Auditor’s Report Droughtmaster Stud Breeders’ Society Limited For the year ended 31 March 2020
Report on the Financial Report I
have
audited
the
with
accompanying
financial
Australian
Auditing
Standards.
These
Auditing Standards require that I comply with
report of Droughtmaster Stud Breeders Society
relevant
Ltd which comprises the statement of financial
ethical
position as at 31 March 2020 and the statement
engagements and plan and perform the audit to
of comprehensive income for the year ended on
obtain reasonable assurance whether the financial
that date, a summary of significant accounting
report is free from material misstatement.
policies,
An audit involves performing procedures to
other
explanatory
notes
and
the
directors’ declaration.
obtain
Directors Responsibility for the Financial Report
requirements
audit
evidence
relating
about
to
the
audit
amounts
and disclosures in the financial report. The procedures selected depend on the auditor’s judgment, including the assessment of the risks
The directors of the company are responsible
of material misstatement of the financial report,
for the preparation and fair presentation of the
whether due to fraud or error. In making those
financial report and
risk assessments, the auditor considers internal
have determined that the accounting policies
control relevant to the entity’s preparation and
described in Note 1 to the financial statements,
fair presentation of the financial report in order
which form part of the financial report, are
to design audit
appropriate to meet the requirements of the
procedures
Corporations Act 2001 and are appropriate to
circumstances, but not for the purpose of
meet the needs of the members.
expressing an opinion on the effectiveness of the
The
directors’
responsibility
designing,implementing
and
that
are
appropriate
in
the
includes
entity’s internal control. An audit also includes
maintaining
evaluating the appropriateness of accounting
internal control relevant to the preparation and
policies used and the reasonableness of
fair presentation of the financial report that
accounting estimates made by the directors, as
is free from material misstatement, whether
well as evaluating the overall presentation of the
due to fraud or error; selecting and applying
financial report.
appropriate accounting policies; and making
The financial report has been prepared for
accounting estimates that are reasonable in the circumstances.
Auditor‘s Responsibility
distribution to members for the purpose of fulfilling the directors’ financial reporting under the
Corporations
Act
2001.
I
disclaim
any
assumption of responsibility for any reliance on
My responsibility is to express an opinion on the
this report or on the financial report to which it
financial report based on my audit. No opinion is
relates to any person other than the members,
expressed as to whether
or for any purpose other than that for which it
the accounting policies used, as described in
was prepared. I believe that the audit evidence
Note 1, are appropriate to meet the needs of the
I have obtained is sufficient and appropriate to
members. I conducted my audit in accordance
provide a basis for my audit opinion. 2020 ANNUAL REPORT 25
