Independent auditor’s report
to the members of Wattyl Limited
Report on the financial report and
the AASB 124 Remuneration
disclosures contained in the
directors’ report
We have audited the accompanying
financial report of Wattyl 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 for both Wattyl
Limited and the Wattyl Limited Group (the
consolidated entity). The consolidated
entity comprises the company and the
entities it controlled at the year's end or
from time to time during the financial year.
We have also audited the remuneration
disclosures contained in the directors’
report. As permitted by the Corporations
Regulations 2001, the company has
disclosed information about the
remuneration of directors and executives
(“remuneration disclosures”), required by
Accounting Standard AASB 124 Related
Party Disclosures, under the heading
“remuneration report” in the directors’
report and not in the financial report.
These remuneration disclosures are
identified in the directors’ report as being
subject to audit. The remuneration report
contains information also, for which an
auditors’ opinion is not required and has
not been formed. These disclosures have
been identified as such.
Directors’ responsibility for the
financial report and the AASB 124
Remunerations disclosures contained
in the directors' report
The directors of the company are
responsible for the preparation and fair
presentation of the financial report in
accordance with Australian Accounting
Standards (including the Australian
Accounting Interpretations) and the
Corporations Act 2001. This responsibility
includes establishing and maintaining
internal control 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.
In Note 1 (b), the directors also state, in
accordance with Accounting Standard
AASB 101 Presentation of Financial
Statements, that compliance with the
Australian equivalents to International
Financial Reporting Standards ensures
that the financial report, comprising
the financial statements and notes,
complies with International Financial
Reporting Standards.
The directors of the company are
also responsible for the remuneration
disclosures contained in the directors’
report.
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. Our
responsibility is to also express an opinion
on the remuneration disclosures contained
in the directors’ report based on our audit.
An audit involves performing procedures to
obtain audit evidence about the amounts
and disclosures in the financial report and
the remuneration disclosures contained in
the directors’ report. The procedures
selected depend on the auditor’s
judgement, including the assessment of
the risks of material misstatement of the
financial report and the remuneration
disclosures contained in the directors’
report, whether due to fraud or error. In
making those risk assessments, the
auditor considers internal control relevant
to the entity’s preparation and fair
presentation of the financial report and the
remuneration disclosures contained in the
directors’ 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 control. 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 and the remuneration disclosures
contained in the directors’ report.
Our procedures include reading the other
information in the Annual Report to
determine whether it contains any material
inconsistencies with the financial report.
For further explanation of an audit,
visit our website
http://www.pwc.com/au/financialstate
mentaudit.
Our audit did not involve an analysis of the
prudence of business decisions made by
directors or management.
We believe that the audit evidence we
have obtained is sufficient and appropriate
to provide a basis for our audit opinions.
Independence
In conducting our audit, we have complied
with the independence requirements of the
Corporations Act 2001.
Auditor’s opinion on the financial report
In our opinion:
(a)
the financial report of Wattyl Limited
is in accordance with the Corporation
Act 2001, including:
(i)
giving a true and fair view of the
company’s and consolidated
entity’s financial position as 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 the Corporations Regulations
2001; and
(b)
the consolidated financial statements
and notes also comply with
International Financial Reporting
Standards as disclosed in Note 1(b).
Auditor’s opinion on the AASB 124
Remuneration disclosures contained
in the directors’ report
In our opinion, the remuneration
disclosures contained in the directors’
report and identified as being subject to
audit comply with Accounting Standard
AASB 124.
PricewaterhouseCoopers
Matthew Lunn
Partner
Sydney
22 August 2007
Liability limited by a scheme approved under
Professional Standards Legislation.
Go to top