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Auditor's Responsibilities

Introduction

Auditing Standard ASA 700 Forming an Opinion and Reporting on a Financial Report requires an auditor’s report to include a section with the heading 'Auditor’s Responsibilities for the Audit of the Financial Report'.  [Ref: ASA 700, paragraph 37-40]

ASA 700 paragraph 41 requires the description of the auditor’s responsibilities required by ASA 700 paragraphs 39-40 to be included:

  • in the body of the auditor’s report;
  • within an appendix to the auditor’s report, in which case the auditor’s report shall include a reference to the location of the appendix; or 
  • by a specific reference within the auditor’s report to the location of such a description on a website of an appropriate authority, where law, regulation or Australian Auditing Standards expressly permit the auditor to do so.

ASA 700 paragraph Aus A57.1 provides Application and Other Explanatory Material that when the auditor refers to a description of the auditor's responsibilities on a website, the appropriate authority is The Auditing and Assurance Standards Board website and the website address is www.auasb.gov.au/Home.aspx*.

* The auditor’s report should refer to the specific webpage that applies to the auditor’s responsibilities applicable in the context of the engagement.

As a result, when referring to the responsibilities statements the auditor needs to include the following URL, where # is the number of the statement below:

www.auasb.gov.au/auditors_responsibilities/ar#.pdf

Authorisation

The Australian Auditing and Assurance Standards Board authorises that descriptions of the Auditor's Responsibilities can be referenced to the following examples. The auditor’s report includes a reference to the specific webpage that applies to the auditor’s responsibilities applicable in the context of the engagement.

ASA 600 Applies^ ASA 600 does not apply
Fair presentation framework
Listed Statement 1 Statement 2
Non-listed Statement 3 Statement 4
Non-listed – voluntary reporting of key audit matter(s) Statement 5 Statement 6
Compliance framework
Non-listed Statement 7 Statement 8
Non-listed – voluntary reporting of key audit matter(s) Statement 9 Statement 10

^ Per ASA 600 Special Considerations – Audits of a Group Financial Report defines a component auditor as “Component auditor means an auditor who, at the request of the group engagement team, performs work on financial information related to a component for the group audit”. 

Note: Earlier versions of the auditor’s responsibilities statements remain valid and can be accessed via the following link