Page 77 - GMT and GMT Bond Issuer Annual Report 2017 v2

INDEPENDENT AUDITOR’S
KEY AUDIT MATTERS
Key audit matters are those matters that, in our professional judgment, were of most signi cance in our audit of the nancial statements of the current year. The entity obtains funding from the issue of debt securities and on-lends the proceeds to Goodman Property Trust at the same cost. Given the nature of the Company’s operations, we determined that there were no key audit matters to communicate in our report.
INFORMATION OTHER THAN THE FINANCIAL STATEMENTS AND AUDITOR’S REPORT
REPORT
The directors are responsible for the annual report. Our opinion on the nancial statements does not cover the other information included in the annual report and we do not express any form of assurance conclusion on the other information.
To the shareholder of GMT Bond Issuer Limited continued
In connection with our audit of the nancial statements, our responsibility is to read the other information identi ed above and, in doing so, consider whether the other information is materially inconsistent with the nancial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed on the other information that we obtained prior to the date of this auditor’s report, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
RESPONSIBILITIES OF THE DIRECTORS FOR THE FINANCIAL STATEMENTS
The directors are responsible, on behalf of the Company, for the preparation and fair presentation of the nancial statements in accordance with NZ IFRS, and for such internal control as the directors determine is necessary to enable the preparation of nancial statements that are free from material misstatement, whether due to fraud or error.
In preparing the nancial statements, the directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
Our objectives are to obtain reasonable assurance about whether the nancial statements, as a whole, are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs NZ will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to in uence the economic decisions of users taken on the basis of these nancial statements.
As part of an audit in accordance with ISAs (NZ), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
 Identify and assess the risks of material misstatement of the nancial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is suf cient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
 Obtain an understanding of internal control relevant to the audit 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’s internal control.
 Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
 Conclude on the appropriateness of the use of the going concern basis of accounting by the directors and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast signi cant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the nancial statements or, if such disclosures are inadequate, to modify our auditor’s opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.
75 INDEPENDENT AUDITOR’S REPORT
TO THE SHAREHOLDER OF GMT BOND ISSUER LIMITED
AUDIT SCOPE
We designed our audit by assessing the risks of material misstatement in the nancial statements and our application of materiality. As in all of our audits, we also addressed the risk of management override of internal controls including among other matters, consideration of whether there was evidence of bias that represented a risk of material misstatement due to fraud.
We tailored the scope of our audit in order to perform suf cient work to enable us to provide an opinion on the nancial statements as a whole, taking into account the structure of the Company, the accounting processes and controls, and the industry in which the Company operates.
GMT BOND ISSUER LIMITED ANNUAL REPORT 2017 FINANCIAL STATEMENTS