Page 46 - Beeks Financial Cloud Group Annual Report 2021
P. 46
44 Beeks Financial Cloud Group PLC For the year ended 30 June 2021
Report of the Audit Committee
Report of the
Audit Committee
COMMITTEE ACTIVITIES IN / received and considered, as and an on-going assessment of
THE FINANCIAL YEAR ENDING part of the review of interim and the impact of future accounting
30 JUNE 2021 annual financial statements, developments for The Group;
The Audit Committee is chaired reports from the Auditor in respect / considered the Annual Report
by Mark Cubitt. The other members of the Auditor’s review of the and Accounts in the context
are William Meldrum and Kevin interim results, the audit plan of being fair, balanced and
Covington. Attendance during the for the year and the results of understandable;
year can be seen within the Board the annual audit. / considered the effectiveness
programme on page 39. and independence of the
These reports included the external audit;
The Committee met four times scope of the interim review and / review the enhanced
GOVERNANCE
in relation to the financial year annual audit, the approach to be audit report.
ended 30 June 2021, 2 of the adopted by the Auditor to address
meetings were post year end, and conclude upon key estimates Significant areas considered by the
with the 4th meeting to approve and other key audit areas, the Audit Committee in relation to the
he annual accounts. In addition basis on which the Auditor 2021 financial statements are set
to standing items on the agenda, assesses materiality, the terms out below:
the Committee: of engagement for the Auditor
Areas of estimates Matter Considered and Role of the Committee
Recoverability of Investment in During the year ended 30 June 2021 the Committee
VMX & Impairment of Goodwill considered the impairment assessment prepared
by management and critically assessed the inputs
such as a consideration of the reasonableness of
discount rates applied, agreeing forecasts through
into going concern projections and the analysis of
CGU’(s) applied.
Revenue recognition The committee considered the risk associated from
revenue recognition and considered new contracts
and sales awarded around the year end.
