Go to top of page

Independent Auditor's Report

 Consolidated Statement of Comprehensive Income; Consolidated Statement of Financial Position; Consolidated Statement of Changes in Equity; Consolidated Statement of Cash Flows; Notes to the consolidated financial statements, comprising a Summary of Significant Accounting Policies and other explanatory information; and Directors’ Declaration. Basis for opinion I conducted my audit in accordance with the Australia National Audit Office Auditing Standards, which incorporate the Australia Auditing Standards. My responsibilities under those standards are further described in the Auditor’s Responsibilities for the audit of the Financial Report section of my report. I am independent of the consolidated entity in accordance with the auditor independence requirements of the Corporations Act 2001 and the relevant ethical requirements for financial report audits conducted by the Auditor-General and his delegates. These include the relevant independence requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (the Code) to the etent that they are not in conflict with the Auditor-General Act 1997. I have also fulfilled my other responsibilities in accordance with the Code. I confirm that the independence declaration required by the Corporations Act 2001, which has been given to the directs of ASC Pty Ltd, would be in the same terms if given to the directors as at the time of this auditor’s report. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion. Other information The directors are responsible for the other information. The other information comprises the information included in the annual report for the year ended 30 June 2019, but does not include the financial report and my auditor’s report thereon. My opinion on the financial report does not cover the other information and accordingly I do not express any form of assurance conclusion thereon. In connection with my audit of the financial report, my responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with
Independent Auditor's Report page 1

 Identiry and assess the risks of material misstatement of the financial report, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for my opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as faud 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 consolidated entity’s internal control. Evaluation the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exits related to evennts or conditions that may cast significant doubt on the consolidated entity’s ability to continue as a going concern. If I concolude that a merail uncertainty exists, I am required to draw attention I my auditor’s report to the related disclosures in the financial report or, if such disclsures are inadequate, to modify my opinion. My conclusions are based on the audit evidence obtained up to the date of my auditor’s report. However, future events or conditions may cause the consolidated entity to cease to continue as a going concern. Evaluate the overall presenation, structure an dcontent of the financial report, including the disclosures, and whether the financial report represents the underlying transactions and events in a manner tha achieves fair presentation. Obtain sufficien appropriate audit evidence regarding the financial informaiton of the entities or business activities within the consolidated entity to express an opinion on the financial report. I am responsible for the direction, supervision and performance of the consolidated entity audit. I remain solely responsible fo my audit opinion. I communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit an dsignifican audit findings, including any significatn deficiencies in internal control that I identiry during my audit.
Independent Auditor's Report page 2

I also provide the directors with a statement that I have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on my independence, and where applicable, related safeguards Australian National Audit Office Carla Jago Group Executive Director Delegate of the Auditor-General Canberra 25 September 2019
Independent Auditor's Report page 3