Page 126 - Annual Report 2017

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Auditors’ Responsibilities for the Audit of
the Financial Statements

Our objectives are to obtain reasonable assurance about whether • Identify and assess the risks of material misstatement of the • Evaluate the appropriateness of accounting policies used and of our auditors’ report. However, future events or conditions
the financial statements as a whole are free from material mis- financial statements, whether due to fraud or error, design and the reasonableness of accounting estimates and related dis- may cause the QFC Regulatory Authority to cease to continue
statement, whether due to fraud or error, and to issue an auditors’ perform audit procedures responsive to those risks, and obtain closures made by management. as a going concern.
report that includes our opinion. Reasonable assurance is a high audit evidence that is sufficient and appropriate to provide a • Conclude on the appropriateness of management’s use of • Evaluate the overall presentation, structure and content of the
level of assurance, but is not a guarantee that an audit conducted basis for our opinion. The risk of not detecting a material mis- the going concern basis of accounting and, based on the financial statements, including the disclosures, and whether the
in accordance with ISA will always detect a material misstatement statement resulting from fraud is higher than for one resulting audit evidence obtained, whether a material uncertainty exists financial statements represent the underlying transactions and
when it exists. Misstatements can arise from fraud or error and are from error, as fraud may involve collusion, forgery, intentional related to events or conditions that may cast significant doubt events in a manner that achieves fair presentation.
considered material if, individually or in the aggregate, they could omissions, misrepresentations, or the override of internal control. on the QFC Regulatory Authority’s ability to continue as a
reasonably be expected to influence the economic decisions of • Obtain an understanding of internal control relevant to the audit going concern. If we conclude that a material uncertainty We communicate with the Audit Committee regarding, among
users taken on the basis of these financial statements. other matters, the planned scope and timing of the audit and
in order to design audit procedures that are appropriate in the exists, we are required to draw attention in our auditors’ report significant audit findings, including any significant deficiencies in
As part of an audit in accordance with ISA, we exercise professional circumstances, but not for the purpose of expressing an opin- to the related disclosures in the financial statements or, if such internal control that we identify during our audit.
judgement and maintain professional skepticism throughout the ion on the effectiveness of the QFC Regulatory Authority’s disclosures are inadequate, to modify our opinion. Our conclu-
audit. We also: internal control. sions are based on the audit evidence obtained up to the date