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  2009/2  Auditor’s Reports onFinancial Statements in the United Kingdom    A  p  r   i   l   2   0   0   9    B   U   L   L   E   T   I   N This Bulletin includes updated examples of unmodifiedand modified auditor's reports, for audits of financialstatements of companies incorporated in the UnitedKingdom, for periods beginning on or after 6 April 2008and ending on or after 5 April 2009.  THE AUDITING PRACTICES BOARD The Auditing Practices Board (APB), which is part of the Financial Reporting Council(FRC), prepares for use within the United Kingdom and the Republic of Ireland:  Standards and guidance for auditing;  Standards and guidance for reviews of interim financial information performed bythe auditor of the entity;  Standards and guidance for the work of reporting accountants in connection withinvestment circulars; and  Standards and guidance for auditor’s and reporting accountant’s integrity,objectivity and independencewith the objective of enhancing public confidence in the audit process and the qualityand relevance of audit services in the public interest.The APB comprises individuals who are not eligible for appointment as companyauditors, as well as those who are so eligible.Those who are eligible for appointment ascompany auditors may not exceed 40% of the APB by number.Neither the APB nor the FRC accepts any liability to any party for any loss, damage orcosts howsoever arising, whether directly or indirectly, whether in contract, tort orotherwise from any action or decision taken (or not taken) as a result of any personrelying on or otherwise using this Bulletin or arising from any omission from it.The purpose of Bulletins issued by the APB is to provide auditors and, where relevant,reporting accountants, with timely guidance on new and emerging issues. They arepersuasive rather than prescriptive. However, they are indicative of good practice, eventhough they may be developed without the full process of consultation and exposureused for auditing standards. #  APB 2009ISBN 978-1-84798-198-1  THE AUDITING PRACTICES BOARD  AUDITOR’S REPORTS ON FINANCIAL STATEMENTS IN THEUNITED KINGDOM Contents Page Introduction 3Description of the ‘‘Scope of an Audit’’ 4 Alternative presentation options of the financial statements of a group 4Omitting the Parent Company Profit and Loss Account 5Opinion in respect of an additional financial reporting framework 6Modifying the auditor’s report on the financial statements 7Modifying the auditor’s opinion on the Directors’ Report 7Illustrative Directors’ Responsibilities Statement 7  Appendix 1 Unmodified auditor’s reports where company does not prepare group financial statements  9 1. Non-publicly traded company preparing financial statements under theFRSSE   10 2. Non-publicly traded company preparing financial statements under UK GAAP  12 3. Publicly traded company preparing financial statements under UK GAAP  14  4. Publicly traded company preparing financial statements under IFRSs as adopted by the European Union  17  Appendix 2 Unmodified auditor’s reports where group and parentcompany financial statements reported on in a single auditor’s report  21 5. Non-publicly traded group preparing financial statements under UK GAAP  22 6. Publicly traded group – Parent company financial statements prepared under UK GAAP  24 7. Publicly traded group – Parent company financial statements prepared under IFRSs as adopted by the European Union  27  Appendix 3 Unmodified auditor’s report on group financial statementsreported on separately from the parent company financial statements  31 8. Publicly traded group – Auditor’s report on group financial statements prepared under IFRSs as adopted by the European Union  32  Appendix 4 Unmodified auditor’s reports on parent company financialstatements reported on separately from the group financial statements  35 9. Publicly traded group – Auditor’s report on parent company financial  statements prepared under UK GAAP  36 Bulletin 2009/2 April 2009THE AUDITINGPRACTICES BOARD 1  10. Publicly traded group – Auditor’s report on parent company financial  statements prepared under IFRSs as adopted by the European Union  39  Appendix5 Modifiedauditor’s reports – Emphasisof matterparagraphs  43 11. Emphasis of matter: Material uncertainty that may cast significant doubt  about the company’s ability to continue as a going concern 44 12. Emphasis of matter: Possible outcome of a lawsuit   46  Appendix 6 Modified auditor’s reports – Qualified opinion on financialstatements  47 13. Qualified opinion: Disagreement – Inappropriate accounting treatment of debtors  48 14. Qualified opinion: Disagreement – Non-disclosure of a going concern problem  50 15. Qualified opinion: Scope Limitation – Auditor not appointed at the timeof the stocktake  51 16. Qualified opinion: Scope Limitation – Directors did not prepare cashflow forecasts sufficiently far into the future to be able to assess the going concern status of the company   53  Appendix 7 Modified auditor’s reports – Adverse opinion on financialstatements  55 17. Adverse opinion: No provision made for losses expected to arise onlong term contracts  56 18. Adverse opinion: Significant level of concern about going concern status that is not disclosed in the financial statements  58  Appendix 8 Modified auditor’s reports – Disclaimer of opinion onfinancial statements  61 19. Disclaimer of opinion: Auditor unable to attend stocktake and confirmtrade debtors  62 20. Disclaimer of opinion: Multiple uncertainties  64  Appendix 9 Descriptions of the ‘‘Scope of an Audit’’ that may be crossreferenced from auditor’s reports  67  UK Publicly Traded Company (issued 26 March 2009)  68  UK Non-Publicly Traded Company (issued 26 March 2009)  75  Appendix 10 Modified auditor’s report – Modified opinion on thedirectors’ report  81  Appendix 11 Illustrative Directors’ Responsibilities Statement for anon-publicly traded company preparing its financial statements under UK GAAP  83 Bulletin 2009/2 April 2009THE AUDITINGPRACTICES BOARD 2
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