Summary by Futu AI
The Bank of Nova Scotia has received an unqualified audit opinion on its consolidated financial statements for the fiscal year ended October 31, 2024. The independent auditor's report, dated December 3, 2024, confirms that the financial statements present fairly, in all material respects, the bank's financial position, performance, and cash flows in accordance with IFRS.The audit focused on key matters including the assessment of allowance for credit losses, measurement of fair value for certain financial instruments, and evaluation of uncertain tax provisions. The allowance for credit losses stood at $6,536 million as of October 31, 2024, reflecting the bank's three-stage approach using expected credit loss models.The auditors concluded that the bank's internal controls, valuation methodologies, and judgments in these critical areas were appropriate. This clean audit opinion provides assurance to shareholders and stakeholders regarding the reliability and accuracy of Bank of Nova Scotia's financial reporting for the 2024 fiscal year.