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Other matters/ NEDs

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › Other matters/ NEDs

  • This topic has 2 replies, 2 voices, and was last updated 7 years ago by aditya.
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    Posts
  • November 3, 2015 at 12:43 pm #280268
    aditya
    Member
    • Topics: 22
    • Replies: 26
    • ☆

    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

    November 3, 2015 at 3:28 pm #280317
    Ken Garrett
    Keymaster
    • Topics: 10
    • Replies: 10193
    • ☆☆☆☆☆

    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.

    November 3, 2015 at 4:52 pm #280365
    aditya
    Member
    • Topics: 22
    • Replies: 26
    • ☆

    Great, thanks for the clarification!

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