Amendments to ASA 700

Amendments to ASA 700

1. Existing paragraph 29 is amended to read as follows:

Where applicable, tThe auditor shall report in accordance with ASA 570.13

1. Existing footnote 13 in paragraph 29 is amended to read as follows:

See ASA 570 Going Concern, paragraphs 34-3821–23.

1. Existing paragraph 50 is amended to read as follows:

If the auditor is required by law or regulation of a specific jurisdiction to use a specific layout, or wording of the auditor’s report, the auditor’s report shall refer to Australian Auditing Standards only if the auditor’s report includes, at a minimum, each of the following elements: (Ref: Para. A70–A71)

(a) A title.

(b) …

(f) Where applicable, a section that addresses, and is not inconsistent with, the reporting requirements in paragraphs 34-35 and 36(c) 22 of ASA 570.

(g) Where applicable, a Basis for Qualified (or Adverse) Opinion section that addresses, and is not inconsistent with, the reporting requirements in paragraph 35(b)23 of ASA 570.

(h) …

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

1. The sixth point of [Aus] Illustration 1A, [Aus] Illustration 2A, Illustration 3 and Illustration 4 are amended to read as follows:

 Based on the audit evidence obtained, the auditor has concluded that a material uncertainty does not exist related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern in accordance with ASA 570.

1. [Aus] Illustration 1A is amended to read as follows:

Basis for Opinion

…

Going Concern

In the context of our audit of the financial report as a whole, and in forming our opinion thereon, we have concluded that management’s use of the going concern basis of accounting in the preparation of the financial report is appropriate. Based on the audit evidence obtained, we have not identified a material uncertainty related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern.

Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report and are not a guarantee as to the Company’s ability to continue as a going concern.

…

1. [Aus] Illustration 2A is amended to read as follows:

Basis for Opinion

…

Going Concern

In the context of our audit of the financial report as a whole, and in forming our opinion thereon, we have concluded that management’s use of the going concern basis of accounting in the preparation of the consolidated financial report is appropriate. Based on the audit evidence obtained, we have not identified a material uncertainty related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern.

Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report and are not a guarantee as to the Group’s ability to continue as a going concern.

…

1. Illustration 3 is amended to read as follows:

Basis for Opinion

…

Going Concern

In the context of our audit of the financial report as a whole, and in forming our opinion thereon, we have concluded that management’s use of the going concern basis of accounting in the preparation of the financial report is appropriate. Based on the audit evidence obtained, we have not identified a material uncertainty related to events or conditions that may cast significant doubt on the Entity’s ability to continue as a going concern.

Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report and are not a guarantee as to the Entity’s ability to continue as a going concern.

…

1. Illustration 4 is amended to read as follows:

Basis for Opinion

…

Going Concern

In the context of our audit of the financial report as a whole, and in forming our opinion thereon, we have concluded that management’s use of the going concern basis of accounting in the preparation of the financial report is appropriate. Based on the audit evidence obtained, we have not identified a material uncertainty related to events or conditions that may cast significant doubt on the Entity’s ability to continue as a going concern.

Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report and are not a guarantee as to the Entity’s ability to continue as a going concern.

…