Page 104 - Annual Report 2020
P. 104
/ 99 QF CR A ANNU AL REP OR T 2020
Independent Auditors’ Report to the Board of Directors
of Qatar Financial Centre Regulatory Authority
Report on the Audit of the Financial Statements
Opinion Emphasis of Matter Other information Responsibilities of Management and
Those Charged with Governance
We have audited the financial statements of Qatar We draw attention to Note 12 (i) and 12 (ii) of the The Board of Directors is responsible for the other
for the Financial Statements
Financial Centre Regulatory Authority (“the Regulatory financial statements, which describes details about information. The other information comprises the
Authority”), which comprise the statement of financial penalties imposed by the QFC Regulatory annual report but does not include the financial
Management is responsible for the preparation and
financial position as at December 31, 2020, and Authority which are being heard by various courts. statements and our auditor’s report thereon. The
fair presentation of the financial statements in
the statement of comprehensive income, statement Our opinion is not modified in respect of this matter. annual report is expected to be made available
accordance with IFRS, and for such internal control as
of changes in equity and statement of cash flows to us after the date of this auditor’s report.
management determines is necessary to enable the
and notes to the financial statements, including
Other Matter preparation of financial statements that are free from
a summary of significant accounting policies. Our opinion on the financial statements does not
material misstatement, whether due to fraud or error.
cover the other information and we will not express
The financial statements of the Regulatory Authority
In our opinion, the accompanying financial statements any form of assurance or conclusion thereon.
for the year ended December 31, 2019 were audited In preparing the financial statements, management is
present fairly, in all material respects, the financial
by another auditor who expressed an unmodified responsible for assessing the Regulatory Authority’s ability
position of the Regulatory Authority as at December In connection with our audit of the financial statements,
opinion on those statements on July 20, 2020. to continue as a going concern, disclosing, as applicable,
31, 2020, and its financial performance and its cash our responsibility is to read the other information
matters related to going concern and using the going
flows for the period then ended in accordance with identified above when it becomes available and, in
concern basis of accounting unless management either
International Financial Reporting Standards (IFRSs). doing so, consider whether the other information
intends to liquidate the Regulatory Authority or to cease
is materially inconsistent with the financial
operations, or has no realistic alternative but to do so.
statements or our knowledge obtained in the audit,
Basis for Opinion or otherwise appears to be materially misstated.
Those charged with governance are
We conducted our audit in accordance with International responsible for overseeing the Regulatory
When we read the information of the annual
Standards on Auditing (ISAs). Our responsibilities Authority’s financial reporting process.
report of the Regulatory Authority, if we
under those standards are further described in the
conclude that there is a material misstatement
Auditor’s Responsibilities for the Audit of the Financial
therein, we are required to communicate the
Statements section of our report. We are independent
matter to those charged with governance.
of the Regulatory Authority in accordance with the
International Ethics Standards Board for Accountants’
Code of Ethics for Professional Accountants (IESBA
Code) together with the other ethical requirements that
are relevant to our audit of the Regulatory Authority’s
financial statements in State of Qatar, and we have
fulfilled our other ethical responsibilities. We believe
that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our opinion.
T ABLE OF C ONTENT S
