Audit scope and key challenges

• Multi-entity group consolidation
• Inventory valuation of raw materials and finished steel products
• Foreign exchange translation adjustments
• Related party transactions
• Valuation of investment

Our approach

• Implemented group-wide audit procedures with coordinated componentauditor team
• Conducted physical inventory observations at multiple warehouses
• Reviewed complex contracts terms
• Assessed internal controls over financial reporting across the group
• Reviewed and challenged the investment valuation report

Audit findings and outcomes

• Compliancewith IFRS consolidation standards and Companies Act 2006 requirements
• Identified material inventory valuation adjustments
• Provided recommendations for improving inter company reconciliation processes