In order to perform our risk assessment we will, among other details, obtain information about the following matters relating to the Entity: a) Industry, relevant legislation and other external matters b) Activities and accounting policies applied c) Objectives, strategies and related business risk d) Business processes and the Entity’s internal control system.
If our risk assessment leads us to believe that any inadequacies or weaknesses in the general IT controls may cause the financial statements to be materially misstated, we will also review those of the Entity’s general IT controls which are of relevance to financial reporting.
We will also ask Those Charged with Governance if they have any knowledge of detected, presumed or alleged fraud affecting the Entity.
We will carry out our audit in the course of the year and in connection with the year-end closing. Our audit will not be finalised until Management has made a final decision on the annual report, and we have provided the financial statements with an auditor’s report
It is also Management’s responsibility to provide the auditors: a) Access to all information which Management knows is relevant for the preparation of the financial statements, such as recordings, documentation and other circumstances b) With further information that the auditors may ask Management about for the purpose of the audit c) Unlimited access to persons in the entity from whom the auditors considers it necessary to obtain audit evidence
It is our responsibility to ensure that the financial statements comply with the accounting provisions.
If we provide any advisory and assistance services according to agreement with Management – for example, in connection with the preparation of the income tax return – we have separate responsibilities as advisers in this respect.
Our Firm is responsible for the statement of taxable income and for the submission of the income tax return being consistent with the tax compliance framework, including the accuracy and completeness of recordings, documents, statements and other information collected for us to compile the statement of taxable income and to submit the income tax return.