ASQM1 updates in Audit Reports

From 15th December 2022, all firms and practitioners providing any level of audit and assurance services will need to comply with the new Auditing Standard ASQM 1 issued by AUASB.

Due to the above update, we have updated the Audit Reports issued by Cloudoffis. The content of ASQC1 has been replaced with the content of ASQM1 under Independence and Quality Control.

The content below in red which is striked through have been replaced by the yellow highlighted content in all 4 Audit reports provided by Cloudoffis:

Independence and Quality Control

I have complied with the independence and other ethical requirements relating to assurance engagements, and applied Auditing Standards ASQC 1 Quality Control for Firms that Perform Audits and Reviews of Financial Reports and Other Financial Information, and Other Assurance Engagements ASQM 1 Quality Management for Firms that Perform Audits or Reviews of Financial Reports and Other Financial Information, or Other Assurance or Related Services Engagements in undertaking this assurance engagement. In particular, neither myself, my firm or my network firm assumed a management responsibility for the fund. Where my firm or network firm provided any other non-assurance services to the fund, we are satisfied that those services were not prohibited under the Code and any independence threats arising have been eliminated or reduced to an acceptable level by the application of safeguards.

Below is the screenshot of the Unqualified Audit Report template from Cloudoffis:

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