Aeris Annual Report 2022

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Due to fluctuations in profit,
impairment charges and
transaction costs from
business combinations, we
chose a two year average
adjusted for these items.
We utilised the threshold
based on our professional
judgement, noting it is within
the range of commonly
acceptable thresholds.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in
our audit of the financial report for the current period. The key audit matters were addressed in the
context of our audit of the financial report as a whole, and in forming our opinion thereon, and we do
not provide a separate opinion on these matters. Further, any commentary on the outcomes of a
particular audit procedure is made in that context.
Key audit matter
Carrying value of mining assets
(Refer to note 10 and note 11)
As at 30 June 2022, the Group recognised $88.1m of
Property, Plant and Equipment and $119.6m of Mine
Properties on the consolidated statement of financial
position (together the mining assets).
How our audit addressed the key audit matter
We considered the Group’s impairment indicator
assessment and conclusion for the mining assets that
no impairment indicators existed at balance sheet
date.
In respect of the impairment indicator assessment, we
performed the following procedures, amongst others:
As required by Australian Accounting Standards, the
Group performed an impairment indicator assessment
for Tritton and Cracow Cash Generating Units
(CGU’s) as at 30 June 2022 and concluded that there
were no impairment indicators.
The carrying value of mining assets was a key audit
matter due to its financial significance at year end,
and because significant judgement is required by the
Group when assessing the information that might be
an indicator of impairment per Australian Accounting
Standards.
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Evaluated the Group’s indicator of impairment
assessment of its Tritton and Cracow CGUs as at
30 June 2022 by comparing the key
considerations included in the Group’s
assessment to the requirements of Australian
Accounting Standards.
Evaluated the Group’s consideration of the
relevant internal and external factors which might
be an indicator of impairment, in light of
Australian Accounting Standards.
Developed an understanding of the key impacts
of the latest life of mine plan significant
assumptions and assessed the competence and
objectivity of the Group’s internal technical
experts in preparing this plan.
Evaluated the reasonableness of the relevant
disclosures in accordance with the requirements
of Australian Accounting Standards.
ADVANCING AERIS
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