INDEPENDENT AUDITOR’S REPORT
Independent Auditor’s Report
To the shareholders of Vector Limited
Report on the consolidated financial statements
Opinion In our opinion, the accompanying consolidated financial statements of Vector Limited and its subsidiaries (the “Group”) on pages 77 to 117: i. present fairly in all material respects the Group’s financial position as at 30 June 2017 its financial performance and cash flows for the year ended on that date; and ii. comply with New Zealand equivalents to International Financial Reporting Standards (NZ IFRS) and International Financial Reporting Standards.
We have audited the accompanying consolidated financial statements which comprise: — the consolidated statement of financial position as at 30 June 2017; — the consolidated statement of comprehensive income, statement of changes in equity, and statement of cash flows for the year then ended; and — notes, including a summary of significant accounting policies and other explanatory information.
Basis for opinion
We conducted our Audit in accordance with International Standards on Auditing (New Zealand) (ISA’s (NZ)). We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. We are independent of the Group in accordance with Professional and Ethical Standard 1 (Revised) Code of Ethics for Assurance Practitioners issued by the New Zealand Auditing and Assurance Standards Board and the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code), and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. Our responsibilities under International Standards on Auditing (New Zealand) are further described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements section of our report. Our firm has also provided other services to the Group in relation to regulatory and other assurance services. Subject to certain restrictions, partners and employees of our firm may also deal with the Group on normal terms within the ordinary course of trading activities of the business of the Group. These matters have not impaired our independence as auditor of the Group. The firm has no other relationship with, or interest in, the Group. Materiality The scope of our audit was influenced by our application of materiality. Materiality helped us to determine the nature, timing and extent of our audit procedures and to evaluate the effect of misstatements, both individually and on the consolidated financial statements as a whole. The materiality for the consolidated financial statements as a whole was set at $9.5 million. This was determined with reference to a benchmark of Group profit before tax. We chose profit before tax as the benchmark as the Group is a profit oriented business and in our view, this is a key measure of the of the Group’s performance.
© 2017 KPMG, a New Zealand partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity.
118
Vector://AR 17
Made with FlippingBook Annual report