Amendments to ASA 700Amendments to ASA 700

Amendments to ASA 700

1. Existing paragraph 40 is amended to read as follows:

The Auditor’s Responsibilities for the Audit of the Financial Report section of the auditor’s report also shall: (Ref: Para. A50)

(a) State that the auditor communicates with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings that the auditor identifies during the audit, including any:

(i) sSignificant deficiencies in internal control that the auditor identifies during the audit;

(ii) Identified fraud or suspected fraud;[19] and

(iii) Other matters related to fraud that are, in the auditor’s judgement, relevant to the responsibilities of those charged with governance;[20]

(b) …

Amendments to ASA 700 Appendix 1: [Aus] Illustration 1A, [Aus] Illustration 2A, Illustration 3 and Illustration 4

1. [Aus] Illustration 1A: An auditor’s report on a financial report of a single listed company prepared in accordance with the Corporations Act 2001 (a fair presentation framework), is amended to read as follows:

INDEPENDENT AUDITOR’S REPORT

…

Auditor’s Responsibilities for the Audit of the Financial Report

…

As part of an audit in accordance with the Australian Auditing Standards, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

• …

We communicate with the directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings that we identify during our audit, including any:

• sSignificant deficiencies in internal control that we identify during our audit;
• Identified fraud or suspected fraud; and
• Other matters related to fraud that are, in our judgement, relevant to the responsibilities of the directors.

…

1. [Aus] Illustration 2A: An auditor’s report on a financial report of a listed company and its subsidiaries (Group) prepared in accordance with the Corporations Act 2001 (a fair presentation framework), is amended to read as follows:

INDEPENDENT AUDITOR’S REPORT

…

Auditor’s Responsibilities for the Audit of the Financial Report

…

As part of an audit in accordance with the Australian Auditing Standards, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: