RWS Annual Report 2022 web - Flipbook - Page 105
USE OF OUR REPORT
are capable of detecting irregularities, including fraud is
detailed below.
However, the primary responsibility for the prevention
and detection of fraud rests with both those charged with
governance of the company and management.
•
•
We obtained an understanding of the legal and
regulatory frameworks that are applicable to the Group
and determined that the most significant are those
related to the reporting framework (international
accounting standards in conformity with the
requirements of the Companies Act 2006, FRS 101,
and the Companies Act 2006) and the relevant tax
compliance regulations in the components
We understood how RWS Holdings plc is complying with
those frameworks by making enquiries of management
and those responsible for legal and compliance
procedures. We corroborated our enquiries through
our review of Board minutes, discussions with the Audit
Committee and any correspondence received from
regulatory bodies.
•
We assessed the susceptibility of the Group’s financial
statements to material misstatement, including how
fraud might occur by meeting with management
to understand where they considered there was
susceptibility to fraud. We also considered performance
targets and their influence on efforts made by
management to manage earnings or influence the
perceptions of analysts. Where this risk was considered
to be higher, we performed audit procedures to address
each identified fraud risk. The key audit matters section
above addresses procedures performed in areas where
we have concluded the risks of material misstatement
are highest (including where due to the risk of fraud).
These procedures included testing manual journal
entries.
•
Based on this understanding we designed our audit
procedures to identify non-compliance with such
laws and regulations. Our procedures involved review
of Board minutes to identify non-compliance with
such laws and regulations, review of reporting to the
Audit Committee on compliance with regulations and
enquiries of management.
•
All full and specific scope components were instructed
to perform procedures in the identification of instances
of non-compliance with laws and regulations.
This report is made solely to the company’s members,
as a body, in accordance with Chapter 3 of Part 16 of
the Companies Act 2006. 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.
Jose Yglesia
(SENIOR STATUTORY AUDITOR)
for and on behalf of Ernst & Young LLP, Statutory
Auditor Reading
14 December 2022
A further description of our responsibilities for the audit
of the financial statements is located on the Financial
Reporting Council’s website at https://www.frc.org.uk/
auditorsresponsibilities. This description forms part of
our auditor’s report.
INDEPENDENT AUDITOR’S REPORT
RWS — Annual Report 2022
105
