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You have found the following information in an audit report. Which section did you find it from? CARRYING VALUE OF EXPLORATION AND EVALUATION ASSETS Area
You have found the following information in an audit report. Which section did you find it from? CARRYING VALUE OF EXPLORATION AND EVALUATION ASSETS Area of focus How our audit addressed it The Group has incurred exploration and Our audit procedures included: evaluation costs for exploration projects in Understanding and vouching the underlying Victoria over a number of years. contractual entitlement to explore and evaluate The Group holds the right to explore and each area of interest, including an evaluation of evaluate those projects through tenement and the requirement to renew that tenement at its licence agreements. expiry. There is a risk that the Group may lose its Examining project spend per each area of right to further explore and evaluate those interest and comparing this spend to the areas of interest and therefore amounts minimum expenditure requirements set out in capitalized to the statement of financial the underlying tenement expenditure plan; position from the current and historical Examining project spend to each area of interest periods be no longer recoverable. to ensure that it is directly attributable to that area of interest. A. Other matters B. Other information C. Basis of opinion O D. Emphasis of matter O E. Key audit matters
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