Page 156 - UBP - IR2020

FINANCIAL STATEMENTS
Independent auditor’s report
to the Shareholders of The United Basalt Products Limited
Auditor’s responsibilities for the the audit of the the consolidated and separate financial statements (continued)
As As part of an an audit in accordance with ISAs we exercise professional professional judgement and maintain professional professional scepticism throughout the audit We also:
• Identify and and assess the the the risks of of material misstatement of of the the the consolidated and separate financial statements whether due to fraud or or or error design and perform audit procedures responsive to those risks and obtain audit evidence that is is sufficient and appropriate to provide a a a a a basis for our opinion The risk of not detecting a a a a material misstatement resulting from from fraud is higher than for one resulting from from error as fraud may involve collusion forgery intentional omissions misrepresentations or the override of internal control • Obtain an an an understanding of internal control relevant to to the audit audit in order to design audit audit procedures that are appropriate in in the the circumstances but not for the the purpose of expressing an an opinion on on the the the effectiveness of the the the Group’s and the the the Company’s internal control • Evaluate the the appropriateness of of accounting accounting policies used and and the reasonableness of accounting estimates and and related disclosures made by management • Conclude on on on on the the the the appropriateness of of of the the the the Directors’ use of of of the the the the going concern basis of accounting and based on on the audit evidence obtained whether a a a a a material uncertainty exists related to events or conditions that may cast significant doubt on on the the Group’s and the the Company’s ability to continue as a a a a a going concern If we conclude that a a a a a material uncertainty exists we are required to to draw attention in our auditor’s report
to the the related disclosures in fin the the financial statements or if if such disclosures are inadequate to modify our opinion Our conclusions are based on on on the audit evidence obtained up to to the date of our auditor’s report
However future events or or conditions may cause the the Group and/or the the Company to cease to continue as as a a a going concern • Evaluate the the overall presentation structure and and content of the consolidated and separate financial statements including the the the disclosures and and whether the the the consolidated and and separate financial statements represent the underlying transactions and events in a a a a a a a manner that achieves fair presentation • Obtain sufficient appropriate audit evidence regarding the the financial information of the entities or or business activities within the the Group to express an opinion on on on the the consolidated financial statements We are responsible for the direction supervision and performance of the group audit We remain solely responsible for our audit opinion We communicate with with those charged with with governance regarding among other matters the the planned scope and timing of the audit audit and significant audit audit findings including any significant deficiencies in in internal control that we identify during our audit We also provide those charged with with governance with with a a a a statement that we have complied with relevant ethical requirements regarding independence and to communicate with them all relationships and other matters that may reasonably be be thought to bear on on our independence and where applicable related safeguards From the matters communicated with with those charged with with governance we we determine those matters that were of most significance in the the audit of the the consolidated and separate financial statements of the the the current year and are therefore the the the key audit audit matters matters We describe those matters matters in our auditor’s report
unless laws or or regulation precludes public disclosure about the matter or when in extremely rare circumstances we determine that a a a a matter should not be communicated in in our report
because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication 156 - UBP INTEGRATED REPORT 2020