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Lecture Auditing and assurance services in Australia: Chapter 13 - Grant Gay, Roger Simnett

In this chapter, students will be able to understand: understand the nature and significance of the auditor’s reporting obligations; understand the structure and qualitative characteristics of the auditor’s report; explain the differences between the concepts of ‘true and fair’ and ‘presents fairly in accordance with’, and between a fair presentation framework and a compliance framework. | Chapter 13 The Auditor’s Reporting Obligations 13- Copyright 2006 McGraw-Hill Australia Pty Ltd Revised PPTs t/a Auditing and Assurance Services in Australia 3e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett Obligations to Report The objective of an audit of the financial report is to enable the auditor to express an opinion whether the financial report is prepared, in all material respects, in accordance with an applicable financial reporting framework. The auditor also has an obligation to form a conclusion as to whether the financial reports have been prepared using Australian accounting standards issued by the AASB. Learning Objective 1: 13- Copyright 2006 McGraw-Hill Australia Pty Ltd Revised PPTs t/a Auditing and Assurance Services in Australia 3e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett Obligations to report (Cont.) S.307 of the Corporations Act 2001 requires the auditor to form an opinion as to: (a) Whether the financial report is in accordance with the Act, including: (i) section 296 or 304 (compliance with accounting standards); and (ii) section 297 or 305 (true and fair view); and (aa) if the financial report includes additional information (to give a true and fair view of the financial position and performance) – whether the inclusion of that information was necessary to give the true and fair view required by section 297 or 305; and 13- Copyright 2006 McGraw-Hill Australia Pty Ltd Revised PPTs t/a Auditing and Assurance Services in Australia 3e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett Obligations to report (Cont.) (S.307 cont.) (b) whether the auditor has been given all information, explanation and assistance necessary for the conduct of the audit; and (c) whether the company, registered scheme or disclosing entity has kept financial records sufficient to enable a financial report to be prepared and audited; and (d) whether the company, registered scheme or . | Chapter 13 The Auditor’s Reporting Obligations 13- Copyright 2006 McGraw-Hill Australia Pty Ltd Revised PPTs t/a Auditing and Assurance Services in Australia 3e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett Obligations to Report The objective of an audit of the financial report is to enable the auditor to express an opinion whether the financial report is prepared, in all material respects, in accordance with an applicable financial reporting framework. The auditor also has an obligation to form a conclusion as to whether the financial reports have been prepared using Australian accounting standards issued by the AASB. Learning Objective 1: 13- Copyright 2006 McGraw-Hill Australia Pty Ltd Revised PPTs t/a Auditing and Assurance Services in Australia 3e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett Obligations to report (Cont.) S.307 of the Corporations Act 2001 requires the auditor to form an opinion as to: (a) Whether the .