A letter of financial support (or other similar direct confirmation) from a government agency or other parent entity able to provide such support. The public sector auditor includes their consideration of these factors in the conclusions they draw on the …

In addition to the audit procedures set out in ASA 570, the public sector auditor applies professional scepticism in reviewing the applicable legislative and reporting frameworks, Budget Papers, Budget announcements, media releases, statements of …

The term GGS is defined in paragraph 79 of this GS and typically includes public sector entities established by or through the Australian Constitution or an act/regulation of Parliament. Examples include government departments, local government …

Given the statutory nature of these entities and the presumption that the functions provided by these entities will continue to be delivered by the public sector, going concern risk may be assessed as low on the basis that that it can be assumed, in the …

Where continuation of the provision of a function in the future is anticipated, the use of the going concern basis of accounting is likely to be appropriate for these entities other than in exceptional cases (as examples, where an entity’s functions are …

As the risk in relation to going concern may be lower in these circumstances, the public sector auditor’s risk assessment procedures and evaluation of management’s going concern assessment focus primarily on whether there is a parliamentary or government …

The public sector auditor’s risk assessment procedures as required by ASA 570 may include consideration of: …

the statutory nature of the entity and whether there is an expectation that the underlying functions delivered by the entity will continue to be delivered and funded by the public sector notwithstanding any decision to restructure existing government …

the requirements of the applicable financial reporting framework related to going concern (including the requirements to account for and report on MOG …

the entity’s risk assessment process to identify events or conditions which may indicate that the functions provided by the entity may no longer continue (which is expected to be proportionate to the low risk that a material uncertainty related to going …