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

the auditor concludes that the financial statements do not give a true and fair view.

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

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

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

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

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.

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

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.

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.

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