CPA Guidance: Sample Auditor s Reports Effective for accounting Periods commencing on or after 1 st October, 2012

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1 CPA Guidance: Sample Auditor s Reports Effective for accounting Periods commencing on or after 1 st October, 2012 June 2015

2 Introduction SECTION 1 Company does not prepare group financial statements Example 1 Non-publicly traded company incorporated in Ireland preparing financial statements under the FRSSE Example 2 Non-publicly traded company incorporated in Ireland preparing financial statements under Irish GAAP Example 3 Non-publicly traded company limited by guarantee incorporated in Ireland preparing financial statements under Irish GAAP Example 4 Example 5 Company incorporated in Ireland with a listing on the Global Exchange Market preparing financial statements under Irish GAAP Company incorporated in Ireland preparing financial statements under IFRSs as adopted by the European Union Example 6 Publicly traded company incorporated in Ireland preparing financial statements under Irish GAAP Example 7 Publicly traded company incorporated in Ireland preparing financial statements under IFRSs as adopted by the European Union Example 8 Publicly traded company with listed debt incorporated in Ireland preparing financial statements under Irish GAAP Example 9 Non-publicly traded collective investment fund incorporated in Ireland preparing financial statements under Irish GAAP Example 10 Publicly traded company with collective investment funds incorporated in Ireland preparing financial statements under Irish GAAP SECTION 2 Group and parent company financial statements reported on in a single auditor s report Example 11 Non-publicly traded group Parent company incorporated in Ireland preparing financial statements under Irish GAAP (Section 148(8) exemption taken) Example 12 Non-publicly traded group Parent company incorporated in Ireland preparing financial statements under Irish GAAP (Section 148(8) exemption not taken) Example 13 Non-publicly traded group Parent company incorporated in Ireland prepares financial statements under IFRSs as adopted by the European Union Example 14 Example 15 Example 16 Publicly traded group Parent company incorporated in Ireland prepares financial statements under IFRSs as adopted by the European Union Publicly traded group Parent company incorporated in Ireland prepares financial statements under Irish GAAP Publicly traded group Parent company incorporated in Ireland prepares financial statements under Irish GAAP and corporate governance statement not incorporated in the directors report Example 17 Private company with publicly traded listed debt Parent company incorporated in Ireland preparing financial statements under IFRSs as adopted by the European Union Example 18 Publicly traded collective investment fund Parent company incorporated in Ireland prepares financial statements under IFRSs as adopted by the European Union

3 Example 19 State Body incorporated in Ireland preparing group financial statements under Irish GAAP SECTION 3 Example 20 Example 21 Example 22 Example 23 Other auditor s reports Credit Union preparing financial statements under Irish GAAP Industrial and Provident Society preparing financial statements under Irish GAAP Friendly Society preparing financial statements under Irish GAAP Defined Benefit/Defined Contribution Scheme/ Plan preparing financial statements under Irish GAAP SECTION 4 Example 24 Example 25 Emphasis of matter paragraphs Emphasis of matter: Material uncertainty that may cast significant doubt about the company s ability to continue as a going concern Emphasis of matter: Uncertain outcome of a lawsuit SECTION 5 Example 26 Example 27 Example 28 Example 29 Modified opinions Qualified Opinion on statutory financial statements Qualified opinion: Disagreement Inappropriate accounting treatment of debtors Qualified opinion: Disagreement Non-disclosure of a going concern problem Qualified opinion: Disagreement Non-disclosure of information required to be disclosed Qualified opinion: Limitation on scope Auditor not appointed at the time of the stocktaking Example 30 Qualified opinion: Limitation of scope Directors did not prepare cash flow forecasts sufficiently far into the future to be able to assess the going concern status of the company SECTION 6 Modified opinions Adverse Opinion on statutory financial statements Example 31 Example 32 Adverse opinion: No provision made for losses expected to arise on long-term contracts Adverse opinion: Significant level of concern about going concern status that is not disclosed in the financial statements SECTION 7 Example 33 Example 34 Modified opinions Disclaimer of Opinion on statutory financial statements Disclaimer of opinion: Auditor unable to attend stocktaking and confirm trade debtors Disclaimer of opinion: Multiple uncertainties

4 SECTION 8 Example 35 Modified opinions Other requirements of the Companies Acts Modified opinion on the consistency of the financial statements with the directors report SECTION 9 Illustrative Directors responsibilities statement for a non-publicly traded company SECTION10 Description of the Scope of an Audit that may be cross Referenced from auditor s reports

5 INTRODUCTION This information leaflet contains a compendium of illustrative auditor s reports applicable to Irish financial statements for periods commencing on or after 1 October The auditor s reports support and illustrate the requirements of ISAs (UK and Ireland) 700 (Revised June 2013) The auditor s report on financial statements, 705 Modifications to the opinion in the independent auditor s report and 706 Emphasis of matter paragraphs and other matter paragraphs in the independent auditor s report 1. They also support the requirements of the law and regulations applicable to the particular type of entity to which the illustration applies. Whilst the majority of this information leaflet deals with companies, there are other entities for which a statutory audit obligation exists and, accordingly, Section 3 contains a number of examples of auditor s reports pertaining to such entities. We have included the Bannerman paragraph in most of the sample auditor s reports. Whilst the inclusion of this paragraph is recommended it is not mandatory. The citation for the Companies Acts for audit reports signed on or after 1 st June, 2015 should be Companies Act The citation for reports signed before this date should be Companies Acts

6 SECTION 1 COMPANY DOES NOT PREPARE GROUP FINANCIAL STATEMENTS Example 1 Non-publicly traded company incorporated in Ireland preparing financial statements under the FRSSE Company is not a listed company. Company qualifies as a small company and chooses to prepare its statutory financial statements in accordance with the FRSSE. Company does not prepare group financial statements. INDEPENDENT AUDITOR S REPORT TO THE MEMBERS OF XYZ LIMITED We have audited the statutory financial statements of (name of company) for the year ended... which comprise [specify the titles of the primary statements such as the Profit and Loss Account, the Balance Sheet, the Cash Flow Statement, the Statement of Total Recognised Gains and Losses] and the related notes 1. The financial reporting framework that has been applied in their preparation is Irish law and the Financial Reporting Standard for Smaller Entities [(effective April 2008)] 2 issued by the Financial Reporting Council (Generally Accepted Accounting Practice in Ireland applicable to Smaller Entities). This report is made solely to the company's members as a body in accordance with the requirements of the Companies Act Our audit work has been undertaken so that we might state to the company's members those matters that we are required to state to them in the audit report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company or the company s members as a body for our audit work, for this report, or for the opinions we have formed. Respective responsibilities of directors and auditors As explained more fully in the Directors Responsibilities Statement [set out [on page...]], the directors are responsible for the preparation of the statutory financial statements and for being satisfied that they give a true and fair view and otherwise comply with the Companies Act Our responsibility is to audit and express an opinion on the financial statements in accordance with Irish law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board s [(APB s)] Ethical Standards for Auditors[, including APB Ethical Standard Provisions Available for Small Entities (Revised), in the circumstances set out in note [x] to the financial statements] 3. Scope of the audit of the financial statements Either: A description of the scope of an audit of financial statements is [provided on the FRC s website at ] / [set out [on page...] of the Annual Report]. Or: An audit involves obtaining evidence about the amounts and disclosures in the statutory financial statements sufficient to give reasonable assurance that the statutory financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the company s circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the [describe the annual report] to identify material inconsistencies with the audited statutory financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing 1 Auditor s reports of entities that do not publish their financial statements on a website or publish them using PDF format may refer to the financial statements by reference to page numbers. 2 Specify the version of the Financial Reporting Standard for Smaller Entities effective April 2008 or effective Jan Delete the words in square brackets if the relief and exemptions provided by APB Ethical Standard Provisions Available for Small Entities (revised) (ES PASE) are not utilised. Paragraph 24 of ES PASE requires disclosure in the auditor s report where the audit firm has taken advantage of an exemption provided by ES PASE. The Appendix to ES PASE provides illustrative disclosures of relevant circumstances where the audit firm has taken advantage of an exemption provided by ES PASE.

7 the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report. Opinion on statutory financial statements In our opinion the statutory financial statements: give a true and fair view of the assets, liabilities and financial position of the company as at.. and of its profit [loss] for the year then ended; [and] Option 1 have been properly prepared in accordance with the relevant financial reporting which consists of, collectively, [Generally Accepted Accounting Practice in Ireland][FRS 101 Reduced Disclosure Framework 4 ] [FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland]] and the requirements of the Companies Act Option 2 have been properly prepared in accordance with [Generally Accepted Accounting Practice in Ireland FRS 101 Reduced Disclosure Framework] [FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland]] ][; and have been properly prepared in accordance with the requirements of the Companies Act Matters on which we are required to report by the Companies Act 2014 We have obtained all the information and explanations which we consider necessary for the purposes of our audit. In our opinion the accounting records of the company were sufficient to permit the statutory financial statements to be readily and properly audited. The statutory financial statements are in agreement with the accounting records. In our opinion, the information given in the directors report is consistent with the statutory financial statements. Matters on which we are required to report by exception We have nothing to report in respect of our obligation under the Companies Act 2014 to report to you if, in our opinion, the disclosures of directors remuneration and transactions specified by sections 305 to 312 of the Act are not made. [Signature] Sean MacGabhan for and on behalf of ABC & Co Address Date 4 For accounting periods beginning 1 January For later periods (and early adoption of FRS 101 or 102) the more specific reference to the applicable accounting standards forming part of Irish GAAP is preferable.

8 Example 2 Non-publicly traded company incorporated in Ireland preparing financial statements under Irish GAAP Company is not a listed company. Company either does not qualify as a small company or qualifies as a small company but chooses not to prepare statutory financial statements in accordance with the FRSSE. Company does not prepare group financial statements. INDEPENDENT AUDITOR S REPORT TO THE MEMBERS OF XYZ LIMITED We have audited the statutory financial statements of (name of company) for the year ended... which comprise [specify the titles of the primary statements such as the Profit and Loss Account, the Balance Sheet, the Cash Flow Statement, the Statement of Total Recognised Gains and Losses, the Reconciliation of Movements in Shareholders Funds] and the related notes 5. The financial reporting framework that has been applied in their preparation is Irish law and accounting standards issued by the Financial Reporting Council (Generally Accepted Accounting Practice in Ireland). This report is made solely to the company's members as a body in accordance with the requirements of the Companies Act Our audit work has been undertaken so that we might state to the company's members those matters that we are required to state to them in the audit report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company or the company s members as a body for our audit work, for this report, or for the opinions we have formed. Respective responsibilities of directors and auditors As explained more fully in the Directors Responsibilities Statement [set out [on page...]] the directors are responsible for the preparation of the statutory financial statements and for being satisfied that they give a true and fair view and otherwise comply with the Companies Act Our responsibility is to audit and express an opinion on the financial statements in accordance with Irish law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board s [APB s] Ethical Standards for Auditors 6. Scope of the audit of the financial statements Either: A description of the scope of an audit of financial statements is [provided on the FRC s website at ] / [set out [on page...] of the Annual Report]. Or: An audit involves obtaining evidence about the amounts and disclosures in the statutory financial statements sufficient to give reasonable assurance that the statutory financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the company s circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the [describe the annual report] to identify material inconsistencies with the audited statutory financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report. 5 Auditor s reports of entities that do not publish their financial statements on a web site or publish them using PDF format may continue to refer to the financial statements by reference to page numbers. 6 If the company is a small entity as defined in paragraph 4(ii) of the APB Ethical Standard Provisions Available for Small Entities (ES PASE), add including APB Ethical Standard Provisions Available for Small Entities (Revised), in the circumstances set out in note [x] to the financial statements if the auditor has availed itself of the exemption set out in paragraph 24 of ES PASE. The Appendix to ES PASE provides illustrative disclosures of relevant circumstances where the auditor has taken advantage of such an exemption.

9 Opinion on statutory financial statements In our opinion statutory the financial statements: Option 1 give a true and fair view of the assets, liabilities and financial position of the company as at.. and of its profit [loss] for the year then ended; [and] have been properly prepared in accordance with the relevant financial reporting which consists of, collectively, [Generally Accepted Accounting Practice in Ireland][FRS 101 Reduced Disclosure Framework 7 ] [FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland]] and the requirements of the Companies Act Option 2 have been properly prepared in accordance with [Generally Accepted Accounting Practice in Ireland FRS 101 Reduced Disclosure Framework] [FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland]] ][; and have been properly prepared in accordance with the requirements of the Companies Act Matters on which we are required to report by the Companies Act 2014 We have obtained all the information and explanations which we consider necessary for the purposes of our audit. In our opinion the accounting records of the company were sufficient to permit the statutory financial statements to be readily and properly audited. The statutory financial statements are in agreement with the accounting records. In our opinion the information given in the directors report is consistent with the statutory financial statements. Matters on which we are required to report by exception We have nothing to report in respect of our obligation under the Companies Act 2014 to report to you if, in our opinion, the disclosures of directors remuneration and transactions specified by sections 305 to 312 of the Act are not made. [Signature] Sean MacGabhan for and on behalf of ABC & Co. Address Date 7 For accounting periods beginning 1 January For later periods (and early adoption of FRS 101 or 102) the more specific reference to the applicable accounting standards forming part of Irish GAAP is preferable.

10 Example 3 Non-publicly traded company limited by guarantee incorporated in Ireland preparing financial statements under Irish GAAP Company is not a listed company. Company is limited by guarantee and does not have a share capital. Company does not prepare group financial statements. INDEPENDENT AUDITOR S REPORT TO THE MEMBERS OF XYZ LIMITED We have audited the statutory financial statements of (name of company) for the year ended... which comprise [specify the titles of the primary statements such as the Profit and Loss Account, the Balance Sheet, the Cash Flow Statement, the Statement of Total Recognised Gains and Losses] and the related notes 8. The financial reporting framework that has been applied in their preparation is Irish law and accounting standards issued by the Financial Reporting Council (Generally Accepted Accounting Practice in Ireland). This report is made solely to the company's members as a body in accordance with the requirements of the Companies Act Our audit work has been undertaken so that we might state to the company's members those matters that we are required to state to them in the audit report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company or the company s members as a body for our audit work, for this report, or for the opinions we have formed. Respective responsibilities of directors and auditors As explained more fully in the Directors Responsibilities Statement [set out [on page...]] the directors are responsible for the preparation of the statutory financial statements and for being satisfied that they give a true and fair view and otherwise comply with the Companies Act Our responsibility is to audit and express an opinion on the financial statements in accordance with Irish law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board s [APB s] Ethical Standards for Auditors. Scope of the audit of the financial statements Either: A description of the scope of an audit of financial statements is [provided on the FRC s website at ] / [set out [on page...] of the Annual Report]. Or: An audit involves obtaining evidence about the amounts and disclosures in the statutory financial statements sufficient to give reasonable assurance that the statutory financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the company s circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the [describe the annual report] to identify material inconsistencies with the audited statutory financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report. Opinion on statutory financial statements In our opinion the statutory financial statements: Option 1 give a true and fair view of the assets, liabilities and financial position of the company as at.. and of its profit [loss] for the year then ended; [and] have been properly prepared in accordance with the relevant financial reporting which consists of, collectively, [Generally Accepted Accounting Practice in Ireland] [FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland]] and the requirements of the Companies Act Auditor s reports of entities that do not publish their financial statements on a web site or publish them using PDF format may continue to refer to the financial statements by reference to page numbers.

11 Option 2 have been properly prepared in accordance with [Generally Accepted Accounting Practice in Ireland] [FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland]] ][; and have been properly prepared in accordance with the requirements of the Companies Act Matters on which we are required to report by the Companies Act 2014 We have obtained all the information and explanations which we consider necessary for the purposes of our audit. In our opinion the accounting records of the company were sufficient to permit the statutory financial statements to be readily and properly audited. The statutory financial statements are in agreement with the accounting records. In our opinion the information given in the directors report is consistent with the statutory financial statements. Matters on which we are required to report by exception We have nothing to report in respect of our obligation under the Companies Act 2014 to report to you if, in our opinion, the disclosures of directors remuneration and transactions specified by sections 305 to 312 of the Act are not made. [Signature] Sean MacGabhan for and on behalf of ABC & Co. Address Date

12 Example 4 Company incorporated in Ireland with a listing on the Global Exchange Market preparing financial statements under Irish GAAP Company is listed on the Global Exchange Market ( GEM ) of the Irish Stock Exchange and subject to the continuing obligations in respect of Annual Statutory financial statements as set out in Chapter 5 of the Listing Rules of the GEM. Company does not prepare group financial statements. INDEPENDENT AUDITOR S REPORT TO THE MEMBERS OF XYZ LIMITED We have audited the statutory financial statements of (name of company) for the year ended... which comprise [specify the titles of the primary statements such as the Profit and Loss Account, the Balance Sheet, the Cash Flow Statement, the Statement of Total Recognised Gains and Losses, the Reconciliation of Movements in Shareholders Funds] and the related notes 9. The financial reporting framework that has been applied in their preparation is Irish law and accounting standards issued by the Financial Reporting Council (Generally Accepted Accounting Practice in Ireland). This report is made solely to the company's members as a body in accordance with the requirements of the Companies Act Our audit work has been undertaken so that we might state to the company's members those matters that we are required to state to them in the audit report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company or the company s members as a body for our audit work, for this report, or for the opinions we have formed. Respective responsibilities of directors and auditors As explained more fully in the Directors Responsibilities Statement [set out [on page...]] the directors are responsible for the preparation of the statutory financial statements and for being satisfied that they give a true and fair view and otherwise comply with the Companies Act Our responsibility is to audit and express an opinion on the financial statements in accordance with Irish law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board s [APB s] Ethical Standards for Auditors 10. Scope of the audit of the financial statements Either: A description of the scope of an audit of financial statements is [provided on the FRC s website at ] / [set out [on page...] of the Annual Report]. Or: An audit involves obtaining evidence about the amounts and disclosures in the statutory financial statements sufficient to give reasonable assurance that the statutory financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the company s circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the [describe the annual report] to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report. 9 Auditor s reports of entities that do not publish their financial statements on a web site or publish them using PDF format may continue to refer to the financial statements by reference to page numbers. 10 If the company is a small entity as defined in paragraph 4(ii) of the APB Ethical Standard Provisions Available for Small Entities (ES PASE), add including APB Ethical Standard Provisions Available for Small Entities (Revised), in the circumstances set out in note [x] to the financial statements if the auditor has availed itself of the exemption set out in paragraph 24 of ES PASE. The Appendix to ES PASE provides illustrative disclosures of relevant circumstances where the auditor has taken advantage of such an exemption.

13 Opinion on statutory financial statements In our opinion the financial statements: give a true and fair view of the assets, liabilities and financial position of the company as at.. and of its profit [loss] for the year then ended; [and] Option 1 have been properly prepared in accordance with the relevant financial reporting which consists of, collectively, [Generally Accepted Accounting Practice in Ireland][FRS 101 Reduced Disclosure Framework 11 ] [FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland]] and the requirements of the Companies Act Option 2 have been properly prepared in accordance with [Generally Accepted Accounting Practice in Ireland FRS 101 Reduced Disclosure Framework] [FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland]] ][; and have been properly prepared in accordance with the requirements of the Companies Act Matters on which we are required to report by the Companies Act 2014 We have obtained all the information and explanations which we consider necessary for the purposes of our audit. In our opinion the accounting records of the company were sufficient to permit the statutory financial statements to be readily and properly audited. The statutory financial statements are in agreement with the accounting records. In our opinion the information given in the directors report is consistent with the statutory financial statements. Matters on which we are required to report by exception We have nothing to report in respect of our obligation under the Companies Act 2014 to report to you if, in our opinion, the disclosures of directors remuneration and transactions specified by sections 305 to 312 of the Act are not made. [Signature] Sean MacGabhan for and on behalf of ABC & Co. Address Date 11 For accounting periods beginning 1 January For later periods (and early adoption of FRS 101 or 102) the more specific reference to the applicable accounting standards forming part of Irish GAAP is preferable.

14 Example 5 Company incorporated in Ireland preparing financial statements under IFRSs as adopted by the European Union Company has a primary listing on the Enterprise Securities Market ( ESM ) of the Irish Stock Exchange and is subject to the obligations in respect of Annual Statutory financial statements as set out in Part 1 of the Listing Rules of the ESM. or Company has a primary listing on AIM, the London Stock Exchange s international market for smaller growing companies and is subject to the obligations in respect of Annual Statutory financial statements as set out in Rule 19 of the AIM Rules. or Company has opted to prepare IFRS entity financial statements in accordance with Part 6 of the Companies Act and Company does not prepare group financial statements. INDEPENDENT AUDITOR S REPORT TO THE MEMBERS OF XYZ LIMITED/PLC We have audited the statutory financial statements of (name of company) for the year ended... which comprise [specify the titles of the primary statements such as the Statement of Financial Position, the Statement of Comprehensive Income 12, the Statement of Cash Flow and the Statement of Changes in Equity] and the related notes 13. The financial reporting framework that has been applied in their preparation is Irish law and International Financial Reporting Standards (IFRSs) as adopted by the European Union. This report is made solely to the company's members as a body in accordance with the requirements of the Companies Act Our audit work has been undertaken so that we might state to the company's members those matters that we are required to state to them in the audit report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company or the company s members as a body for our audit work, for this report, or for the opinions we have formed. Respective responsibilities of directors and auditors As explained more fully in the Directors Responsibilities Statement [set out [on page...]], the directors are responsible for the preparation of the statutory financial statements and for being satisfied that they give a true and fair view and otherwise comply with the Companies Act Our responsibility is to audit and express an opinion on the financial statements in accordance with Irish law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board s [(APB s)] Ethical Standards for Auditors 14 ]. Scope of the audit of the financial statements Either: A description of the scope of an audit of financial statements is [provided on the FRC s website at ] / [set out [on page...] of the Annual Report]. Or: 12 The names used for the primary statements in the auditor s report should reflect the precise titles used by the company for them 13 Auditor s reports of entities that do not publish their financial statements on a website or publish them using PDF format may refer to the financial statements by reference to page numbers. 14 Add the words including APB Ethical Standard Provisions Available for Small Entities (Revised) if the relief and exemptions provided by APB Ethical Standard Provisions Available for Small Entities (Revised) (ES PASE) are utilised. Paragraph 24 of ES PASE requires disclosure in the auditor s report where the audit firm has taken advantage of an exemption provided by ES PASE. The Appendix to ES PASE provides illustrative disclosures of relevant circumstances where the audit firm has taken advantage of an exemption provided by the ES PASE.

15 An audit involves obtaining evidence about the amounts and disclosures in the statutory financial statements sufficient to give reasonable assurance that the statutory financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the company s circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the [describe the annual report] to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report. Opinion on statutory financial statements In our opinion the statutory financial statements: give a true and fair view, in accordance with IFRSs as adopted by the European Union, of the assets, liabilities and financial position of the company as at... and of its profit [loss] for the year then ended; and Option 1 have been properly prepared in accordance with IFRSs as adopted by the European Union and the requirements of the Companies Act Option 2 have been properly prepared in accordance with IFRSs as adopted by the European Union; and have been properly prepared in accordance with the requirements of the Companies Act Matters on which we are required to report by the Companies Act 2014 We have obtained all the information and explanations which we consider necessary for the purposes of our audit. In our opinion the accounting records of the company were sufficient to permit the statutory financial statements to be readily and properly audited. The statutory financial statements are in agreement with the accounting records. In our opinion, the information given in the directors report is consistent with the statutory financial statements. Matters on which we are required to report by exception We have nothing to report in respect of the provisions in the Companies Act 2014 which require us to report to you if, in our opinion, the disclosures of directors remuneration and transactions specified by sections 305 to 312 of the Act are not made. [Signature] Sean MacGabhan for and on behalf of ABC & Co Address Date

16 Example 6 Publicly traded company incorporated in Ireland preparing financial statements under Irish GAAP Company has equity shares with a primary listing on the Main Securities Market ( MSM ) of the Irish Stock Exchange and is subject to the continuing obligations in relation to the annual report as set out in Chapter 6 of the Listing Rules of the MSM. Company does not prepare group financial statements. Corporate governance statement incorporated into the directors report, either directly or by incorporation by reference as explained in Bulletin 2011/1 issued by the APB 15. INDEPENDENT AUDITOR S REPORT TO THE MEMBERS OF XYZ PLC We have audited the statutory financial statements of (name of company) for the year ended... which comprise [specify the titles of the primary statements such as the Profit and Loss Account, the Balance Sheet, the Cash Flow Statement, the Statement of Total Recognised Gains and Losses] and the related notes 16. The financial reporting framework that has been applied in their preparation is Irish law and accounting standards issued by the Financial Reporting Council (Generally Accepted Accounting Practice in Ireland). This report is made solely to the company's members as a body in accordance with the requirements of the Companies Act Our audit work has been undertaken so that we might state to the company's members those matters that we are required to state to them in the audit report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company or the company s members as a body for our audit work, for this report, or for the opinions we have formed. Respective responsibilities of directors and auditors As explained more fully in the Directors Responsibilities Statement [set out [on page...]] the directors are responsible for the preparation of the statutory financial statements and for being satisfied that they give a true and fair view and otherwise comply with the Companies Act Our responsibility is to audit and express an opinion on the financial statements in accordance with Irish law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board s [APB s] Ethical Standards for Auditors. Scope of the audit of the financial statements Either: A description of the scope of an audit of financial statements is [provided on the FRC s website at ] / [set out [on page...] of the Annual Report]. Or: An audit involves obtaining evidence about the amounts and disclosures in the statutory financial statements sufficient to give reasonable assurance that the statutory financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the company s circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the [describe the annual report] to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report. Opinion on statutory financial statements In our opinion the statutory financial statements: give a true and fair view of the assets, liabilities and financial position of the company as at... and of its profit [loss] for the year then ended; and 15 See example 16 for an illustration of an auditor s report where the corporate governance statement is not incorporated into the director s report. 16 Auditor s reports of entities that do not publish their financial statements on a web site or publish them using PDF format may continue to refer to the financial statements by reference to page numbers.

17 Option 1 have been properly prepared in accordance with the relevant financial reporting which consists of, collectively, [Generally Accepted Accounting Practice in Ireland][FRS 101 Reduced Disclosure Framework 17 ] [FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland]] and the requirements of the Companies Act Option 2 have been properly prepared in accordance with [Generally Accepted Accounting Practice in Ireland FRS 101 Reduced Disclosure Framework] [FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland]] ][; and have been properly prepared in accordance with the requirements of the Companies Act Our assessment of risks of material misstatement [Insert a description of those specific assessed risks of material misstatement that were identified by the auditor and which had the greatest effect on the audit strategy; the allocation of resources in the audit; and directing the efforts of the engagement team.] Our application of materiality [Insert an explanation of how the auditor applied the concept of materiality in planning and performing the audit. Such explanation shall specify the threshold used by the auditor as being materiality for the statutory financial statements as a whole.] An overview of the scope of our audit [Insert an overview of the scope of the audit, including an explanation of how the scope addressed the assessed risks of material misstatement and was influenced by the auditor s application of materiality.] [The disclosures about the above three matters are made in a manner that complements the description of significant issues relating to the statutory financial statements required to be set out in the separate section of the annual report describing the work of the audit committee in discharging its responsibilities (see paragraphs 19B and A13 of ISA 700)]. Matters on which we are required to report by the Companies Act 2014 We have obtained all the information and explanations which we consider necessary for the purposes of our audit. In our opinion the accounting records of the company were sufficient to permit the statutory financial statements to be readily and properly audited. The statutory financial statements are in agreement with the accounting records. In our opinion the information given in the directors report is consistent with the statutory financial statements. Matters on which we are required to report by exception We have nothing to report in respect of the following: Under the ISAs (UK and Ireland), we are required to report to you if, in our opinion, information in the annual report is: materially inconsistent with the information in the audited statutory financial statements; or apparently materially incorrect based on, or materially inconsistent with, our knowledge of the group acquired in the course of performing our audit; or is otherwise misleading. In particular, we are required to consider whether we have identified any inconsistencies between our knowledge acquired during the audit and the directors statement that they consider the annual report is fair, balanced and 17 For accounting periods beginning 1 January For later periods (and early adoption of FRS 101 or 102) the more specific reference to the applicable accounting standards forming part of Irish GAAP is preferable.

18 understandable and whether the annual report appropriately discloses those matters that we communicated to the audit committee which we consider should have been disclosed. Under the Companies Act 2014 we are required to report to you if, in our opinion the disclosures of directors remuneration and transactions specified by sections 305 to 312 of the Act are not made. Under the Listing Rules of the Irish Stock Exchange we are required to review: the directors statement, [set out [on page...]], in relation to going concern; the part of the Corporate Governance Statement relating to the company s compliance with the nine provisions of the UK Corporate Governance Code and the two provisions of the Irish Corporate Governance Annex specified for our review; the six specified elements of the disclosures in the report to shareholders by the Board on directors remuneration. [Signature] Sean MacGabhan for and on behalf of ABC & Co Address Date

19 Example 7 Publicly traded company incorporated in Ireland preparing financial statements under IFRSs as adopted by the European Union Company has equity shares with a primary listing on the Main Securities Market ( MSM ) of the Irish Stock Exchange and is subject to the continuing obligations in relation to the annual report as set out in Chapter 6 of the Listing Rules of the MSM. Company does not prepare group financial statements. Corporate governance statement incorporated into the directors report, either directly or by incorporation by reference as explained in Bulletin 2011/1 issued by the APB 18. INDEPENDENT AUDITOR S REPORT TO THE MEMBERS OF XYZ PLC We have audited the statutory financial statements of (name of company) for the year ended... which comprise [specify the titles of the primary statements such as the Statement of Financial Position, the Statement of Comprehensive Income, the Statement of Cash Flows, the Statement of Changes in Equity 19 ] and the related notes 20. The financial reporting framework that has been applied in their preparation is Irish law and International Financial Reporting Standards (IFRSs) as adopted by the European Union. This report is made solely to the company's members as a body in accordance with the requirements of the Companies Act Our audit work has been undertaken so that we might state to the company's members those matters that we are required to state to them in the audit report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company or the company s members as a body for our audit work, for this report, or for the opinions we have formed. Respective responsibilities of directors and auditors As explained more fully in the Directors Responsibilities Statement [set out [on page...]] the directors are responsible for the preparation of the statutory financial statements and for being satisfied that they give a true and fair view and otherwise comply with the Companies Act Our responsibility is to audit and express an opinion on the financial statements in accordance with Irish law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board s [APB s] Ethical Standards for Auditors. Scope of the audit of the financial statements Either: A description of the scope of an audit of financial statements is [provided on the FRC s website at ] / [set out [on page...] of the Annual Report]. Or: An audit involves obtaining evidence about the amounts and disclosures in the statutory financial statements sufficient to give reasonable assurance that the statutory financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the company s circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the [describe the annual report] to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report. 18 See example 16 for an illustration of an auditor s report where the corporate governance statement is not incorporated into the director s report. 19 The names used for the primary statements in the auditor s report should reflect the precise titles used by the company for them. 20 Auditor s reports of entities that do not publish their financial statements on a web site or publish them using PDF format may continue to refer to the financial statements by reference to page numbers.

20 Opinion on statutory financial statements In our opinion the statutory financial statements: Option 1 give a true and fair view, in accordance with IFRSs as adopted by the European Union, of the assets, liabilities and financial position of the company as at... and of its profit [loss] for the year then ended; and have been properly prepared in accordance with IFRSs as adopted by the European Union and the requirements of the Companies Act Option 2 have been properly prepared in accordance with IFRSs as adopted by the European Union; and have been properly prepared in accordance with the requirements of the Companies Act Our assessment of risks of material misstatement [Insert a description of those specific assessed risks of material misstatement that were identified by the auditor and which had the greatest effect on the audit strategy; the allocation of resources in the audit; and directing the efforts of the engagement team.] Our application of materiality [Insert an explanation of how the auditor applied the concept of materiality in planning and performing the audit. Such explanation shall specify the threshold used by the auditor as being materiality for the statutory financial statements as a whole.] An overview of the scope of our audit [Insert an overview of the scope of the audit, including an explanation of how the scope addressed the assessed risks of material misstatement and was influenced by the auditor s application of materiality.] [The disclosures about the above three matters are made in a manner that complements the description of significant issues relating to the statutory financial statements required to be set out in the separate section of the annual report describing the work of the audit committee in discharging its responsibilities (see paragraphs 19B and A13D)]. [Separate opinion in relation to IFRSs as issued by the IASB As explained in note [x] to the statutory financial statements, the company in addition to complying with its legal obligation to comply with IFRSs as adopted by the European Union, have also complied with the IFRSs as issued by the International Accounting Standards Board (IASB). In our opinion the statutory financial statements comply with IFRSs as issued by the IASB.] Matters on which we are required to report by the Companies Act 2014 We have obtained all the information and explanations which we consider necessary for the purposes of our audit In our opinion the accounting records of the company were sufficient to permit the statutory financial statements to be readily and properly audited. The statutory financial statements are in agreement with the accounting records. In our opinion the information given in the directors report is consistent with the statutory financial statements.

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