Auditing of Financial Statements of Ooredoo

Running head: AUDITING
Case study
Name of the student
Name of the University
Authors note

1AUDITING
Introduction:
The report is prepared to evaluate the auditing of the financial statements of Ooredoo by
making reference to the financial statements. Report below discusses about the functions and
responsibility of external auditors of company and the assurance of the principles of audit. An
elaborate discussion is made between the difference of auditor’s report and audit committee.
Some risks associated with conducting audit have been ascertained and the same has been
explained.
Discussion:
Functions of external auditors of Ooredoo:
The external auditors of company for the financial year ending 2017 were KPMG.
Function of auditor is to provide an independent opinion on the integrity of the financial
statement along with providing additional services related to audit. They are required to provide
reasonable assurance that the financial statements have been prepared according to the
framework of accounting and are free from material misstatements.
Brief explanation on principle of assurance in relation to Ooredoo:
Reasonable assurance given by auditors in relation to financial statement is a high level
of assurance which does not act as guarantee that audit will help in detecting existence of
material misstatement and has been conducted according to the International auditing standard.
An auditor is required to give independent assurance about the fact that management of
entity has produced reliable financial information. The objective of auditors of Ooredoo is to

2AUDITING
obtain reasonable assurance that the financial statements have not been materially misstated and
is free from frauds and errors (Boyle et al. 2015).
Difference between the audit committee report and auditor’s report:
The report prepared by audit committee provides oversight along with serving as a
balance and check on the financial reporting system of company. Information on the review of
financial statements is provided in the report prepared by audit committee. It presents review on
the different aspects such as review of financial results, review of key audit matters, internal
control system, financial reporting, and accounting and internal audit functions. Report prepared
by audit committee presents the arrangement of risk management and status of internal control
(Bailey et al. 2017).
Auditors report is the evaluation of the reliability and validity of the opinion of auditors
regarding the financial statements of organization. Such report helps in expressing an opinion
about the compliance of company with the standard practices of accounting. Such report helps in
certifying the validity of financial statements of company.
Explanation of audit risk and its evidence:
Audit risk is the risk associated with the opinion of the auditors regarding the financial
statements of company. Such risk indicates that the inappropriate audit opinion has been
expressed by auditors because of their failure to detect the materiality in the financial statements.
Audit evidence on other hand is the information that has been used by auditors of Ooredoo for
arriving at conclusions by auditors on which the audit opinions are based. Such evidence
incorporates the information that is included in the accounting records and other resources such
as procedure of controlling quality and previous audits for continuance and client acceptance.