27 paragraphs found
In the case of an audit under the Act, the auditor’s responsibility is to consider the appropriateness of the going concern basis (defined for financial reporting purposes) in the context of the audit of a financial report. The auditor therefore considers …
In the case where a materially relevant fact becomes known to the auditor after completion and distribution of the disclosure document (including the audit report) to the franchisee or prospective franchisee that may have caused the auditor to amend the …
Item 21.4(b) of Annexure 1, requires the copy of the independent audit [report] to be provided with the directors’ statement before distribution of that report by the franchisor to any franchisee or prospective …
For an auditor undertaking an initial audit engagement, and/or a situation where there has been a significant time lag since the issue of the latest audited financial report, and less extensive audit procedures applied in relation to forming an audit …
If the auditor is of the opinion that the audit evidence is inconsistent with the representation made by the directors, under ASA 570 the auditor needs to communicate with those charged with governance e.g. directors and/or audit committee of the …
The auditor needs to enquire of the franchisor as to whether there are any materially relevant facts that should be brought to their attention and apply professional judgement to determine any impact on the engagement specific audit approach of such …
If, as a result of applying the appropriate level of audit procedures, the auditor forms the opinion that there is sufficient and appropriate audit evidence obtained to support the representations made by the directors in their statement, the auditor …
The auditor is concerned with obtaining sufficient appropriate audit evidence that the position and declaration given in the directors’ statement pursuant to Item 21.1 of Annexure 1 is fairly presented, based on the foreseeable commercial circumstances …
… conditions. The auditor applies professional judgement in auditing any assumptions to determine their reasonableness …
The auditor’s responsibility is to form and express an opinion on the directors’ statement made pursuant to Item 21.1 of Annexure 1. The substance of this responsibility is similar to that assumed by a company auditor in relation to the “solvency” …