Company or Entity Previously Audited (Ref: Para. 9)

At the time of amendments to the Act there will be companies limited by guarantee and entities reporting under the ACNC Act, or other applicable legislation or regulation, that have been in existence for some time and will have appointed an auditor.  Where that auditor has conducted an audit of the company’s or entity’s previous financial report, that auditor will have obtained an understanding of the company or entity and its environment, including the company’s or entity’s internal control, in accordance with the Australian Auditing Standards.  Accordingly, the auditor conducting a review, does so in accordance with ASRE 2410.[1]  ASRE 2410 is to be read