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Finance & Accounting
Pages 4 (1004 words)
Answer to Question No. 1 Rolls Royce is a company incorporated in the United Kingdom which was formed as a result of the partnership between Charles Stewart Rolls and Sir Frederick Henry Royce. The company is a renowned car manufacturing company, and since 1904 it started it’s another division of aero-engineering manufacturing…
The external auditor of the company has given an opinion according to which the group financial statements of the company present a true and fair view for the financial year ending December 31, 2012. The auditor reports states that the group financial statements are adequately prepared in accordance with the International Financial Reporting Standard (IFRS) and Companies Act 2006. It is also mentioned in the audit report that the financial statements of the company have been prepared in accordance with the Generally Accepted Accounting Principle (GAAP) as adopted by European Union. The audit report forms an integral part of the financial statements of a company, especially a public listed company. The primary purpose of the audit report is to bring into the knowledge of the users of the financial statements whether these financial statements are prepared in accordance with the applicable financial reporting framework. [Readyratios.com (2011)] Users of the financial statement usually do not have the time to thoroughly analyze the authenticity of the financial statements. They take reliance of from the audit report that whether the financial statements are giving a true and fair view or not. ...
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