You , the Public, have a right to know |
Auditor's Responsibilty for the Audit of Financial Statements My objectives are to
obtain reasonable assurance about whether the financial statements as a
whole are free from material misstatement, whether due to fraud or error,
and to issue an auditor’s report that incudes my opinion.
Reasonable assurance is a high level of assurance, but is not a
guarantee that an audit conducted in accordance with auditing standards
generally accepted in Bermuda and Canada will always detect a material
misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the basis of these
financial statements. As part of an audit in
accordance with auditing standards generally accepted in Bermuda and Canada,
we exercise professional judgment and maintain professional skepticism throughout the audit. We
also:
I communicate with those
charged with governance regarding, among other matters, the planned scope
and timing of the audit and
significant audit findings, including any significant deficiencies in
internal control that we identify during the audit. I also provide those
charged with governance with a statement that I have complied with relevant
ethical requirements regarding independence, and to communicate with them
all relationships and other matters that may reasonably be thought to bear
on my independence and, where applicable, related safeguards. From the matters
communicated with those charged with governance, I determine those matters
that were of most significance in the audit of the financial statements of
the current year and are therefore the key audit matters. I describe these
matters in my auditor's report unless law or regulation precludes public
disclosure about the matter or when, in extremely rare circumstances, I
determine that a matter should not be communicated in my report because the
adverse consequences of doing so would reasonably be expected to outweigh
the public interest benefits of such communication.
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