![]() ![]() The auditor includes an explanation in the auditor’s report of the extent to which the audit was capable of detecting irregularities, including fraud ![]() The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Identifies and assesses the risks of material misstatement of the entity’s (or where relevant, the consolidated) financial statements, whether due to fraud or error, designs and performs audit procedures responsive to those risks, and obtains audit evidence that is sufficient and appropriate to provide a basis for the auditor’s opinion.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 financial statements.Īs part of an audit in accordance with ISAs (UK), the auditor exercises professional judgment and maintains professional scepticism throughout the audit. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with International Standards on Auditing (UK) (ISAs (UK)) will always detect a material misstatement when it exists. The auditor’s objectives are to obtain reasonable assurance about whether the 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 the auditor’s opinion. This page contains the current version of the “Description of the auditor’s responsibilities for the audit of the financial statements”.ĭescription of the auditor’s responsibilities for the audit of the financial statements Applicable for audits of financial statements for periods commencing on or after 15 December 2019 Paragraph 41(c) of ISA (UK) 700 (Revised June 2016) allows the auditor to refer in their auditor’s report to the location of the “Description of the auditor’s responsibilities for the audit of the financial statements” that is maintained on the FRC’s website. Description of the auditor’s responsibilities for the audit of the financial statements. ![]()
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