Amendments to ASA 800Amendments to ASA 800

Amendments to ASA 800

1. Existing paragraph A16 is amended to read as follows:

ASA 700 requires the auditor to communicate key audit matters in accordance with ASA 70121 for audits of a general purpose financial report of listedpublicly traded entities. For audits of a special purpose financial report, ASA 701 only applies when communication of key audit matters in the auditor’s report on the special purpose financial report is required by law or regulation or the auditor otherwise decides to communicate key audit matters. When key audit matters are communicated in the auditor’s report on a special purpose financial report, ASA 701 applies in its entirety.22

1. Existing Appendix 1 is amended to read as follows:

Illustrations of Independent Auditor’s Reports on a Special Purpose Financial Report

 Illustration 1: An auditor’s report on a financial report of an entity other than a listedpublicly traded entity prepared in accordance with the financial reporting provisions of a contract (for purposes of this illustration, a compliance framework).

 Illustration 2: An auditor’s report on a financial report of an entity other than a listedpublicly traded entity prepared in accordance with the tax basis of accounting in Jurisdiction X (for purposes of this illustration, a compliance framework).

 Illustration 3:[Deleted by the AUASB.]

 [Aus] Illustration 4: [Deleted by the AUASB as a result of changes to the Australian Accounting Standards impacting the ability for certain for-profit entities to prepare Special Purpose Financial Statements#]

 [Aus] Illustration 5: An auditor’s report on a financial report prepared by a not-for-profit incorporated association in accordance with the financial reporting provisions of the applicable legislation (for purposes of this illustration, a fair presentation framework).

Amendments to ASA 800 Appendix 1: Illustration 1 and Illustration 2

1. Existing Illustration 1 is amended to read as follows:

Illustration 1: An auditor’s report on a financial report of an entity other than a listedpublicly traded entity prepared in accordance with the financial reporting provisions of a contract (for purposes of this illustration, a compliance framework).

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INDEPENDENT AUDITOR’S REPORT

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Auditor’s Responsibilities for the Audit of the Financial Report

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Paragraph 41(b) of ASA 700 explains that the shaded material below can be located in an Appendix to the auditor’s report.

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