Page 100 - Annual Report 2019

97 ANNUAL REPORT 2019 QFC REGULATORY AUTHORITY FINANCIAL STATEMENTS

Auditor’s Responsibilities for the Audit Report on Legal and Other
of the Financial Statements Regulatory Requirements

As part of an audit in accordance with ISAs, we exercise Furthermore, in our opinion, proper books of accounts
professional judgement and maintain professional skepticism have been kept by the QFC Regulatory Authority, and the
throughout the audit. We also: financial statements are in agreement therewith. We have
obtained all the information and explanations we required
• Identify and assess the risks of material misstatement of • Evaluate the overall presentation, structure and for the purpose of our audit, and are not aware of any
the financial statements, whether due to fraud or error, content of the financial statements, including the violations of the applicable provisions of Qatar Financial
design and perform audit procedures responsive to those disclosures, and whether the financial statements Centre Law No. 7 of 2005 during the year, which might
risks, and obtain audit evidence that is sufficient and represent the underlying transactions and events have had a material adverse effect on the QFC Regulatory
appropriate to provide a basis for our opinion. The risk in a manner that achieves fair presentation. Authority’s financial position or financial performance.
of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud We communicate with the Audit Committee
may involve collusion, forgery, intentional omissions, regarding, among other matters, the planned
misrepresentations, or the override of internal control. scope and timing of the audit and significant audit
• Obtain an understanding of internal control relevant to the audit findings, including any significant deficiencies in
in order to design audit procedures that are appropriate in the internal control that we identify during our audit.
circumstances, but not for the purpose of expressing an opinion on
the effectiveness of the QFC Regulatory Authority’s internal control.
• 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 QFC Regulatory Authority’s ability to continue as a going
concern. If we conclude that a material uncertainty exists, we are Ernst & Young
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 20 July 2020
on the audit evidence obtained up to the date of our auditor’s Doha
report. However, future events or conditions may cause the QFC
Regulatory Authority to cease to continue as a going concern.