Financial Statements For the year ended
Our opinion on the group financial statements is unmodified
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| Our opinion on the group financial statements is unmodified We have audited the group financial statements of the Association of Chartered Certified Accountants and its subsidiary undertakings (the group) for the year ended 31 March 2022, which comprise the Consolidated Income Statement, the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Consolidated Statement of Changes in Members Funds, the Consolidated Cash Flow Statement and notes to the group financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and UK-adopted international accounting standards. In our opinion, the group financial statements give a true and fair view of the state of the group’s affairs as at 31 March 2022 and of its deficit for the year then ended and have been properly prepared in accordance with UK-adopted international accounting standards. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK) and applicable law. Our responsibilities under those standards are further described in the Auditors responsibilities for the audit of the group financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern We are responsible for concluding on the appropriateness of the Council’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify the auditor’s opinion. Our conclusions are based on the audit evidence obtained up to the date of our report. However, future events or conditions may cause the group to cease to continue as a going concern. Our evaluation of the Council’s assessment of the group’s ability to continue to adopt the going concern basis of accounting included consideration of the inherent risks associated with the group’s business model and management’s assessment of the impact of wider macroeconomic uncertainties such as Brexit and Covid-19. We reviewed management’s budget, reasonable worst case and reverse stress scenarios and performed sensitivities thereon. We assessed and challenged the reasonableness of estimates made by the Council and the related disclosures and analysed how those risks might affect the group’s financial resources or ability to continue operations over the going concern period. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group’s ability to continue as a going concern fora period of at least twelvemonths from when the group financial statements are authorised for issue. In auditing the group financial statements, we have concluded that the Council’s use of the going concern basis of accounting in the preparation of the group financial statements is appropriate. The responsibilities of the Council with respect to going concern are described in the Responsibilities of Council for the financial statements section of this report. 61 Key audit matters Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the group financial statements of the current period and include the most significant assessed risks of material misstatement (whether or not due to fraud) that we identified. These matters included those that had the greatest effect on the overall audit strategy the allocation of resources in the audit and directing the efforts of the engagement team. These matters were addressed in the context of our audit of the group financial statements as a whole, and informing our opinion thereon, and we do not provide a separate opinion on these matters. Download 0.68 Mb. Share with your friends:
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