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.

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

A financial metric that measures the resources available to a company to finance its day- to-day operations.

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

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

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 financial statement that presents a company’s financial position as of a specified date.

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).

report issued by a company detailing its activities and financial performance during the preceding year.

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