enhancing the user’s confidence in the information that is being reported.

a difference—arising from an error or fraud—between the amount, classification, presentation or disclosure of an item in the financial statements.

Management’s assumption that the company will continue to operate for the foreseeable future.

company whose shares can be bought and sold by the general public and are listed on a stock exchange, such as the London Stock Exchange.

Preparing the financial statements of a company where management is unable to confirm that it is a going concern. Assets and liabilities are included at the net value that would be realisable in the event of a forced sale or liquidation.

responsible for the oversight of a company’s financial reporting and accounting, financial regulatory compliance, financial risk management processes, and the engagement of and interaction with the company’s external auditor on

Accounting standards set out the requirements for the recognition, measurement, presentation and disclosure of transactions and events that are important to the financial statements.

It states the auditor’s conclusion on whether the financial statements, including disclosures are presented fairly in all material respects in accordance with the applicable financial reporting standards.

A paragraph included in the auditor’s report that refers to a matter appropriately presented or disclosed in the financial statements that, in the auditor’s judgement, is of such importance that it is fundamental

In the context of an audit of financial statements, a high, but not absolute, level of assurance.

sufficient in terms of both quality and quantity to satisfy the reasonable expectations of users of the financial statements.

The processes designed, implemented and maintained by those charged with governance, management and other personnel to provide reasonable assurance about the achievement of an entity’s objectives with applicable laws and regulations