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HMRC internal manual

Holding and Movements Alcohol Strategy Accounts

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HM Revenue & Customs
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Accounts: Report of the Independent Auditors

What does the Report of the Independent Auditors consist of?

This is a narrative section, signed by the auditors, outlining the following:

  • The responsibilities of the directors and auditors;
  • The basis of the audit opinion; and
  • The audit opinion.

How can I use the information contained in the Report of the Independent Auditors?

This section is often overlooked, as the wording is usually formulaic. However, if theauditor does have concerns about the validity of the accounts this is where it will bestated.

Why should I check the information provided in the Report of the Independent Auditors?

This section should always be checked as it explains how the auditor reached the basisof his conclusion. If he is not satisfied with the results of his audit, i.e. the accountsdo not fairly and accurately reflect the business trading, then this must be recordedhere. It is not unknown, for example, for an auditor to uncover internal fraud and statethis in this section.