Page 55 - Honeywell Annual Report 2021 comm 10 09 v17a.cdr

Report of the Independent Auditors
To the Members of Honeywell Flour Mills Plc

Report on the Audit of the Financial Statements
We have audited the financial statements of Honeywell Flour Mills Plc (the company) set out from page 59 - 100,
which comprise the statement of financial position as at March 31, 2021, and the statement of profit or loss and
other comprehensive income, statement of changes in equity and statement of cash flows for the year then ended,
and notes to the financial statements, including a summary of significant accounting policies.

Opinion
In our opinion, the financial statements give a true and fair view, in all material respects, of the financial position of
Honeywell Flour Mills Plc as at March 31, 2021, and its financial performance and cash flows for the year then ended
in accordance with International Financial Reporting Standards and the requirements of the Companies and Allied
Matters Act 2020.

Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing. Our responsibilities under those
standards are further described in the Auditor's Responsibilities for the Audit of the financial statements section

of our report. We are independent of the company in accordance with the International Ethics Standards Board
for Accountants' International Code of Ethics for Professional Accountants (including International
Independence Standards) (Parts 1 and 3) (IESBA Code) and other independence requirements applicable to
performing audits of financial statements in Nigeria. We have fulfilled our other ethical responsibilities in
accordance with the IESBA Code and in accordance with other ethical requirements applicable to performing
audits in Nigeria. We believe that the audit evidence we have obtained is sufficient and appropriate to provide
a basis for our opinion.

Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the
financial statements of the current period. These matters were addressed in the context of our audit of the financial
statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these
matters.

56 HONEYWELL FLOUR MILLS | ANNUAL REPORT | 2021 World of Possibilities