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City of Glasgow College Annual Report & Accounts 2019-20
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 (UK) 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.
The risk of not detecting a material misstatement resulting
from fraud is higher than for one resulting from error,
as fraud may involve collusion, intentional omissions,
misrepresentations, or the override of internal control.
The capability of the audit to detect fraud and other
irregularities depends on factors such as the skilfulness of
the perpetrator, the frequency and extent of manipulation,
the degree of collusion involved, the relative size of
individual amounts manipulated, and the seniority of those
individuals involved. We therefore design and perform audit
procedures which respond to the assessed risks of material
misstatement due to fraud.
A further description of the auditor's responsibilities for
the audit of the financial statements is located on the
Financial Reporting Council's website: www.frc.org.uk/
auditorsresponsibilities. This description forms part of our
auditor's report.
Other information in the annual report and accounts
The Board of Management is responsible for the other
information in the annual report and accounts. The other
information comprises the information other than the
financial statements, the audited part of the Remuneration
and Staff Report, and our independent auditor's report. Our
opinion on the financial statements does not cover the other
information and we do not express any form of assurance
conclusion thereon except on matters prescribed by the
Auditor General for Scotland to the extent explicitly stated
later in this report.
In connection with our audit of the financial statements,
our responsibility is to read all the other information in the
annual report and accounts and, in doing so, consider
whether the other information is materially inconsistent with
the financial statements or our knowledge obtained in the
audit or otherwise appears to be materially misstated. If we
identify such material inconsistencies or apparent material
misstatements, we are required to determine whether there
is a material misstatement in the financial statements or a
material misstatement of the other information. If, based
on the work we have performed, we conclude that there
is a material misstatement of this other information, we are
required to report that fact. We have nothing to report in this
regard.