Annual report 2019

144

GENERAL AUDIT PROCEDURES Our audit further included among others:

Because we are ultimately responsible for the opinion, we are also responsible for directing, supervising and performing the group audit. In this respect we have determined the nature and extent of the audit procedures to be carried out for group entities. Decisive were the size and/or the risk profle of the group entities or operations. On this basis, we selected group entities for which an audit or review had to be carried out on the complete set of fnancial information or specifc items. Our group audit mainly focused on signifcant group entities and joint ventures in terms of size and/or risk, within the operating segments Dredging & Inland Infra, Offshore Energy and Towage & Salvage. We have performed most of the audit procedures at those segments ourselves. For the audit work in amongst others Australia, Singapore, Germany and Finland we used other EY network frms. We have used the work of other non-EY frms when auditing a group entity, especially in the Middle East, which represented approximately 7% of the net turnover. Also some joint ventures were audited by non-EY frms. We performed audit procedures on certain accounting areas at group level, such as impairment tests of goodwill, property, plant and equipment and other areas such as uncertain tax positions and pension accounting. We also visited project sites in Singapore, Bangladesh, Canada, Oman, Russia and the Netherlands where we had meetings with local project management to discuss and to obtain a better understanding of the progress and risks of the related projects and we performed substantive procedures such as test of details and inspection of supporting documents. Based on our risk assessment, we visited component locations in Singapore and the Netherlands. We had meetings with the component auditors and local management on the audit fndings and fnancial reporting. We interacted with all component teams where appropriate during various stages of the audit and were responsible for the scope and direction of the audit process. By performing the procedures mentioned above at group entities, together with additional procedures at group level, we have been able to obtain suffcient and appropriate audit evidence about the group’s fnancial information to provide an opinion about the consolidated fnancial statements. Teaming, use of specialists We ensured that the audit teams both at group and at component levels included the appropriate skills and competences which are needed for the audit of Royal Boskalis Westminster N.V. We included specialists in the areas of IT audit, treasury, income tax and have made use of our own experts in the areas of valuations of goodwill and actuaries. In total these procedures represent approximately 81% of the group’s revenue.

‚ ‚ Performing audit procedures responsive to the risks identified, and obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion ‚ ‚ Evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management ‚ ‚ Evaluating the overall presentation, structure and content of the financial statements, including the disclosures ‚ ‚ Evaluating whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation OUR KEY AUDIT MATTERS Key audit matters are those matters that, in our professional judgment, were of most signifcance in our audit of the fnancial statements. We have communicated the key audit matters to the Supervisory Board. The key audit matters are not a comprehensive reflection of all matters discussed. These matters were addressed in the context of our audit of the fnancial statements as a whole and in forming our opinion thereon, and we do not provide a separate opinion on these matters. The key audit matters “Valuation of Harbor Towage joint ventures” and “Valuation of goodwill of the Offshore Energy division” which were included in our last year’s auditor’s report, are not considered as key audit matters for this year, since both matters no longer materially impact the group fnancial statements.

ANNUAL REPORT 2019 – BOSKALIS