Page 392 - CRC_One Report 2021_EN

Business Overview and Performance Corporate Governance Financial Statements Enclosure

Key Audit Matters

Key audit matters are those matters that, in my professional judgment, were of most significance in my audit
of the consolidated and separate financial statements of the current period. These matters were addressed in
the context of my audit of the consolidated and separate financial statements as a whole, and in forming my
opinion thereon, and I do not provide a separate opinion on these matters.

Acquisitions of business
Refer to Note 6 to the consolidated and separate financial statements.
The key audit matter How the matter was addressed in the audit
In 2021, the Group completed the acquisitions of My audit procedures were as follows:
business resulting in the recording of intangible assets  Read the sale and purchase agreement to understand
of Baht 1,931 million and goodwill of Baht 7,041 key terms and conditions.
million in the consolidated statement of financial  Evaluated the assessment by the Group of the
position as at 31 December 2021. identification of all the assets acquired and
liabilities assumed and consideration transferred.
The acquisition method of accounting for business  Evaluated the assumptions and methodologies
combinations is a complex and judgmental exercise, underpinning the valuations.
requiring the Group to determine the fair value of assets  Involved KPMG valuation specialist to evaluate
acquired and liabilities assumed and consideration the financial parameters applied to the discount
transferred with any resulting differences recognised as rate, identification of the intangible assets,
goodwill or a gain on bargain purchase. valuation methodology used and calculation
rationale.
Due to the materiality of the transactions and the  Assessed the adequacy of the Group’s disclosure
significant judgment and complexities involved in in accordance with Thai Financial Reporting
determining the fair value of assets acquired and Standards.
liabilities assumed, I considered accounting for
business combination as a key audit matter.

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392 Annual Report 2021 (Form 56-1 One-Report)