Audit Report – Unmodified opinion

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Audit report – unmodified opinion

The following audit report is not intended to be a standard audit report. It is to be used as a guide only and will need to be adapted according to each individual association’s requirements and circumstances. This illustrative report is prepared in the context of a general purpose financial report.

To the members of ABC Club Inc.:

Report on the financial report

We have audited the accompanying financial report, being a general purpose financial report of the ABC Club Inc. (the association), which comprises of the balance sheet as at 31 December 2016, the income statement, statement of changes in equity and statement of cash flows for the year then ended, notes comprising a summary of significant accounting policies and other explanatory information, and the committee’s report.

Committee’s responsibility for the financial report

The committee of the association is responsible for the preparation of the financial report, and has determined that the basis of preparation described in Note 1, is appropriate to meet the requirements of the Associations Incorporation Reform Act 2012. The committee’s responsibility also includes such internal control as the committee determines is necessary to enable the preparation of a financial report that is free from material misstatement, whether due to fraud or error.

Auditor’s responsibility

Our responsibility is to express an opinion on the financial report based on our audit. We have conducted our audit in accordance with Australian Auditing Standards. Those standards require that we comply with relevant ethical requirements relating to audit engagements and plan and perform the audit to obtain reasonable assurance whether the financial report is free from material misstatement.

Au audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial report. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial report, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the association’s preparation of the financial report that gives a true and fair view, in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the committee, as well as evaluating the overall presentation of the financial report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.


In conducting our audit, we have complied with the independence requirements of the Australian professional ethical pronouncements.

Audit’s opinion

In our opinion the financial report of the association has been prepared in accordance with the Association Incorporation Reform Act 2012 including:

  1. giving a true and fair view of the entity’s financial position as at 31 December 2016 and of its performance for the year ended on that date; and

  2. complying with Australian Accounting Standards as referred to in Note 1 to the financial statements.

Basis of accounting and restriction on distribution

Without modifying our opinion, we draw attention to Note 1 to the financial report, which describes the basis of accounting. The financial report has been prepared to assist ABC Club Inc. to meet the requirements of the Associations Incorporation Reform Act 2012. As a result the report may not be suitable for another purpose.

[Auditor’s signature]

[Date of the auditor’s review report]

[Auditor’s address]

Note: A copy of an independent auditor’s audit report must be signed and dated by an accountant who is the member of and holding current practising certificate issued by one of the following accounting bodies: CPA Australia, Chartered Accountants Australia & New Zealand, Institute of Public Accountants (IPA).
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