Reports that are not substantially compliant with this approved form will not meet the licensee’s statutory obligation under subparagraph 205B(1)(c)(i) of the Broadcasting Services Act 1992 (BSA).
Pursuant to subsection 205B(2) of the BSA permission is required from the ACMA before any licensee adopts a return period ending on a day other than 30 June.
Certain broadcasting licensees are now exempt from the requirement to lodge an audited balance-sheet and an audited profit and loss account as part of their annual broadcasting licence fee (BLF) return. Commercial radio and television broadcasting licensees qualify for the exemption for a financial year if:
a)the licensee’s gross earnings for that financial year are less than $5 million in relation to the service or services provided under the licence for that financial year; and
b)the licensee has complied with the requirements of paragraph 205B(1)(c) of the BSA for a period of not less than 3 financial years preceding that financial year.
INDEPENDENT AUDIT REPORT
(On ACMA B18TV FORM)
To the members of [Name of broadcasting licensee]
[I/We] have audited the accompanying Profit & Loss Account and Balance Sheet in the ACMA B18 TV form presented in the Profit & Loss Account and Balance Sheet Schedules of the Commercial Television Activity Statement (the Schedules)of [Name of broadcasting licensee, (Service Licence Number)] for the year/return period ended [include Return period end: e.g.30 June 20XX].
The Responsibility of [Directors/Chief Executive Officer/Secretary] of the Licensee for the Schedules
The[Directors/Chief Executive Officer/Secretary] of the licensee,[Name of broadcasting licensee, (Service Licence Number)],[are/is] responsible for the preparation and fair presentation of the Profit & Loss Account and Balance Sheet in the form presented in the Schedulesas prescribed by the Australian Communications and Media Authority (ACMA) in accordance with subparagraph 205B(1)(c)(i) of the Broadcasting Services Act 1992(BSA).This responsibility includes designing, implementing and maintaining internal controls relevant to the preparation and presentation of these Schedules that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies, and making accounting estimates, that are reasonable in the circumstances and comply where relevant with the Australian Accounting Standards.(optional specification of accounting standards complied with.)
Auditor’s Responsibility
[My/Our] responsibility is to express an opinion on the Profit & Loss Account and Balance Sheet in the form presented in the Schedulesbased on [my/our] audit. [I/We] conducted [my/our] audit in accordance with Australian Auditing Standards.These Auditing Standards require that [I/we]comply with relevant ethical requirements relating to audit engagements and plan and perform the audit to obtain reasonable assurance whether the Schedules are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the Schedules. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the Schedules, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the[Name of broadcasting licensee]’s,[(Service Licence Number)] preparation and fair presentation of the Schedules in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the[Name of broadcasting licensee]’s internal control. An audit also includes evaluating the appropriateness of the underlying accounting policies and the reasonableness of accounting estimates made by the [Directors/Chief Executive Officer/Secretary] of the licensee to support the information presented in the Schedules.
The Schedules have been prepared to comply with the approved form specified by the ACMA in accordance with the requirements ofsubparagraph 205B(1)(c)(i) of the BSA. The Schedules may not be suitable for another purpose.
[Our/My] report is intended solely for the ACMA and to meet the requirements of the BSA and should not be distributed to or used by parties other than to meet the requirements of the BSA.[We/I] express no opinion as to whether the financial reporting framework is appropriate to address the needs of the members of [Name of broadcasting licensee, (Service Licence Number)].(Optional inclusion: I/We disclaim any assumption of responsibility for any reliance on this report, or on the accompanying Schedules to which it relates, to any person or users other than the members and the ACMA, or for any purpose other than that for which it has been prepared.)
[I/We] believe that the audit evidence [I/we]have obtained is sufficient and appropriate to provide a basis for [my/our]audit opinion.
Independence
In conducting [my/our] audit, [I/we] have complied with the independence requirements of the Australian professional accounting bodies.
Auditor’s Opinion
In [my/our] opinion, the Profit & Loss Account and Balance Sheet presented in the Schedules of [Name of broadcasting licensee, (Service Licence Number)] for the year/period ended [include Return period end: e.g. 30 June 20XX] presents fairly, in all material respects, in accordance with the requirements of the BSA. (Or qualified opinion where appropriate.)
[Auditor’s Signature]
[Auditor’s Name/Title]
[Date of the Audit Report]
[Auditor’s Address]
TV B18 Independent Audit Report Page 1 of 2