Page 154 - UBP - IR2020

FINANCIAL STATEMENTS
Independent auditor’s report
to the Shareholders of The United Basalt Products Limited
Report on on audit of the consolidated and separate financial statements
Opinion
We have audited the consolidated and separate financial statements
of The United Basalt Products Limited
(the “Company” and and the “Public Interest Entity”) and and its subsidiaries (the “Group”) set out on pages 158 to 238 which comprise the the consolidated and separate statements
of financial position as at at at at June 30 2020 and and the consolidated and and separate statements
of o profit or loss and other comprehensive income consolidated and and separate statements
of changes in equity and and consolidated and separate statements
of cash flows for the the year then ended and notes to the financial statements
including a a a a a a summary of significant accounting policies In our opinion the accompanying consolidated and separate financial financial statements
give a a a a a a a a true and fair view of the financial financial position of the the Group and the the Company as at June 30 2020 and and of their consolidated and and separate financial performance and and consolidated and and separate cash flows for the the year then ended in in in accordance with International Financial Reporting Standards (IFRSs) and and comply with the the requirements
of the the Mauritius Companies Act Act 2001
and the Financial Reporting Act Act 2004 Basis for opinion We conducted our audit in accordance with International Standards on on Auditing (ISAs) Our responsibilities under those Retirement benefit obligations
Standards are further described in the the Auditor’s Responsibilities for audit of the consolidated and separate financial statements
section of of our report
We are independent of of the Group and the the Company in accordance with the the International Ethics Standard Board for for Accountants’ Code of of Ethics for for Professional Accountants (IESBA Code) and we have fulfilled our other ethical responsibilities in accordance with the IESBA Code We believe that the audit evidence we have obtained is sufficient and appropriate to provide a a a a a basis for our opinion Other matter The The financial statements
of The The United Basalt Products Limited
for the the year ended June 30 2019 were audited by another auditor who expressed an unmodified opinion on on those statements
on September 26 2019 Key audit matters Key audit matters matters are those matters matters that in our professional judgement were of of most significance in our audit of of the consolidated and separate financial statements
of the current period These matters were addressed in the context of our audit of the consolidated and separate financial statements
as a a a a whole and and in in in forming our opinion thereon and and we do not provide a a a a a separate opinion on on these matters The key audit matters noted below relate to the consolidated and separate financial statements
Key audit matter How our audit audit addressed the key audit audit matter The Group and the Company operate a a a a a defined benefit plan and have recognized retirement benefit obligations
of Rs 681 1
1
million million and Rs 544 1
million million respectively at June 30 2020 Management has applied judgement in in in determining the retirement benefits and has involved an an actuary to assist with the IAS 19 provisions and disclosures Retirement benefit obligations
are considered a a a a a key audit matter due to the significance of the the balance to the the consolidated and separate financial statements
as a a a a a whole combined with the judgment associated with determining the amount of provision The significant assumptions used in respect of the retirement benefits obligations
have been disclosed in note 21 We assessed the competence capabilities and objectivity of management’s independent actuaries and verified the qualifications of the actuaries The procedures performed included the following:
• We assessed and challenged the assumptions that management made in in in determining the the present value of the the liabilities and fair value of plan assets • We compared the the assumptions used such as as the the discount rate and and the annual salary increment with industry and and historical data and • We verified the the the data used by the the the actuaries with the the the payroll report
for completeness and accuracy We found the the assumptions and disclosures in the the consolidated and separate financial statements
to be appropriate 154 - UBP INTEGRATED REPORT 2020