UNBOUNCE - EXAMPLE PAGE-REPORT-ENTERPRISE DOCUMENT-KINGSPAN - Flipbook - Page 123
INDEPENDENT AUDITOR’S REPORT
to the Members of Kingspan Group plc (continued)
The charts below illustrate the coverage obtained from the work performed by our audit teams based on continuing operations.
4%
Specified
procedures
15%
4%
Review
scope
1%
9%
Other
procedures
1%
Specified
procedures
Specified
procedures
20%
6%
Review
scope
Other
procedures
3%
Review
scope
11%
Other
procedures
19%
Specific
scope
Specific
scope
20%
Profit before tax
from continuing
operations
Specific
scope
Total
Assets
Revenue
68%
53%
66%
Involvement with component teams
component team and holding discussions
with local management and attending
closing meetings.
g the Directors’ confirmation set out on
pages 109 and 110 in the Annual Report
that they have carried out a robust
assessment of the principal risks facing
the Group and the Company, including
those that would threaten its business
model, future performance, solvency
or liquidity;
g the Directors’ statement set out on
page 109 in the Annual Report about
whether the Directors considered
it appropriate to adopt the going
concern basis of accounting in
preparing the financial statements
and the Directors’ identification of any
material uncertainties to the Group’s
and the Company’s ability to continue
to do so over a period of at least 12
months from the date of approval of
the financial statements;
g whether the Directors’ statement
relating to going concern required
under the Listing Rules of Euronext
Dublin and the UK Listing Authority
is materially inconsistent with our
knowledge obtained in the audit; or
g the Directors’ explanation set out
on pages 109 and 110 in the Annual
Report as to how they have assessed
the prospects of the Group and the
Company, over what period they
have done so and why they consider
that period to be appropriate, and
their statement as to whether they
have a reasonable expectation that
the Group and the Company will be
able to continue in operation and
meet their liabilities as they fall due
over the period of their assessment,
including any related disclosures
drawing attention to any necessary
qualifications or assumptions.
Full
scope
In establishing our overall approach to
the Group audit, we determined the type
of work that needed to be undertaken
at each of the components by us, as
the Group audit engagement team, or
by component auditors from other EY
global network firms operating under
our instruction. Of the 29 full scope
components, audit procedures were
performed on four of these directly by
senior members of the Group audit team
and on 25 by component audit teams.
For the specific scope components, where
the work was performed by component
auditors, we determined the appropriate
level of involvement to enable us to
determine that sufficient audit evidence
had been obtained as a basis for our
opinion on the Group as a whole.
We issued detailed instructions to each
component auditor in scope for the Group
audit, with specific audit requirements
and requests across key areas. The
Group audit team would normally have
completed a programme of planned visits
designed to ensure that senior members
of the Group audit team, including
the Audit Engagement Partner, visit a
number of overseas locations each year.
During the current year’s audit cycle,
due to travel restrictions as a result of
the Covid-19 pandemic, only a physical
visit in respect of our United States
component team was possible by the
Group audit team. The Group audit team
performed virtual visits in respect of our
other key component teams in the U.K.,
Belgium, the Czech Republic and Brazil.
These visits involved discussing the audit
approach and any issues arising with the
Full
scope
The Group audit team interacted regularly
with the component teams where
appropriate during various stages of the
audit, reviewed and evaluated the work
performed by these teams, including
review of key reporting documents, in
accordance with the ISAs (Ireland) and
were responsible for the overall planning,
scoping and direction of the Group audit
process. Senior members of the Group
audit team also participated in component
and divisional planning, interim and closing
meeting calls during which the planning
and results of the audits were discussed
with the component auditors, local
management and Group management.
This, together with the additional
procedures performed at Group level, gave
us appropriate evidence for our opinion on
the Group financial statements.
Conclusions relating to
principal risks, going concern
and viability statement
We have nothing to report in respect of the
following information in the annual report,
in relation to which the ISAs (Ireland)
require us to report to you whether we
have anything material to add or draw
attention to:
g the disclosures in the Annual Report
set out on pages 48 to 53 that
describe the principal risks and
explain how they are being managed
or mitigated;
Kingspan Group plc Annual Report & Financial Statements 2021
Full
scope
Financial Statements
