Financial Statements For the year ended
Valuation and presentation of retirement benefit scheme assets and liabilities
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| Valuation and presentation of retirement benefit scheme assets and liabilities – the assumptions used by management for the IAS 19 valuation are derived in consultation with ACCA’s external pension consultant. The consultant undertakes appropriate benchmarking to ensure that the assumptions fall within an acceptable range. Accounting disclosures required by IAS 19 are provided by the Scheme Actuaries of the UK and Irish Schemes using the assumptions agreed by management. Those accounting disclosures are reviewed by the pension consultant for reasonableness. The Committee is satisfied that the reliance of management on the pension consultant and Scheme Actuaries results inappropriate accounting for and disclosure of pension matters. Association of Chartered Certified Accountants Report from the Audit Committee for the year ended 31 March 2022 Significant issues related to the financial statements (continued) • Impact of Covid-19 Management has continued to consider the ongoing impact of Covid-19 on the financial statements of ACCA. The Committee challenged management in their accounting and assessment of the Covid-19 impacts on the financial statements which includes a) Appropriateness of going concern in the preparation of financial statements in Accordance with IAS 1 Presentation of Financial Statements. b) Impairment indication and test on non-financial assets in accordance with IAS 36 Impairment of Assets c) Changes in expected credit losses on financial assets in accordance with IFRS 9 Financial Instruments. d) Other considerations such as breach of the terms of contracts and effect of changes in circumstances which may affect recognition and measurement of revenue, deferred tax liabilities, intangible assets as well as disclosure and presentation of financial statements. Based on the evidence provided and audit scrutiny the Committee is satisfied with the approach adopted by management and that the financial statements can be prepared on the going concern basis. External Audit In keeping with good governance practice, ACCA’s policy is to conduct a tender for the provision of external audit services every five years. Grant Thornton UK LLP were proposed for reappointment in July 2020 following a tender process and ratified by Council, inline with bye-law 40. They were formally reappointed at the 2020 and 2021 Annual General Meetings. Prior to recommending reappointment to Council, the Committee undertakes a detailed performance review of the external auditor, which includes consideration of the FRC Audit Quality Review reports as available. A resolution regarding reappointment is considered at each AGM. Download 0.68 Mb. Share with your friends:
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