Section Including an Emphasis of Matter Paragrap - ASA 706 - Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor's Report - December 2015 - Including an Emphasis of Matter Paragraph in the Auditor’s Report (Ref: Para. 9)

Including an Emphasis of Matter ParagrapIncluding an Emphasis of Matter Paragraph in the Auditor’s Report (Ref: Para. 9)

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Including an Emphasis of Matter Paragraph in the Auditor’s Report (Ref: Para. 9)

The inclusion of an Emphasis of Matter paragraph in the auditor’s report does not affect the auditor’s opinion. An Emphasis of Matter paragraph is not a substitute for:
1. A modified opinion in accordance with ASA 705 when required by the circumstances of a specific audit engagement;
2. Disclosures in the financial report that the applicable financial reporting framework requires management to make, or that are otherwise necessary to achieve fair presentation; or
3. Reporting in accordance with ASA 570[8] when a material uncertainty exists relating to events or conditions that may cast significant doubt on an entity’s ability to continue as a going concern.
Paragraphs A16–A17 provide further guidance on the placement of Emphasis of Matter paragraphs in particular circumstances.

Aus A8.1 When an auditor’s report is prepared on a financial report prepared under the Corporations Act 2001 (the Act), section 308(3B) of the Act requires that if the financial report includes additional information under paragraph 295(3)(c) (additional information included to give a true and fair view of the entity’s financial position and performance), the auditor’s report includes the auditor’s opinion on whether the additional information was necessary to give a true and fair view.