Auditor ’ s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement , whether due to fraud or error , and to issue an auditor ’ s report that includes our opinion . Reasonable assurance is a high level of assurance , but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists . Misstatements can arise from fraud or error and are considered material if , individually or in the aggregate , they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements .
As part of an audit in accordance with ISAs , we exercise professional judgment and maintain professional scepticism throughout the audit . We also :
� Identify and assess the risks of material misstatement of the financial statements , whether due to fraud or error , design and perform audit procedures responsive to those risks , and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion . The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error , as fraud may involve collusion , forgery , intentional omissions , misrepresentations , or the override of internal control .
� Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances , but not for the purpose of expressing an opinion on the effectiveness of the Foundation ’ s internal control . � Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management .
� Conclude on the appropriateness of management ’ s use of the going concern basis of accounting and , based on the audit evidence obtained , whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Foundation ’ s ability to continue as a going concern . If we conclude that a material uncertainty exists , we are required to draw attention in our auditor ’ s report to the related disclosures in the financial statements or , if such disclosures are inadequate , to modify our opinion . Our conclusions are based on the audit evidence obtained up to the date of our auditor ’ s report . However , future events or conditions may cause the Foundation to cease to continue as a going concern .
� Evaluate the overall presentation , structure and content of the financial statements , including the disclosures , and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation .
We communicate with those charged with governance regarding , among other matters , the planned scope and timing of the audit and significant audit findings , including any significant deficiencies in internal control that we identify during our audit .
Arpine Ghevondyan Audit Partner
On behalf of Executive Director S . Hakobyan ( by power of attorney N 25042022 dated 25.04.2022 ) May 26 , 2022
Yerevan , Republic of Armenia Deloitte Armenia cjsc
Annual Report 2021
113