15 paragraphs found
This Guidance Statement has been formulated by the Auditing and Assurance Standards Board (AUASB) to provide guidance to auditors reporting pursuant to section 308(3C) of the Corporations Act 2001 (“the Act”) regarding the Remuneration Report required to …
This Guidance Statement should be used when an auditor conducts an audit under the Australian Auditing Standards applicable to financial reporting periods commencing on or after 1 January …
The auditor’s objective is to express an opinion on whether the Remuneration Report complies with section 300A of the Act. …
Section 300A applies to any disclosing entity [1] that is a company. In recognition of the section 300A requirements and so as to avoid unnecessary duplication, Accounting Standard AASB 124 Related Party Disclosures lists certain disclosure requirements …
Section 308(3C) of the Act requires that, if the directors’ report for the financial year includes a Remuneration Report, the auditor must report also to members on whether the auditor is of the opinion that the Remuneration Report complies with section …
The requirement to express a distinct opinion on the Remuneration Report in the directors’ report is additional to the auditor’s responsibility to express an opinion on the financial report. In accordance with Auditing Standard ASA 700 Forming an Opinion …
Where a company has included a Remuneration Report in the annual directors’ report pursuant to section 300A of the Act, the auditor’s report should identify clearly the paragraph numbers or pages of the directors’ report that have been audited pursuant to …
Furthermore, the auditor’s report describes the respective responsibilities of the directors and the auditor in relation to the Remuneration Report. See Appendix 1 for an illustrative example of an unmodified …
The example of an unmodified auditor’s report, that is included as Illustration 1A in Appendix 1 of ASA 700 incorporates the audit reporting requirements of the Act and the Auditing Standards. This auditor’s report format has been used in the Appendices …