The basic elements of the auditor's standard report for a Corporations Act 2001 audit include all of the following except:
A)a title that includes the word 'independent'.
B)a statement that the financial report is the responsibility of the company's directors.
C)a statement that accounting estimates are reasonable, but that there will normally be differences between estimated and actual results.
D)a statement that an audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial report.

Question

Quizplus · Accepted Answer

The basic elements of the auditor's standard report for a Corporations Act 2001 audit include an independent title, a statement that the financial report is the responsibility of the company's directors, and a statement that an audit includes examining evidence supporting the amounts and disclosures in the financial report. However, there is no mention of a statement regarding accounting estimates being reasonable or the likelihood of differences between estimated and actual results.

The Basic Elements of the Auditor's Standard Report for a Corporations