Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some
material misstatements in the financial statements, even though we have properly planned and performed
our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk
of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or
non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance
with laws and regulations. Material misstatements that arise due to fraud can be harder to detect than those
that arise from error as they may involve deliberate concealment or collusion.
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