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Hi Gromit,
If the auditor considers the director’s report to be consistent with the FS initially, however due to subsequent events considers the director’s report to be inconsistent with the FS can he amend his report to include ‘Other matters’? and will this amendment be considered a modified opinion even though ‘Other matters’ refers to something which is not in the FS.
Also, if the NEDs determine the remuneration of the EDs and the EDs determine the remuneration of the NEDs (hope that is right) wouldn’t that lead to some sort of arrangement between the 2 parties and compromise on their independence?
Thank you
The audit opinion only covers the FS not the directors’ report so other matters do not modify the audit opinion.
Certainly up to being signed, an audit report can be changed beause of a subsequent event.
NED remuneration. Yes, there could be collusion.
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