8 1
Tainui Group Holdings
Annual Report
2012
8 1
Tainui Group Holdings
Annual Report
2012
Report on the Financial Statements
We have audited the fnancial statements of Tainui Group Holdings Limited on
which comprise the statements
of fnancial position as at 31 March 2012, the statements of comprehensive income and statements of changes in equity and
cash fow statements for the year then ended, and the notes to the fnancial statements that include a summary of signifcant
accounting policies and other explanatory information for both the Company and the Group. The Group comprises the
Company and the entities it controlled at 31 March 2012 or from time to time during the fnancial year.
Directors’ Responsibility for the Financial Statements
The Directors are responsible for the preparation of these fnancial statements in accordance with generally accepted
accounting practice in New Zealand and that give a true and fair view of the matters to which they relate and for such internal
controls as the Directors determine are necessary to enable the preparation of fnancial statements that are free from material
misstatement, whether due to fraud or error.
Auditors’ Responsibility
Our responsibility is to express an opinion on these fnancial statements based on our audit. We conducted our audit in
accordance with International Standards on Auditing (New Zealand) and International Standards on Auditing. These standards
require that we comply with relevant ethical requirements and plan and perform the audit to obtain reasonable assurance about
whether the fnancial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the fnancial
statements. The procedures selected depend on the auditors’ judgement, including the assessment of the risks of material
misstatement of the fnancial statements, whether due to fraud or error. In making those risk assessments, the auditors consider
the internal controls relevant to the Company and Group’s preparation of fnancial statements that give a true and fair view of
the matters to which they relate, 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 Company and Group’s internal control. An audit also includes
evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates, as well as
evaluating the overall presentation of the fnancial statements.
We believe that the audit evidence we have obtained is suffcient and appropriate to provide a basis for our audit opinion.
We have no relationship with, or interests in, Tainui Group Holdings Limited or any of its subsidiaries other than in our capacity
as auditors and providers of other assurance services. These services have not impaired our independence as auditors of the
Company and the Group.
Opinion
In our opinion, the fnancial statements on
(i) comply with generally accepted accounting practice in New Zealand;
(ii) give a true and fair view of the fnancial position of the Company and the Group as at 31 March 2012, and their fnancial
performance and cash fows for the year then ended.
Report on Other Legal and Regulatory Requirements
We also report in accordance with Sections 16(1)(d) and 16(1)(e) of the Financial Reporting Act 1993. In relation to our audit of
the fnancial statements for the year ended 31 March 2012:
(i) we have obtained all the information and explanations that we have required; and
(ii) in our opinion, proper accounting records have been kept by the Company as far as appears from an examination of those
records.
Restriction on Distribution or Use
This report is made solely to the Company’s shareholder, as a body, in accordance with Section 205(1) of the Companies
Act 1993. Our audit work has been undertaken so that we might state to the Company’s shareholder those matters which we
are required to state to them in an auditors’ report and for no other purpose. To the fullest extent permitted by law, we do not
accept or assume responsibility to anyone other than the Company and the Company’s shareholder, as a body, for our audit
work, for this report or for the opinions we have formed.
Independent Auditors’ Report
to the shareholder of Tainui Group
Holdings Limited
Chartered Accountants
Auckland
22 June 2012