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Auditor’s Responsibilities for the
Audit of the Financial Statements
Our objectives are to obtain reasonable assurance
about whether the financial statements 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 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 based on these financial statements.
As part of an audit in accordance with ISA’s, we
exercise professional judgement and maintain
professional scepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement
of the financial statements, whether due to fraud
or error, design and perform audit procedures
responsive to those risk, and obtain audit evidence
that is enough and appropriate to provide a basis
for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher
than the one resulting from error, as fraud may
involve collusion, forgery, intentional omission,
misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant
to the audit in order to design audit procedures
that are appropriate in the circumstances, but
not for the purpose of expressing an opinion on
the effectiveness of the internal controls.
• Evaluate the appropriateness of accounting policies
used and the reasonableness of accounting estimates
and related disclosures made by management.
• Conclude on the appropriateness of management’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
Regulatory Authority’s ability to continue as a going
concern. If we conclude that a material uncertainty
exists, we are required to draw attention in our
auditor’s report to the related disclosures in the
financial statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions
are based on the audit evidence obtained up to
the date of our auditor’s report. However, future
events or conditions may cause the Regulatory
Authority to cease to continue as a going concern.
• Evaluate the overall presentation, structure and
content of the financial statements, including the
disclosures, and whether the financial statements
represent the underlying transactions and events
in a manner that achieves fair presentation.
We communicate with those charged with governance
regarding, among other matters, the planned scope
and timing of the audit and significant audit findings,
including any significant deficiencies in internal
control that we identify during our audit.
T ABLE OF C ONTENT S
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Regulatory Requirements
Further, we are also of the opinion that proper books
Financial Statements
of account were maintained by the Regulatory
Authority. We have obtained all the information
and explanations which we considered necessary
for the purpose of our audit. To the best of our
knowledge and belief and according to the information
given to us, no contraventions of the applicable
provisions of Qatar Financial Centre Law No. 7
of 2005 were committed during the year which
would materially affect the Regulatory Authority’s
financial position or financial performance.
Deloitte & Touche Qatar Branch
Doha, Qatar
23 March 2022