Obtaining a Copy of this Auditing Standa Obtaining a Copy of this Auditing Standard on Review Engagements

Obtaining a Copy of this Auditing Standard on Review Engagements

Contact Details Contact Details

Contact Details

Auditing and Assurance Standards BoardLevel 20, 500 Collins StreetMelbourne Victoria 3000AUSTRALIA	Phone: (03) 8080 7400E‑mail: enquiries@auasb.gov.auPostal Address:PO Box 204Collins Street WestMelbourne Victoria 8007AUSTRALIA

COPYRIGHT COPYRIGHT

COPYRIGHT

ISSN 1833‑4393

CONTENTS CONTENTS

COMPILATION DETAILS

AUTHORITY STATEMENT

CONFORMITY WITH INTERNATIONAL STANDARDS ON REVIEW ENGAGEMENTS

Paragraphs

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

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

Introduction

Scope of this Auditing Standard on Review Engagements................................3

Effective Date...............................................................4

Objective..................................................................5

Definitions................................................................6-8

Requirements

Applicable Standards........................................................9-11

General Principles.........................................................12-13

Application and Other Explanatory Material

Applicable Standards......................................................A1-A2

General Principles...........................................................A3

Appendix 1: Example Auditor’s Review Report