![]() Auditor-General reports are presented for tabling to both Houses of Parliament, and can be authorised for publication even if a House of the Parliament is not sitting. However, to the extent appropriate, the ANAO provides information on request in the spirit of the FOI Act, particularly in relation to the administration of the ANAO, and complies with the spirit and intent of the IPPs.Īuditor-General reports and the annual Defence Major Projects Review are tabled in the Parliament and on the same day that reports are tabled, or authorised for publication, they are published on the ANAO website. The Auditor-General is exempt from the application of the Freedom of Information Act 1982 (FOI Act) and Information Privacy Principles (IPPs) set out at section 14 of the Privacy Act 1988. Information obtained during an audit or review is stored securely at all times and used only for audit purposes. The ANAO retains the security classification assigned to information by the source entity. ANAO officials and contractors comply with the relevant requirements of the PSPF as implemented by entity being audited, subject to the independence of the Auditor-General or the conduct of the audit not being compromised. In exercising this discretion, the Auditor-General considers the reasons listed in section 37 of the Auditor-General Act, which include national security and international relations, Cabinet deliberations, Commonwealth-State relations and unfair prejudice to commercial interests.Ĭonsistent with the Protective Security Policy Framework ( PSPF), all ANAO staff and contractors hold security clearances appropriate for the work they are performing and classification of the information they are accessing. Sensitive information that, in the Auditor-General’s opinion, is not in the public interest will not be included in public reports. The ANAO treats all audit-related information as ‘in-confidence’. A person provided with a proposed audit report or any other report must not disclose any information from that report, unless the Auditor-General has consented to the disclosure. A person conducting an audit must not disclose any information except in the course of undertaking the Auditor-General’s functions. These powers are balanced by confidentiality provisions in the Auditor-General Act 1997. To assist in fulfilling these audit functions, the Auditor-General has wide access and information-gathering powers. It is also necessary for a publicly-held entity to attach the relevant audit report to its financial statements before filing them with the Securities and Exchange Commission.The Auditor-General’s main functions include financial statements audits, performance audits, performance statements audits and assurance reviews. An audit report that contains a clean opinion is required by many lenders before they will loan funds to a business. ![]() The user may rely upon the report as evidence that a knowledgeable third party has investigated and rendered an opinion on the financial statements. The auditor's opinion of the entity's financial statements.Īn audit report is issued to the user of an entity's financial statements. The responsibilities of the auditor and the management of the entity. The typical audit report contains three paragraphs, which cover the following topics: For example, the auditor may not be independent, or there is a going concern issue with the auditee, or certain financial records needed by the auditor were not available. This misstatement may be due to an error, but it can also indicate that management engaged in reporting fraud.Ī disclaimer of opinion can be triggered by several situations. Adverse OpinionĪn adverse opinion is issued if the financial statements were materially misstated. The opinion looks similar to the wording used for a clean opinion, except that additional text summarizes the reason for the qualified opinion. Qualified OpinionĪ qualified opinion is issued if there were any scope limitations that were imposed upon the auditor's work. It is the gold standard that outside users of an organization’s financial statements are looking for. This is also known as an unqualified opinion. Clean OpinionĪ clean opinion is issued if the financial statements are a fair representation of an entity's financial position, being free of material misstatements. ![]() The different types of audit reports are noted below. GAAS requires or allows certain variations in the report, depending upon the circumstances of the audit work in which the auditor engages. The report is written in a standard format, as mandated by generally accepted auditing standards ( GAAS). ![]() An audit report is a written opinion of an auditor regarding an entity's financial statements.
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