The inclusion of information in the financial statements, such as further analysis of the primary financial statements, a statement of principal accounting policies applied.

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

requirements and guidance for auditors regarding performing audit engagements. Set by national or international organizations, such as the International Auditing and Assurance Standards Board (IAASB).

responsibility in relation to the qualification and supervision of auditors.

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.

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

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

An annual general meeting (commonly referred to as an AGM) is a formal meeting held once a year by a company, required by law, to which shareholders are invited.

A financial statement that measures a company’s financial performance over a specific accounting period.

concept used by both preparers and auditors of financial statements to help determine what information is important, what information should be disclosed in the financial statements

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

The auditor concludes that the extent of their inability to obtain sufficient appropriate audit evidence is such that it is not possible to form an opinion on the financial statements.