澳洲AAA 关于ASRE 2410 (Unit 4 Activity 1)

在澳大利亚CA/CPA学习和考试



请教行业前辈，欢迎在读同学一同讨论：
Background
Go-Green-Power Limited is an energy retailer listed on the Australian securities exchange. The directors of Go-Green have submitted the company’s financial report for the half-year ended 31 Dec 2010.
The following information has been extracted from the financial report, which has been prepared on a going concern basis:
Total asset        $43.7 million        Total liabilities        $25.7 million
Revenue        $34.9 million        Expenses        $36.9 million


the consolidate entity incurred a loss of $2 mil and net cash outflows from operating activities of $3.2 mil during the six months to 31 Dec 09.
Go-Green requires a review of its interim financial report as at 31 Dec 2010.
Required
(a)        Under ASRE 2410, will the assurance firm provide a positive or negative expression of opinion in their independent auditor’s review report? Justify your answer, providing paragraph references.
(b)        Based on the background information provided above, do you think it is likely that the assurance firm will issue an unmodified opinion? If not, describe how the opinion is likely to be modified.

翻遍了ASRE 2410,没有找到 positive/negative expression of opinion 的解释。
para. A50, 提到going concern,说in certain circumstance, an emphasis of matter paragraph may be added to a review report.

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是31 Dec 10吧？

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晕，都看到第四章了。我才看第二。。。

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(a)        Under ASRE 2410, will the assurance firm provide a positive or negative expression of opinion in their independent auditor’s review report? Justify your answer, providing paragraph references.

[Banana：应该是Negative Expression of opinion。现在更多的说Limited Assurance Opinion。Appendix 3 of ASRE 2410 provides you an example of a review report:

Conclusion
Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the half-year financial report of [name of company/registered scheme/disclosing entity] is not in accordance with the Corporations Act 2001 including:
(a)
giving a true and fair view of the [company’s/registered scheme’s/disclosing entity’s] financial position as at 31 December 20XX and of its performance for the half-year ended on that date; and
(b)
complying with Accounting Standard AASB 134 Interim Financial Reporting and Corporations Regulations 2001.]

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[Banana: A loss of $2m and net operating cash flow of $3.xm does not automatically result in an unmodified opinion.
19.The auditor shall enquire whether those charged with governance have changed their assessment of the entity’s ability to continue as a going concern. When, as the result of this enquiry or other review procedures, the auditor becomes aware of events or conditions that may cast significant doubt on the entity’s ability to continue as a going concern, the auditor shall:
(a)enquire of those charged with governance as to their plans for future actions based on their going concern assessment, the feasibility of these plans, and whether they believe that the outcome of these plans will improve the situation; and
(b)consider the adequacy of the disclosure about such matters in the financial report. (Ref: Para. A26)

Only when there is significant doubt about the going concern, you will ask the company to disclosure in the half year review and accordingly as an auditor you will issue an "EOM" opinion as per para40 (copied below). How to judge if there is significant doubt, refer to Going Conern standard 570.
40.
If adequate disclosure is made in the financial report, the auditor shall add an emphasis of matter paragraph to the review report to highlight a material uncertainty relating to an event or condition that casts significant doubt on the entity’s ability to continue as a going concern.

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Then refer to 706 for how to issue an EOM audit opinion

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对不起LZ，看到这贴有点晚了，忙着减肥呢

LZ没法加分，Babypig加吧

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十分感谢香蕉的详尽解释！真遗憾没法帮你加分！是不是要到布鞋级别才能给别人加分？要累积多少分才有布鞋呀？

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猪猪：真没办法，这学期同坐一桌的同学都是非英语背景，所以没有像local student 一样积极present，总之prensent 的责任好像落在我头上啦...所以提前看看focus session的题目.啦..

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多谢香蕉的鼓励，会继续努力！
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