~

 Compliance  with  Accoun2ng  Std  and  Companies  Act  1965  

~  Analy2cal  review  on  overall  performance  of  financial  statements  
~  Going  Concern  status  
~  Post  balance  sheet  event,  con2ngencies  and  commitments  
~  Opening  balance  and  compara2ves  figures  
~  Audit  of  accoun2ng  es2mates  
~  Management  representa2ons  
~  Related  par2es  transac2ons  
~  Effect  of  comple2on  issues  on  audit  report  
 Do  not  relate  to  specific  transac2on  
cycles  or  accounts.  
I  
Involve  many  subjec2ve  judgments  by  
N   the  auditor,  for  example  whether  to  
T   disclose  or  not  to  disclose  any  maNer  in  
the  financial  statement.  
R   OOen  involve  issues  that  are  poten2ally  
O   of  high  risk  to  the  auditor  and  require  
to  draw  aNen2on  to  the  user.  
D   AOer  the  comple2on  of  the  substan2ve  test,  
U   auditor  need  to  undertake  the  overall  review  
of  the  financial  statements.  Result  from  review  
C   procedures  together  with  conclusion  for  each  
T   substan2ve  test  and  test  of  control,  gives  the  
auditor  a  reasonable  basis  to  form  an  opinion  
I   on  the  financial  statement.  
O   This  stage  usually  performed  by  the  
audit  manager  or  senior  members  
N   before  proceed  to  engagement  partner.  
 FRS  101  
Presenta2on  of  
On  top  of  that,   Financial  statement  
The  auditor  should  
under  Co.  Act  1965,   FRS  110    
consider  whether  
it  requires  a  
the  informa2on   Event  aOer  the  
registered  company  
presented  and  the   balance  sheet  date  
to  table  its  annual  
accoun2ng  policies  
financial  statements   FRS  124    
adopted  are  in  
at  the  AGM  at  least   Related  party  
accordance  with  the  
once  in  every   disclosures  
Companies  Act  1965  
calendar  year  and  at  
and  accoun2ng   FRS  137    
interval  of  not  more  
standards.  
than  15  months.   Provisions,  
con2ngent  liabili2es  
&  Con2ngent  Assets  
 Analytical procedures
AI  520  –  The  auditor  should  apply  analy2cal  
procedures  at  or  near  the  end  of  the  audit  when  
forming  an  overall  conclusion  as  to  whether  the  
financial  statement  as  a  whole  are  consistent  with  the  
auditor’s  knowledge  of  business.  

This  analy2cal  procedure  are  intend  to  re-­‐

confirm  with  the  conclusion  made  during  the  
audit  of  individual  account  balances.    
 Analytical procedures
For   example:   During   substan2ve   test,  
a u d i t o r   c o n c l u d e d   t h a t   A c c o u n t  
Receivable   is   fairly   stated.   When  
Analy2cal   Procedure   on   Account  
Receivable   is   perform   and   if   the   result  
also   conclude   that   the   amount   is   fairly  
stated,   looks   like   the   conclusion   need   to  
be   re-­‐confirm   and   it   can   be   a   basis   for  
auditor’s  opinion.  
A n o t h e r   e x a m p l e :   A n a l y 2 c a l   o r  
calcula2on   of   gross   profit   margin   of   an  
Oil   and   Gas   company   and   compared   with  
the   auditor’s   knowledge   about   the  
margin  in  the  industry.  

When  the  analy2cal  procedures  iden2fy  significant  fluctua2ons  or  

rela2onships  that  are  inconsistent  with  other  relevant  informa2on  or  that  
deviate  from  predicted  amount,  the  auditor  should  inves2gate  and  obtain  
adequate  explana2ons  and  appropriate  evidence.  
 AI  570    
Going  Concern  
 Requires  the  auditor  to   assump2on  is  an  
assess  the  risk  of  going-­‐ important  assump2on  
concern  problems  at   underlying  the  
the  planning  stage  and   prepara2on  of  financial  
again  during  the  final   statements.  
review.  

Under  going  concern   Accordingly  assets  and  liabili2es  

assump2on,  an  en2ty  is   are  recorded  on  the  basis  that  the  
assumed  to  be  able  to  con2nue   en2ty  will  be  able  to  realize  its  
as  a  going  concern  for  a   assets  and  discharge  its  liabili2es  
foreseeable  future  period  of  a   in  the  normal  course  of  the  
2me    (at  least  12  months   business.    
beyond  the  year-­‐end  date).  
 The  following  are  indica2ons  
Auditor’s   that  auditor  need  to  be  alert  for  
responsibility   the  going  problems:  
is  to:  
 
(i)  Consider  the  
appropriateness  of  the   Opera2ng  
management’s  use  of  the   indica2ons  
going  concern  assump2on  in  
the  prepara2on  of  financial  
statements.  
(ii)  Be  alert  whenever  there   Financial  
are  any  material   indica2ons  
uncertain2es  about  the  
en2ty’s  ability  to  con2nue  
as  a  going  concern  that  
should  be  disclosed  in  the   Other  
financial  statement.   indicators  
 The  following  are  indica2ons  that  auditor  
need  to  be  alert  for  the  going  problems:  

Opera2ng  
indica2ons  

Loss  of  major  market,  franchise  or  principle  supplier  

Shortage  of  important  supplies  

Loss  of  management  personnel  

The  following  are  indica2ons  that  auditor  need  to  be  alert  for  the  going  
problems:  

Financial  indica2ons  

Net  liabili2es  or  net  current  liabili2es  

Adverse  key  financial  ra2os  
Substan2al  opera2ng  losses  
Inability  to  pay  creditors  as  and  when  fall  due  
Change  from  credit  to  cash  on  delivery  transac2on  with  suppliers  
Inability  to  obtain  financing  
Arrears  or  discon2nuance  of  dividends  
Difficult  in  complying  with  the  terms  of  loan  agreements,  for  example  unable  to  
service  interest  and  principle  payment    
 The  following  are  indica2ons  that  auditor  need  to  be  alert  for  the  going  
problems:  

Other  indicators  

Pending  legal  proceedings  against  the  en2ty  

 Steps  to  be  taken  by  auditors:  

If  the  auditor  concludes  

If  there  is  
Evaluate  whether   aOer  evalua2ng  
substan2al  
the  results  of   management’s  plans  that  
doubt,  the  
audit  procedures   there  is  substan2al  doubt  
auditor  should  
performed  during   about  the  ability  of  the  
obtain  
the  course  of  the   en2ty  to  con2nue  as  a  going  
informa2on  
audit  provide  any   concern,  the  auditor  
about  the  
indica2on  of   consider  the  adequacy  of  
management’s  
events  or   the  disclosures  with  respect  
plan  to  
condi2ons  which   to  such  uncertainty  and  
mi2gate  the  
may  cause   include  an  explanatory  
going-­‐concern  
substan2al  doubt   paragraph  in  the  audit  
problem  
report  (emphasis  of  maNer)  

Please  refer  to  table    17-­‐2  (pg  565)  for  another  example  of  events  
indica>ng  going  concern  problem  
 Factors  or  situa2on  where  
auditor  can  sa2sfy  with,  for  
example:-­‐  

For  the  indica2on  liabili2es  exceed   For  the  indica2on  loss  of  principal:  
assets:  may  be  mi2gated  by   may  be  mi2gated  by  availability  of  
management’s  plan  to  maintain   source  of  supply.  So  the  
adequate  cash  by  disposal  of   availability  of  stocks  enable  the  
assets,  rescheduling  the  loan,   company  to  s2ll  in  opera2on  at  
confirma2on  for  financial  support;   least  in  the  next  12  months..  
 •  Analyse  and  discuss  cash  flow,  profit  forecast  with  
management;  
When  a   •  Review  events  aOer  the  period  end  for  item  affec2ng  
ques2on   the  en2ty’s  ability  to  con2nue  as  a  going  concern,  
about  going   for  example  the  company  have  increase  share  
concern  arise   capital  of  the  company;  
some  of  the   •  Review  the  terms  of  the  debentures  and  loan  
normal  audit   agreement  whether  they  have  been  breached;  
procedures   •  Review  minutes  that  relates  to  financial  difficul2es  
and  any  ac2on  discussed  to  overcome  the  problem;  
should  be  
•  Inquire  of  the  en2ty’s  lawyer  regarding  li2ga2on  and  
taken  are:-­‐   claims;  
•  Obtain  LeNer  for  financial  support.  
 Audit  Conclusion  and  Report  (Professional  Judgment):-­‐  
•  Once  appropriate  evidence  has  been  accumulated,  auditor  should  decide  
whether  the  ques2on  about  going  concern  has  been  sa2sfactory  resolved  
and  consider  the  appropriate  report:-­‐  

Going  Concern  Assump2on  Considered  By  Auditors  is  

Totally   No  modifica2on  of  the  
appropriate  and   report  
resolved      
Appropriate   Such  plan  (mi2ga2ng   Auditor  report:  Unqualified  report  
because  of   factor)  to  be  disclosed  in   with  emphasis  of  maNer  
mi2ga2ng   the  notes  to  financial  
factor   statement  
  If  no  disclosure  on    Auditor  report:    Qualified  Opinion  
mi2ga2ng  factor   (if  not  so  material)  or  Adverse  
(Considered  as   opinion  (if  material)  
disagreement  with    
management)  
Going  Concern  Assump2on  Considered  By  Auditors  is  

Totally   No  modifica2on  of  the  

appropriate   report  
and  resolved      

Appropriate   Such  plan  (mi2ga2ng   Auditor  report:  Unqualified  

because  of   factor)  to  be  disclosed   report  with  emphasis  of  maNer  
mi2ga2ng   in  the  notes  to  financial  
factor   statement  
 
If  No  disclosure  on    Auditor  report:    Qualified  
mi2ga2ng  factor   Opinion  (if  not  so  material)  or  
(Considered  as   Adverse  opinion  (if  material)  
disagreement  with    
management)  
Going  Concern  Assump2on  Considered  By  Auditors  is  

Inappropriate   If  the  result  of  the   If  Not  so  material  –  Disqualified  

going  concern  is    
inappropriate   If  Material  –  Adverse  
   
 

Going  Concern  Assump2on  Considered  By  Auditors  is  

Not  resolved     Auditor  should   If  Not  so  material  –  Disqualified  

adequately  disclose   If  Material  –  Disclaimer  
in  the  financial      
statement  about  the  
uncertainty  
 •   Auditor  should  consider  the  effect  of  subsequent  event  
on  the  financial  statement  and  on  the  auditor’s  report.  
•  Term  subsequent  events  is  used  to  refer  to  both:  
•  Events  occurring  aOer  period  end  and  the  date  of  the  
AI  560     auditor’s  report  
•  Facts  discovered  aOer  the  date  of  the  auditor’s  report  

•  Event  aOer  the  balance  sheet  date  are  those  events  both  
favorable  and  unfavorable  that  occur  between  the  
balance  sheet  date  and  when  the  financial  statements  
FRS  110   are  authorized  for  issue.  
  
When  auditor  becomes  
aware  of  subsequent  
Auditor  should  review  
Management  of  the   events  which  are  
the  management’s  
en2ty  has  the   material  to  the  financial  
procedures  to  iden2fy  
responsibility  for   statements,  the  auditor  
subsequent  events  and  
establishing  policies   should  determine  
perform  specific  audit  
and  procedures  to   whether  they  have  
procedures  designed  to  
iden2fy  and  account  for   been  properly  
iden2fy  subsequent  
subsequent  events   accounted  for  or  
events      
disclosed  in  the  
financial  statements  
 End  of  field  work  &  
Repor2ng  date   Audit  report  signed   Financial  statements  
30  June     1  August   deliver  15  August  

Subsequent  events  

Subsequent  period   Post-­‐  audit  period    

1 2 3
 Period  1    
Period  2    
(From  Year  End,   Period  3    
(From  Signing  
during  the  
Date  to  Delivery  of   (AOer  delivery  the  
fieldwork  BUT  
financial   report)  
before  signing  
statement)  
Audit  Report)  
 Period  1  
n  Auditors  have  a  responsibility  to  perform  
(From  Year  End,   procedure  to  discover  and  evaluate  all  
during  the   subsequent  events  that  may  have  a  material  
fieldwork  BUT   effect  on  the  financial  statements    
before  signing   n  Make  necessary  adjustment  or  disclose  in  the  
Audit  Report)   financial  statement  
 n  Auditors  does  not  have  any  responsibility  to  
perform  audit  procedures.  Management  are  
responsible  to  inform  auditors  of  facts  may  affect  
the  financial  statement.  
n  If  the  auditor  becomes  aware  of  a  fact  which  
Period  2   materially  affect,  the  auditor  need  to  consider  
whether  the  financial  statement  need  
(From  Signing  Date   amendment,  should  discuss  with  management  
to  Delivery  of   and  should  take  appropriate  ac2on.  
financial  
statement)   n  When  management  amends  the  financial  
statement,  auditor  should  perform  addi2onal  
audit  procedures  and  dated  the  financial  
statement  with  the  new  date.  
n  When  management  do  not  agreed  to  amend  the  
financial  statement  in  situa2on  where  auditor  
believe  they  need  to  be  amended,  auditor  should  
express  qualified  opinion  or  adverse  opinion..  
 n  Auditors  have  no  responsibility  to  perform  audit  
Period  3   procedures  
(AOer  delivery  the   n  If  the  auditor  becomes  aware  of  a  fact  which  
report)   materially  affect,  the  auditor  need  to  consider  
whether  the  financial  statement  need  revision,  
should  discuss  with  management  and  should  take  
appropriate  ac2on.  
 Non-­‐Adjus2ng  events  
 
Adjus2ng  events  

  NON-­‐ADJUSTING  EVENTS  
 
 Condi2ons  that  did  not  exist  at  the  balance  sheet  date  but  exist  
subsequent  to  that  date.  If  material,  need  to  be  disclose  in  the  notes  
to  the  accounts.  

 Example:  purchase  or  disposal  of  a  major  business  or  subsidiary  by  
the  en2ty,  issue  of  shares  or  bonds  by  the  en2ty,      

 Please  refer  to  exhibit  17-­‐1  (page  555)  for  disclosure  of  non-­‐
adjus2ng  events..  
 Non-­‐Adjus2ng  events  
 
Adjus2ng  events  

  ADJUSTING  EVENTS  
       
 These  events  affect  the  financial  posi2on  and  the  financial  statement  on  
balance  sheet  date  need  to  accounted  for  the  events..  

 Example:  the  bankruptcy  of  a  customer  that  occurs  aOer  the  balance  sheet  date  
usually  confirms  that  a  loss  existed  at  the  balance  sheet  date  on  a  trade  
receivable  and  the  en2ty  needs  to  adjust    
 
 Another  example:  the  sale  of  inventories  aOer  the  balance  sheet  date  may  give  
evidence  about  their  net  realizable  value  at  the  balance  sheet  date.  
 Reviewing  
procedures  
management   Review  budget,  
cash  flow  
policies  has   Reading   Inquiring  
forecasts  and  
established  to   minutes  of   to  
other  
ensure  that   mee2ng   lawyers  
management  
subsequent  
report  
event  are  
iden2fied  

Discuss  with  management  on  the  followings:-­‐  

Discuss  includes  
con2ngent   •  New  Capital  commitment  and  borrowings  
liability  and   •  Sales  assets  
capital   •  Issue  new  shares  or  debentures  
commitment   •  Any  damage  of  the  asset  due  to  fire,  flood  
Is  a  poten2al  future   A  possible  liabili2es  
obliga2on  to  an  outside   that  arise  from  the  past  
events  and  the    There  
party  for  an  unknown   existence  will  be   might  be  a  
amount  arising  from   DEFINITION   confirmed  only  by  the   risk  that  
ac2vi2es  that  have   occurrence  or  non-­‐ they  will  
occurrence  of  one  or   not  be  
already  taken  place.     completely  
more  uncertain  future  
events  not  wholly   and  
within  the  control  of   properly  
the  en2ty   disclosed  
Indicates  that  
con2ngent  liability  is   ACCOUNTING  TREATMENT  
not  recognised  as  a   DIFFERENCE  
liability  because  its   For  con2ngent  liability  and  
existence  will  be   FRS  137   provision  is  that  a  provision  is  
confirmed  only  by  the   recognised  as  a  liability  in  the  
occurrence  or  non-­‐ balance  sheet  whilst  a  
occurrence  of  future   con2ngent  liability  is  not  
uncertain  events   recognised  as  such  
 Material  
con2ngent   Example:  
liability  should   •  Corporate  guarantee  given  to  lenders  for  loans  to  
be  disclosed  in   another  party  
the  financial   •  Pending  li2ga2on  or  court  cases  and  op2on  to  
statement   purchase  

Audit  Procedures  to  iden2fy  Con2ngent  Liability:-­‐  

•  Read  the  minutes  of  mee2ngs  (BOD,  Shareholders,  commiNee  of  board)  
and  enquiries  of  management  and  lawyer  
•  Review  contracts,  loan  agreements,  leases  and  correspondence  
•  Review  income  tax  liability,  tax  return    
•  Inspect  other  documents  for  possible  guarantees  
 
Please  refer  to  exhibit  17-­‐2  (page  557)  for  the  disclosure  of  con2ngent  liability  
in  the  notes  to  the  financial  statement  
 These  maNers  may  have  a  material  
Make  appropriate  inquiries  about   effect  on  the  financial  statements  
li2ga2on  and  claims  is  an  important   and  thus  required  to  be  disclosed  in  
part  of  comple2ng  the  audit   the  financial  statements  

A  legal  confirma2on  leNer  sent  by  the  

mgmt  to  the  solicitors  to  provide  the  
auditor  with  the  following  informa2on:  
Legal  confirma2on  leNer    
•  A  list  of  claims  or  ac2ons  against  the  
Request  for  confirma2on  lawyers   company  
for  iden2fica2on  of  li2ga2on   •  A  list  of  ac2ons  brought  by  the  
cases   company  
•  A  list  of  threatened  and  impending  
li2ga2on  and  con2ngent  liabili2es  

Please  refer  to  exhibit  17-­‐3  (page  560)  for  the  example  legal  leNer  
  
  DEFINITION  
 
•  Is  an  agreement  to  commit  the  en2ty  to  a  set  of  fixed  condi2ons  in  the  
 
future,  regardless   of  what  happens  to  profits  or  the  economy  as  a  whole.  
 
 
   
OOen  enter  into  long-­‐  
term  contractual   Long  term  commitments  
commitments  to   are  usually  iden2fied  
acquire  capital  assets   through  inquiry  of  
such  as  plant  and   management  and  other   Such  commitments  
machinery,  to  purchase   en2ty  personnel  during   are  disclosed  in  the  
raw  material  or  to  sell   the  audit  of  the  revenue   notes  to  the  
their  products  at  a   and  purchasing  processes   financial  
fixed  price   statements.    
 
 Knowledge  of  both  con2ngencies  and  
commitments  is  extremely  important  to  
users  of  financial  statements  because  they  
represent  the  condi2on  of  poten2ally  
material  amounts  of  resources  that  may  be  
u2lized  during  future  periods,  and  thus  will  
affect  the  future  cash  flows  available  to  
creditors  and  investors  (users).    

Please  refer  to  Exhibit  17-­‐4  (page  561)  for  example  of  disclosure  on  
commitment  in  the  financial  statement.  
 Refers  to  those  account  balances,  which  
OPENING     exist  at  the  beginning  of  the  period  (closing  
BALANCE   balance  of  last  period).  

The  auditor  should:    

•  Obtain  sufficient  evidence  to  ensure  the  opening  balance  do  not  contain  
misstatement  that  materially  affect  the  current  period’s  financial  statement  
•  Ensure  it  is  correctly  brought  forward  from  previous  period  
•  Appropriate  accoun2ng  policies  are  consistently  applied  or  changes  in  
accoun2ng  policies  have  been  properly  accounted  for  and  adequately  
disclosed  
Compara2ve  Figures/
Amount  
AI  710  –  Auditor  should  determine  whether  the  compara2ves  
comply  in  all  material  respects  with  the  financial  repor2ng  
framework  relevant  to  the  financial  statement  being  audited  

FRS  101  –  Compara2ve  informa2on  shall  be  disclosed  in  

respect  of  the  previous  period  for  all  amounts  

When  the  presenta2on  or  classifica2on  of  items  in  the  financial  
statements  is  amended,  compara2ve  amount  shall  also  be  reclassified  
unless  it  is  imprac2cable .

When  it  is  imprac2cable  to  reclassify  compara2ve  figure,  en2ty  should  
disclose  the  reason  for  not  reclassify  and  the  nature  of  the  adjustment  
that  would  have  been  made  if  the  amount  had  been  reclassified  
 AI  540  
Auditor  should  obtain  audit  evidence  
regarding  accoun2ng  es2mates.  

Accoun2ng  es2mates  means:

Allowance  
to  reduce  
inventory  
Deprecia2on Provision   Provision  
and  
/   Accrued   Deferred   for  loss   to  meet  
receivable  
revenue   tax   from   warranty  
to  their   amor2sa2on   lawsuit   claim  
es2mated  
realisable  
value  
It  is  a  management  responsible.  Some2mes  simple  and  some2mes  complex.  
For  example:  accruing  rental  expenses  is  simple  compared  es2ma2ng  a  
provision  for  a  slow  moving  inventories.  
 AUDIT  PROCEDURES  
Review  and  tes2ng  the  process  used  by   Review  Subsequent  Event  
management  
•  Subsequent  event  may  provide  audit  
•  Evaluate  the  data  and  consider  of   evidence  regarding  the  accoun2ng  
assump2ons  used.  For  example:   es2mate  made  by  management.  
Es2ma2ng  Account  receivable.  
Review  ageing  and  consider  the   •  For  example:  Bankrupt  of  a  
accoun2ng  policies  for  douboul  debt.   customer.  Inventory  damages  caused  
Specific  provision  or  specific.     by  fire…  
•  Tes2ng  the  calcula2on.    
•  Compare  the  es2mate  of  current  
period  to  last  period.  
 AI  550  
Auditor  to  perform  audit  procedures  to  obtain  audit  evidence  
regarding  related  par2es  transac2ons  and  the  effect  on  the  financial  
statement.  

Should  be  obtained  the  informa2on  from  the  client  at  the  comple2on  of  audit  
stage  and  to  ensure  appropriate  disclosure  in  the  financial  statement.  
Example  of  related  party  transac2ons:  
•  Purchase  or  sales  of  goods    
•  Purchases  or  sales  of  property  and  other  capital  assets  
•  Rendering  and  receiving  services  (management  services)  
•  Leasing  and  rental  arrangements  
•  Transfer  under  license  agreements  
•  Financing   arrangements   such   as     loans   and   equity   contribu2ons   in   cash   or   in  
kind  
 AUDIT  PROCEDURES:-­‐  
•  Review  last  year  working  paper  to  iden2fy  related  par2es  and  their  
transac2ons  
•  Review  minutes,  review  corporate  structure  and  discuss  with  management  
•  Confirm  with  the  related  party,  the  terms  and  amount  of  the  transac2on  
•  Discuss  with  management  the  purpose  and  nature  of  the  transac2on  
•  Inspect  documentary  evidence  in  the  possession  of  the  related  party  
•  AI  550  –  auditor  to  obtain  wriNen  representa2on  leNer  from  mgmt  
concerning:  
•  a)  the  completeness  of  informa2on  provided  in  the  financial  statements  
•  b)  the  adequacy  of  related  party  disclosures  in  the  financial  statements  

Please  refer  to  exhibit  17-­‐5  (page  563)  for  disclosure  of  related  
party  transac2on  in  the  notes  to  the  financial  statements..  
 Management  
Representa2on   Important  purpose  
LeNer  is  a   of  management   If  mgmt  
leNer  from  the   leNer:   refuse  to  
management   •  Acknowledgement   sign  the  
AI  580   to  confirm  to   by  the   leNer  –  the  
the  auditor   management  of  its   auditor  
Requires  the   that  all   responsibility  for   should  
auditor  to  obtain   informa2on  (in   the  financial   cons2tute  
appropriate   all  material   statements   a  scope  
representa2ons   respect)  has   limita2on,  
•  Representa2on  by  
from   been  properly   issue  a  
management  as  
management,   disclosed  in  the   qualified  
audit  evidence  
which  may  be  oral   financial   report  or  
or  wriNen     •  To  conform  the  
statement  and   oral   disclaim  an  
to  be  dated  on   representa2on   opinion  
the  same  day   (documented  the  
the  financial  
statements  are  
oral   Example  of  
representa2on)   Management  LeNer  
approved     Exhibit  17-­‐7  
 (page  569)…  
Making  an  overall  final  review  by  
audit  manager  and  partner  on   Management  LeNer    
financial  statement  and  should   Advise  client  on  the  weaknesses  
give  a  reasonable  basis  for  audit   of  internal  control  
opinion.  

Confirma2ons  on  
directors  
shareholding  and  
remunera2ons  
List  of  outstanding  
maNers  
Others  outstanding  
maNers  
END