15 • 41
Asia and PacificAustralia
The standards report has the following format:
We have audited the accounts of X Limited on pages ____ to ____ , and the Statement by Directors in accordance withAustralian Auditing Standards (scope paragraph).In our opinion the accounts of X Limited are properly drawn up in accordance with the provisions of the Companies (XXX)Code and so as to give a true and fair view of:(i) the state of affairs of the company at ____ 19____ and of the profit of the company for the year ended on that date;(ii) the other matters required by Section 269 of the Code to be dealt with in the accounts; and are in accordance withapplicable approved accounting standards and Australian Accounting Standards (opinion paragraph).
Japan
The auditor’s report must outline the scope of the audit performed and state an opinion on the financial statements, expres
sing
whether the statements fairly present the results. It must also state matters that are also reported in the financial statements
but
that the auditor wants to call attention to.
Hong Kong
The auditor’s report must state whether the balance sheet and profit-and-loss account have been prepared properly in ac
cor-
dance with the Companies Ordinance and whether they give a true and fair view of the state of affairs at the year’s end and ofthe profit and loss for the year. The report must also express an opinion as to whether proper books of account have been kept,whether proper returns have been received from the branches, and whether the accounts agree with the books and returns.The report should be modified if the auditor has not received all required information and if disclosures about officers’ anddirectors’ remunerations are inadequate.
Korea (South)
The reporting standards and the standard format of the audit report are generally the same as those provided by th
e AICPA
statements of auditing standards in the United States.
Philippines
The auditor’s report must state whether the financial statements have been formed in accordance with GAAP and whether
the
principles have been applied in the same way during the current period as they were in the previous one. The report mustexpress an opinion regarding the financial statements as a whole; when such an opinion cannot be expressed, the reasonsshould be stated. The report should also contain a clear indication of the character of the auditor’s examination and of thedegree of responsibility assumed by the auditor. Unless otherwise indicated in the report, informative disclosures are to beregarded as reasonably adequate. The wording is similar to reports in the United States before the adoption of SAS No. 50 bythe AICPA.
Exhibit 15.5.
(Continued
)