27 paragraphs found
The nature, timing and extent of the audit procedures appropriate to achieve reasonable assurance on the directors’ statement under Item 21.4 or 21.5 of Annexure 1, are a function of the circumstances of each engagement, and will depend on: whether the …
While recognising that for entities subject to audit under the Act, there is an interrelationship between the opinion under the Act and that required under Item 21.4 or 21.5 of Annexure 1, the audit report issued under Item 21.4 or 21.5 of Annexure 1, is …
… There is no equivalent International Auditing Practice Statement (IAPS) or Auditing Standard to this Guidance Statement. …
In situations where no audit has been conducted as at the end of the last financial year, the nature and extent of the audit procedures to be undertaken by an auditor on an entity’s financial information, may be similar to those required to express an …
In any of the situations described above where the audit procedures create doubt as to the directors’ representations concerning solvency, additional audit procedures may need to be undertaken to enable an opinion to be …
In undertaking audit engagements under Item 21 of Annexure 1, the auditor is required to provide the audit report to the franchisor within four months after the end of the financial year to which the statement of the franchisor’s solvency (directors’ …
This example independent audit report on a Directors’ Solvency Statement can be adapted accordingly for similar audit engagements across different subject matter e.g. Competition and Consumer (Industry Codes – Oil code) Regulation 2006 …
For engagements under Item 21.4 and 21.5 of Annexure 1, the auditor considers the risks inherent in issuing an audit report without the support of an accompanying financial report. For example, unlike the auditor’s opinion on solvency under the Act, which …
In the event that clause 21.4 or 21.5 of Annexure 1 applies and the auditor (either a registered company auditor or for foreign franchisors, a foreign equivalent) is engaged to provide an independent audit report on the directors’ statement under Item …
Significant changes in fundamental assumptions and/or conditions, for example changes in the nature of the entity’s business, plans for significant acquisitions and disposals may require application of more extensive audit procedures. Some examples of …