Grant Thornton Audit Pty Ltd Key audit matters Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial report of the current period. These matters were addressed in the context of our audit of the financial report as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. In addition to the matter described in the Material uncertainty related to going concern section, we have determined the matters described below to be the key audit matters to be communicated in our report. Key audit matter How our audit addressed the key audit matter Carrying value of intangible assets - refer to note 2 (e) (xi) and note 10 At 30 June 2025, the carrying value of intangible assets on the balance sheet included; - $192,154 for the hTERT asset; - $7,141,265 for the NETS asset; and - $1,150,000 for the SubB2M asset. In accordance with AASB 136 Impairment of Assets (AASB 136), management has performed impairment testing on these assets. This as a key audit matter due to the significant judgements and estimation uncertainty in determining the carrying value of these assets. Our procedures included, amongst others: • Updating our understanding of management’s process and controls for assessment of impairment; • Evaluating whether the relevant controls are designed effectively and performing a walkthrough to determine if they have been implemented; • Reviewing management’s assessment of impairment indicators; • Obtaining management’s impairment calculations and, where required evaluating the methodology and assumptions against the requirements of AASB 136; • Challenging the appropriateness of the assumptions used in the models and testing the mathematical accuracy of the calculations; • Validating the appropriateness of management’s analysis of the recoverable amount; and • Evaluating the adequacy of disclosures in the financial statements. Information other than the financial report and auditor’s report thereon The Directors are responsible for the other information. The other information comprises the information included in the Group’s annual report for the year ended 30 June 2025, 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 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, based on the work we have performed, 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: a the financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 (other than the consolidated entity disclosure statement); and b the consolidated entity disclosure statement that is true and correct in accordance with the Corporations Act 2001, and Independent Auditor’s Report continued 64 INOVIQ Limited
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