SAAS Annual Report and Accounts 2013-2014 - page 31

SAAS
Independent auditor’s report to the Student Awards Agency for
Scotland, the Auditor General for Scotland and the Scottish Parliament
I have audited the financial statements of the
Student Awards Agency for Scotland
for the year ended
31 March 2014 under the Public Finance and Accountability (Scotland) Act 2000. The financial
statements comprise the Statement of Comprehensive Net Expenditure, the Statement of Financial
Position, the Statement of Cash Flows, the Statement of Changes in Taxpayers’ Equity and the related
notes. The financial reporting framework that has been applied in their preparation is applicable law and
International Financial Reporting Standards (IFRSs) as adopted by the European Union, and as
interpreted and adapted by the 2013/14 Government Financial Reporting Manual (the 2013/14 FReM).
This report is made solely to the parties to whom it is addressed in accordance with the Public Finance and
Accountability (Scotland) Act 2000 and for no other purpose. In accordance with paragraph 125 of the
Code of Audit Practice approved by the Auditor General for Scotland, I do not undertake to have
responsibilities to members or officers, in their individual capacities, or to third parties.
Respective responsibilities of Accountable Officer and auditor
As explained more fully in the Statement of the Accountable Officer’s Responsibilities, the Accountable
Officer is responsible for the preparation of the financial statements and for being satisfied that they give
a true and fair view, and is also responsible for ensuring the regularity of expenditure and income. My
responsibility is to audit and express an opinion on the financial statements in accordance with applicable
law and International Standards on Auditing (UK and Ireland) as required by the Code of Audit Practice
approved by the Auditor General for Scotland. Those standards require me to comply with the Auditing
Practices Board’s Ethical Standards for Auditors. I am also responsible for giving an opinion on the
regularity of expenditure and income in accordance with the Public Finance and Accountability (Scotland)
Act 2000.
Scope of the audit of the financial statements
An audit involves obtaining evidence about the amounts and disclosures in the financial statements
sufficient to give reasonable assurance that the financial statements are free from material misstatement,
whether caused by fraud or error. This includes an assessment of: whether the accounting policies are
appropriate to the body’s circumstances and have been consistently applied and adequately disclosed;
the reasonableness of significant accounting estimates made by the Accountable Officer; and the overall
presentation of the financial statements. It also involves obtaining evidence about the regularity of
expenditure and income. In addition, I read all the financial and non-financial information in the Annual
Report and Accounts to identify material inconsistencies with the audited financial statements and to
identify any information that is apparently materially incorrect based on, or materially inconsistent with,
the knowledge acquired by me in the course of performing the audit. If I become aware of any apparent
material misstatements, irregularities, or inconsistencies I consider the implications for my report.
Independent Auditor’s Report
1...,21,22,23,24,25,26,27,28,29,30 32,33,34,35,36,37,38,39,40,41,...50
Powered by FlippingBook