Companies Act (Cap. 386), article 179B

179B. (1) The audit report of public-interest entities shall be prepared in accordance with the provisions of articles 179 and 179A and in addition shall at least: (a) state by whom or by which body the auditor(s) or the audit firm(s) was (were) appointed; (b) indicate the date of the appointment and the period of total uninterrupted engag ement including previous renewals and reappointments of the auditors or the audit firms; (c) provide, in support of the a udit opinion, the following: (i) a description of the most significant assessed risks of material mi sstatement, including assessed risks of material misstatement due to fraud; (ii) a summary of the auditor’s response to those risks; and (iii) where relevant, key observations arising with respect to those risks. Where relevant to the above information provided in the audit report concerning each significant assessed risk of material misstatement, the audit report shall include a clear reference to t he relevant disclosures in COMP ANIES [CAP. 386. 123 the financial statements; (d) explain to what extent the statutory audit was considered capable of detecting irregularities, including fraud; (e) confirm that the audit opinion is consistent with the additional report to the audit committee referred to in Article 11 of the Audit Regulation; Cap. 281. (f) declare that the prohibited non-audit services referred to in article 18A(1) of the Accountancy Profession Act were not provided and that the auditor(s) or the audit firm(s) remained independent of the audited entity in conducting the audit; (g) indicate any services, in addition to the statutory audit, which were provided by the auditor or the audit firm to the audited entity and its controlled undertaking(s), and which have not been disclosed in the directors’ report or financial statements. (2) Except as required by sub-article (1)(e) the audit report shall not contain any cross-references to the additional report to the audit committee referred to in Article 11 of the Audit Regulati on. The audit report shall be in clear and unambiguous language. (3) The statutory auditor or the audit firms shall not use the name of any competent authority in a way that would indicate or suggest endorsement or approval by that authority of the audit report. Persons to whom a copy of the accounts of a company are to be sent. Amended by: IV . 2003.78; XXVI.2019.87.