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REPORT ON THE FINANCIAL REPORT
We have audited the accompanying financial report of BWP Trust
(the Trust), which comprises the statement of financial position
as at 30 June 2016, and the statement of profit and loss and
other comprehensive income, statement of changes in equity and
statement of cash flows for the year ended on that date, notes 1 to
18 comprising a summary of significant accounting policies and
other explanatory information and the directors’ declaration.
Directors’ responsibility for the financial report
The directors of the BWP Management Limited (the Responsible
Entity) are responsible for the preparation of the financial report
that gives a true and fair view in accordance with Australian
Accounting Standards and the
Corporations Act 2001
and for
such internal control as the directors determine is necessary to
enable the preparation of the financial report that is free from
material misstatement, whether due to fraud or error. On page 32,
the directors also state, in accordance with Australian Accounting
Standard AASB 101
Presentation of Financial Statements
, that the
financial statements comply with International Financial Reporting
Standards.
Auditor’s responsibility
Our responsibility is to express an opinion on the financial report
based on our audit. We conducted our audit in accordance with
Australian Auditing Standards. These Auditing Standards require
that we comply with relevant ethical requirements relating to audit
engagements and plan and perform the audit to obtain reasonable
assurance whether the financial report is free from material
misstatement.
An audit involves performing procedures to obtain audit evidence
about the amounts and disclosures in the financial report. The
procedures selected depend on the auditor’s judgement, including
the assessment of the risks of material misstatement of the
financial report, whether due to fraud or error. In making those risk
assessments, the auditor considers internal control relevant to the
entity’s preparation of the financial report that gives a true and fair
view 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 entity’s internal control. An audit also
includes evaluating the appropriateness of accounting policies
used and the reasonableness of accounting estimates made by
the directors of the Responsible Entity, as well as evaluating the
overall presentation of the financial report.
We performed the procedures to assess whether in all material
respects the financial report presents fairly, in accordance with the
Corporations Act 2001
and Australian Accounting Standards, a
true and fair viewwhich is consistent with our understanding of the
Trust’s financial position and of its performance.
We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion.
Independence
In conducting our audit, we have complied with the independence
requirements of the
Corporations Act 2001
.
Auditor’s opinion
In our opinion:
(a) the financial report of BWP Trust is in accordance with the
Corporations Act 2001
, including:
(i) giving a true and fair view of the Trust’s financial position as at
30 June 2016 and of its performance for the year ended on
that date; and
(ii) complying with Australian Accounting Standards and the
Corporations Regulations 2001
.
(c) the financial report also complies with International Financial
Reporting Standards as disclosed on page 32.
KPMG
Grant Robinson
Perth, 4 August 2016
Partner
INDEPENDENTAUDITOR’S REPORT
TO THE UNITHOLDERS OF BWPTRUST
FOR THE YEAR ENDED 30 JUNE 2016
BWP Trust Annual Report 2016
50
Financial Report