Reporting the results of audit work
43. Auditors provide the following:
- audit planning documents;
- oral and/or written reports or memoranda to officers and, where appropriate, directors on the results of, or matters arising from, specific aspects of auditors’ work;
- a report to those charged with governance, normally submitted to the audit committee, summarising the work of the auditor;
- an audit report, including the auditor’s opinion on the financial statements and a conclusion on whether the audited body has put in place proper arrangements for securing economy, efficiency and effectiveness in its use of resources;
- a certificate that the audit of the accounts has been completed in accordance with statutory requirements; and
- an annual audit letter addressed to the audited body, which is based on the report to those charged with governance.
44. Audit reports are addressed to officers or members of the audited body, as appropriate. Auditors do not have responsibilities to officers or directors in their individual capacities or to third parties that choose to place reliance upon the reports from auditors.
45. Outputs arising from the exercise of specific powers and duties of an auditor, the need for which may arise at any point during the audit process, are issued when appropriate.
46. Matters raised by auditors are drawn from those that come to their attention during the audit. The audit cannot be relied upon to detect all errors, weaknesses or opportunities for improvements in management arrangements that might exist. Audited bodies should assess auditors’ recommendations for their wider implications before deciding how to implement them.