Page 58 - Beeks Financial Cloud Group Annual Report 2021
P. 58
56 Beeks Financial Cloud Group PLC For the year ended 30 June 2021
Independent Auditors’ Report to the members of Beeks Financial Cloud Group PLC
Independent
Auditors’ Report
/ We obtained an understanding to prevent and detected fraud; the potential for fraud in revenue
of how The Group is complying - Journal entry testing, with recognition and inaccurate
with these legal and regulatory a focus on manual journals assumptions included within the
frameworks by making enquiries with a profit impact or that goodwill impairment assessment.
of management, the Audit increase revenue; These are also reported as key
Committee and reviewing legal - Challenging assumptions audit matters in the relevant
correspondence via sampling and judgements made by section of our report where
invoices in relation to legal management in areas of the matters are explained in
expenditure. We corroborated estimation and judgement; more detail;
our enquiries through a review - Assessing the extent of / In assessing the potential risk
of board minute papers. compliance with the relevant of material misstatement, we
GOVERNANCE
Management and the Audit laws and regulations as part obtained an understanding of:
Committee confirmed they were of our procedures on legal - The operations of The Group,
not aware of any instances of expenditure; and including the different revenue
non-compliance and that they - Performing audit procedures streams, products and services
had no knowledge of actual, to test whether the disclosures offered and the objectives and
suspected or alleged fraud; required by international strategies of The Group, in order
/ We assessed the susceptibility accounting standards in to understand the classes of
of The Group’s financial conformity with the requirements transactions, account balances,
statements to material of the Companies Act 2006 expected disclosures and risk
misstatement, including how and the Companies Act 2006 areas; and
fraud might occur, by evaluating are present within The Group - The Group’s control
management’s incentives and financial statements. environment, including the
opportunities for manipulation / Our assessment of the policies and procedures
of the financial statements. Our appropriateness of the collective implemented to comply with
audit procedures were designed competence and capabilities of regulatory requirements,
to provide reasonable assurance the engagement team included including the adequacy of
that the financial statements consideration of the team’s: the training to inform staff
were free from fraud or error. - Understanding of, and of changes in legislation,
However, detecting irregularities practical experience with, audit internal review procedures and
that result from fraud is inherently engagements of a similar resources available to ensure
more difficult than detecting nature and complexity, through that possible breaches of
those that result from error, as appropriate training and requirements are appropriately
those irregularities that result participation; and investigated and reported.
from fraud may involve collusion, - Knowledge of the industry in
deliberate concealment, forgery which The Group operates. OTHER MATTERS
or intentional misrepresentation. / Our communications, both We have reported separately on
The procedures included: with management and the the parent company financial
- Evaluation of the design Audit Committee, in respect of statements of Beeks Financial
effectiveness of controls that non-compliance with laws and Cloud Group PLC for the year
management has in place regulations and fraud included
