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Special Purpose Independent Audit Report

By Yvonne Cunningham,2014-05-18 06:09
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Special Purpose Independent Audit Report

    Specimen Audit Report

TCF (and IATA, if included in this report) requires preparation of financial reports which

    comply with all accounting standards and statements of accounting concepts which comply

    with the following Australian International Financial Reporting Standards (AIFRS):

    ? AASB 101 Presentation of Financial Statements

    ? AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors

    ? AASB 110 Events After Balance Date

    ? AASB 124 Related Party Disclosures

    ? AASB 1031 Materiality

    ? AASB 1048 Interpretation and Application of Standards

and other Applicable Standards.

INCOME RECOGNITION - The basis of recognition of commission, fees, etc., earned must

    be explained in Notes to the Accounts.

    AUDIT REPORT - The following specimen audit report is provided as a guide for incorporated agencies and should be amended, as appropriate, for sole traders,

    partnerships and trusts.

    Special Purpose Independent Audit Report

Report on the Financial Report

We have audited the accompanying financial report of (enter name of owners of agency),

    being a special purpose financial report which comprises the balance sheet as at (enter date

    and year), and the income statement (also known as profit and loss statement), statement of

    changes in equity for the year then ended, a summary of significant accounting policies,

    other explanatory notes and the directors’ declaration as set out on pages (enter page

    numbers of the financial report).

Directors’ Responsibility for the Financial Report

The directors of the company are responsible for the preparation and fair presentation of the

    financial report and have determined that the accounting policies described in Note 1 to the

    financial statements, which form part of the financial report, are appropriate to meet the

    requirements of the Corporations Act 2001 and are appropriate to meet the needs of the

    members, the Trustees of the Travel Compensation Fund and, if applicable, the International

    Air Transport Association. The directors’ responsibility also includes establishing and

    maintaining internal control relevant to the preparation and fair presentation of the financial

    report that is free from material misstatement, whether due to fraud or error; selecting and

    applying appropriate accounting policies; and making accounting estimates that are

    reasonable in the circumstances.

    Auditor’s Responsibility

Our responsibility is to express an opinion on the financial report based on our audit. No

    opinion is expressed as to whether the accounting policies used, as described in Note 1, are

    appropriate to meet the needs of the members, the Trustees of the Travel Compensation

    Fund and, if applicable, the International Air Transport Association. We conducted our audit

    in accordance with Australian Auditing Standards. These Auditing 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.

An 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

    judgment, 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 entity’s preparation and fair presentation of the

    financial report in order to design audit procedures that are appropriate in the circumstances,

    but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal

    control. An audit also includes evaluating the appropriateness of accounting policies used

    and the reasonableness of accounting estimates made by the directors, as well as

    evaluating the overall presentation of the financial report.

The financial report has been prepared for distribution to members of the entity, the Trustees

    of the Travel Compensation Fund and, if applicable, the International Air Transport

    Association, for the purpose of fulfilling the directors’ financial reporting under the

    Corporations Act 2001. We disclaim any assumption of responsibility for any reliance on this

    report or on the financial report to which it relates to any person other than the members, the

    Trustees of the Travel Compensation Fund and, if applicable, the International Air Transport

    Association, or for any purpose other than that for which it was prepared.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide

    a basis for our audit opinion.

Independence

In conducting our audit, we have complied with the independence requirements of the

    Corporations Act 2001.

Auditor’s Opinion

In our opinion:

    a) the financial report of (enter name of owners of agency) is in accordance with the

    Corporations Act 2001, including:

    i) giving a true and fair view of the company’s financial position as at (enter date and

    year) and of its performance for the year ended on that date in accordance with

    the accounting policies described in Note 1; and

    ii) present a view which is consistent with our understanding of the entity’s financial

    position and the results of its operations; and

    iii) complying with Australian Accounting Standards to the extent described in Note 1

    and complying with the Corporations Regulations 2001.

Date...............................................................................Reg’ number………………………………..

    Auditor:………………………………………………………………

    Firm:………………………………………………………………….

    Address:……………………………………………………………..

    Signature:……………………………………………………………

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