Page 104 - Annual Report 2016 EN
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Auditor’s 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
the financial statements as a whole are free from material misstate- financial statements, whether due to fraud or error, design and
ment, whether due to fraud or error, and to issue an auditor’s report perform audit procedures responsive to those risks, and obtain
that includes our opinion. Reasonable assurance is a high level audit evidence that is sufficient and appropriate to provide a
of assurance, but is not a guarantee that an audit conducted in basis for our opinion. The risk of not detecting a material mis-
accordance with ISAs will always detect a material misstatement statement resulting from fraud is higher than for one resulting
when it exists. Misstatements can arise from fraud or error and are from error, as fraud may involve collusion, forgery, intentional
considered material if, individually or in the aggregate, they could omissions, misrepresentations, or the override of internal control.
reasonably be expected to influence the economic decisions of • Obtain an understanding of internal control relevant to the audit
users taken on the basis of these financial statements.
in order to design audit procedures that are appropriate in the cir-
As part of an audit in accordance with ISAs, we exercise profes- cumstances, but not for the purpose of expressing an opinion on the
sional judgement and maintain professional skepticism throughout effectiveness of the QFC Regulatory Authority’s internal control.
the audit. We also:
