a. Audit Report Matters per CAMA:

• Confirmation of financial statements being in agreement with company records.
• Whether accounting records have been properly maintained by management.
• Compliance with legal standards and financial reporting framework.
• Any additional matters concerning company assets or liabilities.
• Other specifics as required by CAMA 2020.

b. Auditor’s Rights under CAMA:

• Access to company records and necessary explanations from management.
• Attendance rights at all shareholder meetings.
• Rights to receive notices and be heard on audit matters at meetings.
• Authority to obtain all relevant information for audit purposes.
• Right to a copy of all resolutions affecting the audit scope.

c. Duties of External Auditors under CAMA:

• Preparation and presentation of accurate and fair audit findings.
• Disclosure of any findings related to fraud or misrepresentation.
• Assessment and communication of financial risks.
• Conducting audits in line with ethical and regulatory standards.
• Documentation of findings and recommendations per CAMA guidelines.

d. Management and those charged with governance hold several responsibilities in relation to the company’s accounting functions:

1. Preparation of Financial Statements: Ensuring the financial statements are accurate and complete, adhering to relevant accounting standards.
2. Internal Controls: Establishing effective internal controls to prevent fraud and errors, safeguarding assets, and ensuring the reliability of financial reporting.
3. Compliance with Laws: Ensuring compliance with legal and regulatory requirements, including the Companies and Allied Matters Act (CAMA).
4. Disclosure of Information: Providing auditors with access to all information relevant to financial reporting, including disclosures of all instances of fraud or suspected fraud.
5. Support for Audit: Offering unrestricted access to individuals within the entity as needed for the audit, and providing written representations when required.