sufficient audit evidence has been obtained - any uncorrected misstatement are material - applicable fin reporting framework requirement are met - disclosure of significant selected & applied acct policies - acct policies applied are consistent with framework - estimates made are reasonable - info presented is relevant, reliable, comparable & understandable - adequate disclosure and appro terminology used Expression of Opinion - auditor’s report on general purpose fin report shall state whether fin report gives a true & fair view or presents fairly in all material aspects in accordance with applicable fin reporting framework - if remuneration report is included in dir’s report, under Corp Act 2001 s308(3C) auditors are required to report on whether the remuneration report complies with s300A of the Act : o reported in separate paragraph of auditor’s report following opinion paragraph Unmodified Auditor’s Report - most common type of opinion issues - opinion section expresses an unqualified opinion o fin report present fairly, in all material respect in accordance with applicable fin reporting framework o fin report give a true and fair view of fin position and the result of operation and CF of entity in accordance with applicable fin reporting framework Structure and wording outlined in ASA 700: - title, addressee - opinion, basis for opinion, key audit matters - other info - resp for financial report - auditors resp for audit of financial report - report on remuneration report - auditor’s name, signature and firm - date of report and address Responsibilities for Financial Report - outline management’s dir resp - preparation of financial report in accordance with applicable financial reporting framework - ensure there are internal control to ensure the financial report is free of material misstatement - assess entity’s ability to continue as going concern - disclose if there are applicable matters relating to going concern Auditor’s responsibilities for the audit of fin report : - state objective of audit – to obtain reasonable assurance that the financial report is free of material misstatement whether due to fraud or error - issue an auditor’s report that include the opinion - state the reasonable assurance is a high level of assurance but not a guarantee that the auditor will detect a material misstatement - state that misstatement can arise from fraud or error - provide some discussion about the determination of materiality - issuing an unmodified auditor’s report means that the auditor has det that they have obtained reasonable assurance that the financial report as a whole is free from material misstatement, whether due to fraud or error - this means that auditor has concluded that: o sufficient appropriate audit evidence has been obtained (in accordance with ASA/ISA 330) o any uncorrected misstatement are immaterial, both individually and in aggregate (in accordance with ASA/ISA 450) and o that financial report is prepared in all material respect, in accordance with requirement of applicable financial reporting framework (ASA/ISA 700)
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- Three '17
- Financial audit, Auditor's report