Paralympics Ireland

22 | Paralympics Ireland Annual Report | 2019 22 | Paralympics Ireland Financial Statements | 2019 Independent auditor's report to Independent auditor's report to the members of Paralympics the members of Paralympics Ireland CLG (continued) Ireland CLG (continued) Responsibilities of the management and those charged with governance for the financial Responsibilities of the management and those charged with governance for the financial statements statements As explained more As explained more fully in the directors' responsibilities statement, management is responsible for the preparation fully in the directors' responsibilities statement, management is responsible for the preparation of the financial statements which give a true and fair view in accordance with Generally Accepted Accounting of the financial statements which give a true and fair view in accordance with Generally Accepted Accounting Practice in Ireland, including FRS102, and for su Practice in Ireland, including FRS102, and for such internal control as they determine necessary to enable the ch internal control as they determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing the In preparing the financial statements, management is responsible for assessing the company's ability to continue as company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the management either intends to liquidate the company or to cease operations, or has no accounting unless the management either intends to liquidate the company or to cease operations, or has no re realistic alternative but to do so. alistic alternative but to do so. Those charged with governance are responsible for overseeing the company's financial reporting process. Those charged with governance are responsible for overseeing the company's financial reporting process. Responsibilities of the auditor for the audit of the financial statements Responsibilities of the auditor for the audit of the financial statements The auditor's objectives are to obtai The auditor's objectives are to obtain reasonable assurance about whether the financial statements as a whole are n reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in is not a guarantee that an audit conducted in accordance with ISAs (Ireland) will always detect a material misstatement when it exists. Misstatements can arise accordance with ISAs (Ireland) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with ISAs (Ireland), the auditor will exercise professional judgment and maintain As part of an audit in accordance with ISAs (Ireland), the auditor will exercise professional judgment and maintain professional scepticism throughout the audit. They will also: professional scepticism throughout the audit. They will also: • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain aud error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is it evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omis forgery, intentional omissions, misrepresentations, or the override of internal control. sions, misrepresentations, or the override of internal control. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opini appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of on of the effectiveness of the company's internal control. the company's internal control. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. related disclosures made by management.

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