BISICHI MINING PLC ANNUAL REPORT 2017

Governance Independent auditor’s report
Materiality FY2017 FY2016
Materiality for the Financial Statements as a whole £300,000 £350,000
Materiality levels used for the audits of the significant components of the audit £23,000 to £170,000 £15,000 to £210,000
Audit scope coverage
100% of total assets, 100% of revenue
and 100% of profit before tax
We agreed with the Audit Committee that we would report to them all individual audit differences identified during the course of our audit in excess of
£15,000. We also agreed to report differences below that threshold that, in our view, warranted reporting on qualitative grounds.
An overview of the scope of our audit
Whilst Bisichi Mining Plc is a company listed
on the Standard Segment of the London Stock
Exchange, the Group’s operations principally
comprise investment property in the United
Kingdom and an operating mine located in
South Africa. We assessed there to be significant
components within the group, comprising the
mine in South Africa, corporate accounting
function and property companies.
We performed a full scope audit of each of the
UK property companies, corporate accounting
function and consolidation.
A non-BDO member firm performed a full scope
audit of the mine in South Africa, under our
direction and supervision as group auditors
under ISA 600.
As part of our audit strategy, as group auditors:
• Detailed group reporting instructions were
sent to the component auditor, which included
the significant areas to be covered by the
audit (including areas that were considered to
be key audit matters as detailed above), and
set out the information required to be
reported to the group audit team.
• We performed a review of the component
audit files and held meetings with the
component audit team during the planning
and completion phases of their audit.
• The group audit team was actively involved
in the direction of the audits performed by
the component auditors for group reporting
purposes, along with the consideration of
findings and determination of conclusions
drawn. We performed our own additional
procedures in respect of the significant risk
areas that represented Key Audit Matters in
addition to the procedures performed by the
component auditor.
• The remaining non-significant companies
within the group were principally subject
to analytical review procedures.
Other information
The other information comprises the information
included in the annual report, other than the financial
statements and our auditor’s report thereon. The
directors are responsible for the other information.
Our opinion on the financial statements does
not cover the other information and, except to
the extent otherwise explicitly stated in our
report, we do not express any form of assurance
conclusion thereon. In connection with our audit
of the financial statements, our responsibility is to
read the other information and, in doing so,
consider whether the other information is materially
inconsistent with the financial statements or our
knowledge obtained in the audit or otherwise
appears to be materially misstated. If we identify
such material inconsistencies or apparent material
misstatements, we are required to determine
whether there is a material misstatement in the
financial statements or a material misstatement
of the other information. If, based on the work
we have performed, we conclude that there is a
material misstatement of the other information,
we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed
by the Companies Act 2006
In our opinion, the part of the directors’
remuneration report to be audited has been
properly prepared in accordance with the
Companies Act 2006.
In our opinion, based on the work undertaken
in the course of the audit:
• the information given in the strategic report
and the directors’ report for the financial year
for which the financial statements are
prepared is consistent with the financial
statements; and
• the strategic report and the directors’ report
have been prepared in accordance with
applicable legal requirements.
50 Bisichi Mining PLC