38 Icon Energy Annual Report 2023 Key Audit Matter How we addressed the Key Audit Matter Rehabilitation provision Refer to Note 10 to the financial statements. Judgement is required in the determination of the rehabilitation provision, including: —assumptions relating to the manner in which rehabilitation will be undertaken; and —scope and quantum of costs, and timing of the rehabilitation activities. Our audit procedures included: ⎯ obtaining an understanding of the key controls management has in place to estimate the rehabilitation provision; ⎯ agreeing rehabilitation cost estimates to underlying support, including reports from management’s external expert; ⎯ assessing the independence, competence and objectivity of the expert used by management; ⎯ confirming the rehabilitation dates are consistent with the expiry of Authority to Prospect (ATP 855) on 1 November 2022; and ⎯ testing the mathematical accuracy of the rehabilitation provision. We also assessed the appropriateness of the disclosures included in Note 10 to the financial statements. Emphasis of Matter We draw attention to Note 21 in the financial report, as a consequence of uncertainties surrounding the renewal of ATP855 potential obligations exist which meet the definition of contingent liabilities as defined in AASB 137 Provisions, Contingent Liabilities and Contingent Assets. Our opinion is not modified in respect of this matter. Other Information The directors are responsible for the other information. The other information obtained at the date of this auditor’s report is information included in the Director’s Report for the year ended 30 June 2023 but does not include the financial report and our auditor’s report thereon. Our opinion on the financial report does not cover the other information and accordingly we do not express any form of assurance conclusion thereon. In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed on the other information obtained prior to the date of this auditor’s report, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Responsibilities of the Directors for the Financial Report The directors of the Company are responsible for the preparation of the financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error. 38 Independent Auditor's Report continued
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