Requirements
Applicable Standards
9
Company or Entity Previously Audited
When a company limited by guarantee, or an entity reporting under the ACNC Act, or an entity reporting under other applicable legislation or regulation, elects to have its financial report reviewed instead of audited, an auditor who has conducted an audit of the previous financial report of the company or entity in accordance with the Australian Auditing Standards, shall, in the first financial reporting period under revised legislation, conduct the review in accordance with ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity as amended.[1] (Ref: Para. A1)
[1] For financial reporting periods commencing on or after 1 January 2010, see ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity, issued October 2009, as amended.
10
Company Not Previously Audited by the Auditor
When a company limited by guarantee, or an entity reporting under the ACNC Act, or an entity reporting under other applicable legislation or regulation, elects to have its financial report reviewed instead of audited, an auditor who has not conducted an audit of the previous financial report of the company or entity in accordance with the Australian Auditing Standards, shall conduct the review in accordance with ASRE 2400 Review of a Financial Report Performed by an Assurance Practitioner Who is Not the Auditor of the Entity.[1] (Ref: Para. A2)
[1] See ASRE 2400 Review of a Financial Report Performed by an Assurance Practitioner Who is Not the Auditor of the Entity, issued August 2008. For financial reporting periods commencing on or after 1 July 2013, see ASRE 2400 Review of a Financial Report Performed by an Assurance Practitioner Who is Not the Auditor of the Entity, (issued March 2013).