Financial Statements For the year ended
Type of work to be performed on financial information of parent and other components (including
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- Performance of our audit
| Type of work to be performed on financial information of parent and other components (including how it addressed the key audit matters) We have tailored our audit response accordingly, and for key audit matters, audit procedures were undertaken directly by the group engagement team. In responding to the risk of material misstatement to the group financial statements, full scope audit procedures were undertaken on the financial information of the parent entity and the Certified Accountants Investment Company Limited Specified audit procedures were performed on Certified Accountants Educational Projects Limited In respect of the remaining subsidiaries, we performed other procedures including analytical reviews procedures, substantive testing of payroll and revenue, testing of consolidation journals and testing of intercompany eliminations. Performance of our audit • In total, 99% of group income and 95% of total assets were subject to full scope audit procedures, with the remaining revenues and total assets being subject to analytical procedures An internal specialist team was engaged in evaluating the group’s internal control environment, including its IT systems and controls in respect of both accounting systems used during the year. Other information The Council is responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the group financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the group financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the group financial statements or our knowledge obtained in the auditor otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement of the group financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Responsibilities of Council for the financial statements As explained more fully in the Statement of Council’s responsibilities, Council is responsible for the preparation of the group financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Council determine is necessary to enable the preparation of group financial statements that are free from material misstatement, whether due to fraud or error. In preparing the group financial statements, Council is responsible for assessing the group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless Council either intend to liquidate the group or to cease operations, or have no realistic alternative but to do so. 68 Auditors responsibilities for the audit of the group financial statements Our objectives are to obtain reasonable assurance about whether the group financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these group financial statements. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities . This description forms part of our auditor’s report. Download 0.68 Mb. Share with your friends:
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