Independent auditor's report
To the shareholders of Bid Corporation Limited
Report on the financial statements
We have audited the consolidated and separate financial statements of Bid Corporation Limited, which comprise the consolidated and separate statements of financial position as at June 30 2016, and the consolidated and separate statements of profit or loss, consolidated statement of other comprehensive income, consolidated and separate statement of changes in equity, consolidated and separate statement of cash flows and the consolidated segmental analysis for the year then ended, and the notes to the financial statements which include a summary of significant accounting policies and other explanatory notes and the directors’ remuneration.
Directors’ responsibility for the financial statements
The company’s directors are responsible for the preparation and fair presentation of these financial statements in accordance with International Financial Reporting Standards and the requirements of the Companies Act of South Africa, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
Auditor’s responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements 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 management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, these financial statements present fairly, in all material respects, the consolidated and separate financial position of Bid Corporation Limited as at June 30 2016, and its consolidated and separate financial performance and consolidated and separate cash flows for the year then ended in accordance with International Financial Reporting Standards and the requirements of the Companies Act of South Africa.
Other reports required by the Companies Act
As part of our audit of the financial statements for the year ended June 30 2016, we have read the directors’ report, the audit and risk committee report and the declaration by company secretary for the purpose of identifying whether there are material inconsistencies between these reports and the audited financial statements. These reports are the responsibility of the respective preparers. Based on reading these reports we have not identified material inconsistencies between these reports and the audited financial statements. However, we have not audited these reports and accordingly do not express an opinion on these reports.
Report on other legal and regulatory requirements
In terms of the Independent Regulatory Board of Auditors’ rule published in Government Gazette number 39475, dated December 4 2015, we report that KPMG Inc. was appointed for the first time as auditors for the year then ended June 30 2016.
KPMG Inc.
Registered auditors
Per Mohammed Hassan
Chartered Accountant (SA)
Director
October 7 2016
KPMG Crescent
85 Empire Road
Parktown
2193
(Private Bag 9, Parkview, 2122)