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Independent audit report to members of Meat & Livestock Australia Limited
We have audited the accompanying
financial report of Meat & Livestock Australia
Limited (the company), which comprises
the balance sheet as at 30 June 2007, and the income statement, statement of
recognised income and expense, and cash
flow statement for the year ended on that date, a summary of significant accounting
policies, other explanatory notes and the
directors’ declaration of the consolidated entity comprising the company and
the entities it controlled at the year’s end or from
time to time during the financial year.
DIRECTORS’ RESPONSIBILITY FOR THE FINANCIAL REPORT
The directors of the company are responsible for the preparation and fair
presentation of the financial report in accordance
with the Australian Accounting Standards (including the Australian Accounting
Interpretations) and the Corporations Act 2001.
This responsibility includes establishing and maintaining internal controls
relevant to the preparation and fair presentation of
the financial report that is free from material misstatement, whether due to
fraud or error; selecting and applying appropriate
accounting policies; and making accounting estimates that are reasonable in
the circumstances.
AUDITOR’S RESPONSIBILITY
Our responsibility is to express an opinion on the financial report based
on our audit. We conducted our audit in accordance
with Australian Auditing Standards. These Auditing Standards require that we
comply with relevant ethical requirements relating
to audit engagements and plan and perform the audit to obtain reasonable assurance
whether the financial report is free from
material misstatement.
An audit involves performing procedures to obtain audit evidence about the
amounts and disclosures in the financial report.
The procedures selected depend on our judgment, including the assessment of
the risks of material misstatement of the
financial report, whether due to fraud or error. In making those risk assessments,
we consider internal controls relevant to the
entity’s preparation and fair presentation of the financial report in order
to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness
of the entity’s internal controls. An audit
also includes evaluating the appropriateness of accounting policies used and
the reasonableness of accounting estimates
made by the directors, as well as evaluating the overall presentation of the
financial report.
We believe that the audit evidence we have obtained is sufficient and appropriate
to provide a basis for our audit opinion.
INDEPENDENCE
In conducting our audit we have met the independence requirements of the Corporations
Act 2001. We have given to the
directors of the company a written Auditor’s Independence Declaration, a copy
of which is included in the directors’ report.
In addition to our audit of the financial report, we were engaged to undertake
the services disclosed in the notes to the
financial statements. The provision of these services has not impaired our
independence.
AUDITOR’S OPINION
In our opinion:
1. the financial report of Meat & Livestock Australia Limited is in accordance
with:
(a) the Corporations Act 2001, including:
(i)
giving a true and fair view of the financial position of Meat & Livestock
Australia Limited and the consolidated entity
at 30 June 2007 and of their performance for the year ended on that date; and
(ii)
complying with Australian Accounting Standards (including the Australian Accounting
Interpretations); and
(b) other mandatory financial reporting requirements in Australia.
Ernst & Young Brian R. Blood Sydney
Partner 13 September 2007
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