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Auditors Report - Coggle Diagram
Auditors Report
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The auditors report must
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Include a reference to any matters to which the auditor wishes to draw attention by way of emphasis without qualifying the report
Include a statement on any material uncertainty relating to events that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting
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The purpose of the statutory audit is to provide an independent opinion to the members on the truth and fairness of the financial accounts and some sections of the narrative reports whether the financial statements have been properly prepared in accordance with the Act and to report by exception to the members on the other requirements of company law such as where in the auditors opinion, proper accounting records have not been kept
The directors are responsible for managing the affairs of the company and the audit assists the members, the owners of the business in assessing the directors stewardship
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Customers, employees, suppliers and others that the company interacts with as well as prospective investors and the public at large often rely on the comfort provided by the auditors opinion
The auditors of a quoted company must include details on the auditable sections of the directors remuneration report and whether in their opinion, the directors remuneration report has been properly prepared in accordance with the Act
The audit report must be signed by the auditor or in the case of a joint audit by both auditors and state the name of the auditors. Where the auditor is a firm the audit report must be signed by the senior statutory auditor in their own name on behalf of the firm