UNBOUNCE - EXAMPLE PAGE-REPORT-ENTERPRISE DOCUMENT-KINGSPAN - Flipbook - Page 125
INDEPENDENT AUDITOR’S REPORT
to the Members of Kingspan Group plc (continued)
The Listing Rules of the Irish Stock
Exchange require us to review:
g the Directors’ statement, set out on
pages 109 and 110, in relation to going
concern and longer-term viability
g the part of the Corporate Governance
Statement on page 107 relating to
the Company’s compliance with
the provisions of the UK Corporate
Governance Code and the Irish
Corporate Governance Annex specified
for our review
g certain elements of disclosures in the
report to shareholders by the Board on
Directors’ remuneration
Respective responsibilities
Responsibilities of directors for the
financial statements
As explained more fully in the Directors’
Responsibility Statement set out on page
110, the directors are responsible for the
preparation of the financial statements in
accordance with the applicable financial
reporting framework that they give a true
and fair view, and for such internal control
as they determine is necessary to enable
the preparation of financial statements
that are free from material misstatement,
whether due to fraud or error.
In preparing the financial statements,
the directors are responsible for assessing
the Group and the Company’s ability to
continue as a going concern, disclosing,
as applicable, matters related to going
concern and using the going concern
basis of accounting unless management
either intends to liquidate the Group or the
Company or to cease operations, or has no
realistic alternative but to do so.
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 (Ireland) 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 objectives of our audit, in respect to
fraud, are; to identify and assess the risks
of material misstatement of the financial
statements due to fraud; to obtain
sufficient appropriate audit evidence
regarding the assessed risks of material
misstatement due to fraud, through
designing and implementing appropriate
responses; and to respond appropriately
to fraud or suspected fraud identified
during the audit. However, the primary
responsibility for the prevention and
detection of fraud rests with both those
charged with governance of the entity
and management.
Our approach was as follows:
g We obtained an understanding of
the legal and regulatory frameworks
that are applicable to the Group
across the various jurisdictions
globally in which the Group operates.
We determined that the most
significant are those that relate to
the form and content of external
financial and corporate governance
reporting including company law,
tax legislation, employment law and
regulatory compliance
g We understood how Kingspan
Group plc is complying with those
frameworks by making enquiries of
management, internal audit, those
responsible for legal and compliance
procedures and the Company
Secretary. We corroborated our
enquiries through our review of the
Group’s Compliance Policies, board
minutes, papers provided to the Audit
Committee and correspondence
received from regulatory bodies
g We assessed the susceptibility of
the Group’s financial statements to
material misstatement, including
how fraud might occur, by meeting
with management, including within
various parts of the business, to
understand where they considered
there was susceptibility to fraud. We
also considered performance targets
and the potential for management to
influence earnings or the perceptions
of analysts. Where this risk was
considered to be higher, we performed
audit procedures to address each
identified fraud risk. These procedures
included testing manual journals and
were designed to provide reasonable
assurance that the financial
statements were free from fraud
or error
g Based on this understanding we
designed our audit procedures to
identify non-compliance with such
laws and regulations. Our procedures
included a review of board minutes
to identify any non-compliance with
laws and regulations, a review of the
reporting to the Audit Committee on
compliance with regulations, enquiries
of internal and external legal counsel
and management
A further description of our responsibilities
for the audit of the financial statements is
located on the IAASA’s website at:
http://www.iaasa.ie/getmedia/
b2389013-1cf6-458b-9b8f-a98202dc9c3a/
Description_of_auditors_responsibilities_
for_audit.pdf
This description forms part of our
auditor’s report.
Other matters which we are
required to address
We were appointed by the Board of
Directors following the AGM held on 1 May
2020 to audit the financial statements
for the year ended 31 December 2020 and
subsequent financial periods. This is our
second year of engagement.
The non-audit services prohibited by
IAASA’s Ethical Standard were not provided
to the Group or Company and we remain
independent of the Group and Company in
conducting our audit.
Our audit opinion is consistent with the
additional report to the Audit Committee.
The purpose of our audit
work and to whom we owe
our responsibilities
Our report is made solely to the Company’s
members, as a body, in accordance with
section 391 of the Companies Act 2014. Our
audit work has been undertaken so that we
might state to the Company’s members
those matters we are required to state to
them in an auditor’s report and for no other
purpose. To the fullest extent permitted
by law, we do not accept or assume
responsibility to anyone other than the
Company and the Company’s members, as
a body, for our audit work, for this report,
or for the opinions we have formed.
Pat O’Neill
for and on behalf of
Ernst & Young
Chartered Accountants
and Statutory Audit Firm
Dublin
23 February 2022
Kingspan Group plc Annual Report & Financial Statements 2021
Financial Statements
