Page 76 - GMT and GMT Bond Issuer Annual Report 2017 v2

INDEPENDENT AUDITOR’S
OUR OPINION
In our opinion the nancial statements of GMT Bond Issuer Limited (the Company), present fairly, in all material respects, the nancial position of the Company as at 31 March 2017, its nancial performance and its cash ows for the year then ended in accordance with New Zealand Equivalents to International Financial Reporting Standards (NZ IFRS).
BASIS FOR OPINION
REPORT
We conducted our audit in accordance with International Standards on Auditing (New Zealand) (ISAs NZ). Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the nancial statements section of our report.
We believe that the audit evidence we have obtained is suf cient and appropriate to provide a basis for our opinion.
To the shareholder of GMT Bond Issuer Limited
We are independent of the Company in accordance with Professional and Ethical Standard 1 (Revised) Code of Ethics for Assurance Practitioners (PES 1) 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 ful lled our other ethical responsibilities in accordance with these requirements.
Our rm carries out other services for the Company in the areas of other assurance related services. The provision of these other services has not impaired our independence as auditor of the Company.
OUR AUDIT APPROACH
Overview
An audit is designed to obtain reasonable assurance whether the financial statements are free from material misstatement. For the purpose of our audit, we used a threshold for overall materiality of $110,000.
We have not identified any key audit matters from our audit given the nature of the entity. Refer to the Key audit matters section of our report.
Materiality
The scope of our audit was in uenced by our application of materiality.
Based on our professional judgement, we determined certain quantitative thresholds for materiality, including the overall materiality for the nancial statements as a whole as set out above. These, together with qualitative considerations, helped us to determine the scope of our audit and the nature, timing and extent of our audit procedures and to evaluate the effect of misstatements, both individually and in the aggregate on the nancial statements as a whole.
The nancial statements comprise:
 the balance sheet as at 31 March 2017;
 the statement of pro t or loss for the year then ended;
 the statement of cash ows for the year then ended;
 the statement of changes in equity for the year then ended; and
 the notes to the nancial statements, which include signi cant accounting policies.
Overall materiality How we determined it
Rationale for the materiality benchmark applied
$110,000
1% of interest expense.
We applied this benchmark because, in our view, it is the metric against which the performance of the Company is most commonly measured.
GMT BOND ISSUER LIMITED ANNUAL REPORT 2017 FINANCIAL STATEMENTS
74 INDEPENDENT AUDITOR’S REPORT
TO THE SHAREHOLDER OF GMT BOND ISSUER LIMITED