Page 55 - Beeks Financial Cloud Group Annual Report 2021
P. 55
Beeks Financial Cloud Group PLC
Independent Auditors’ Report to the members of Beeks Financial Cloud Group PLC For the year ended 30 June 2021
Communication We determine a threshold for reporting unadjusted differences
of misstatements to to the audit committee.
the audit committee
Threshold for £8,700 and misstatements below that threshold that, in ourview, warrant
communication reporting on qualitative grounds.
The graph below illustrates how performance materiality interacts with our overall materiality and the tolerance
for potential uncorrected misstatements.
OVERALL MATERIALITY GOVERNANCE
AN OVERVIEW OF THE SCOPE opinion on The Group financial Identifying significant
OF OUR AUDIT statements. We take into account components
We performed a risk-based audit size, risk profile, changes in the / Of all components, two were
that requires an understanding business environment and other determined to be significant to
of The Group’s business and in factors when assessing the level The Group – Beeks Financial Cloud
particular matters related to: of work to be performed on each Group PLC, the parent company,
component; and Beeks Financial Cloud Limited.
Understanding The Group, / We obtained an understanding Full scope audit procedures were
its components, and their of the component-level controls completed on these components.
environments, including of The Group as a whole, which / Significant group components
group-wide controls assisted us in identifying and were determined by calculating
/ Our assessment of audit risk, assessing the risks of material benchmark percentages, with
our evaluation of materiality and misstatement due to fraud or anything identified above
our allocation of performance error, as well as assisting us in 15% considered a significant
materiality determines the determining the most appropriate component. Benchmarks reviewed
scope of our audit work for each audit strategy. included revenue, profit before
component within The Group, tax, cash and cash equivalents
which when taken together, and total assets (excluding
enables us to form an audit intercompany).
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