Audit Opinion
Background
XYZ Ltd is a limited company incorporated and registered in TBD in 1997 with its registered office at TBD. XYZ Ltd is engaged in the business of providing telecom services.
Opinion
We have audited the financial statements of XYZ Ltd as of December 31, 2019, which are prepared in accordance with the applicable accounting standards. Our audit was conducted in accordance with International Standards on Auditing and included examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.
Based on our audit, we have issued our opinion as stated below.
Conclusion
In our opinion, the financial statements present fairly, in all material respects, the financial position of XYZ Lt as of December 31, 2019 in accordance with the applicable accounting standards.
Risks and Uncorrected Misstatements
In conducting our audit, we identified a number of areas where the financial statements, taken as a whole, did not comply with the applicable accounting standards. However, this did not have an effect on our opinion. These areas included weaknesses in internal control and incorrect or inadequate disclosure of related party transactions.
Report on Other Legal and Regulatory Requirements
We did not examine whether XYZ Ltd has complied with other legal and regulatory requirements that could have a material effect on its financial statements.
Responsibilities of Management and Those Charged with Governance
Management is responsible for the preparation and fair presentation of the financial statements in accordance with the applicable accounting standards. This responsibility also includes maintaining adequate accounting records and internal control systems, assessing the accounting principles used and significant estimates made by management and developing financial statements based on these assessments.
Those charged with governance overseeing the financial reporting process are responsible for ensuring the company has complied with accounting regulations.
Our Responsibility
Our responsibility is to express an opinion on the financial statements. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements.
We were not required to perform an audit of the effects of immaterial misstatements, as long as they were immaterial to the financial statements taken as a whole.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusion
In conclusion, we believe that the financial statements, taken as a whole, fairly present XYZ Ltds financial position as at December 31, 2019 in accordance with the applicable accounting standards.
