Annual Integrated Report 2019

Independent auditor’s report To the shareholders of Bid Corporation Limited Report on the audit of the consolidated and separate financial statements Our opinion In our opinion, the consolidated and separate financial statements present fairly, in all material respects, the consolidated and separate financial position of Bid Corporation Limited (the company) and its subsidiaries (together the group) as at 30 June 2019, and its consolidated and separate financial performance and its 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. What we have audited Bid Corporation Limited’s consolidated and separate financial statements set out on pages 88 to 165 comprise: • • the consolidated statement of financial position as at 30 June 2019; • • the consolidated statement of profit or loss for the year then ended; • • the consolidated statement of other comprehensive income for the year then ended; • • the consolidated statement of cash flows for the year then ended; • • the consolidated statement of changes in equity for the year then ended; • • the notes to the consolidated financial statements, which include a summary of significant accounting policies: • • the separate statement of financial position as at 30 June 2019; • • the separate statement of comprehensive income for the year then ended; • • the separate statement of changes in equity for the year then ended; • • the separate statement of cash flows for the year then ended; and • • the notes to the separate financial statements, which include a summary of significant accounting policies. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the consolidated and separate financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence We are independent of the group in accordance with sections 290 and 291 of the Independent Regulatory Board for Auditors’ Code of Professional Conduct for Registered Auditors (revised January 2018) , parts 1 and 3 of the Independent Regulatory Board for Auditors’ Code of Professional Conduct for Registered Auditors (revised November 2018) (together the IRBA Codes) and other independence requirements applicable to performing audits of financial statements in South Africa. We have fulfilled our other ethical responsibilities, as applicable, in accordance with the IRBA Codes and in accordance with other ethical requirements applicable to performing audits in South Africa. The IRBA Codes are consistent with the corresponding sections of the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants and the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (including International Independence Standards) respectively. Our audit approach Overview Overall group materiality • • Overall group materiality: R317 million, which represents 5% of the consolidated profit before taxation from continuing operations. Group audit scope • • Full scope audits were performed over all financially significant components. • • Specified audit procedures were performed on certain account balances and transactions of three non-significant components to obtain sufficient and appropriate audit evidence to express an opinion on the consolidated financial statements as a whole. • • Our scoping provided audit work over more than: – 90% of revenue – 75% of profit before tax (on an absolute value basis) – 70% of non-current assets – 85% of current assets Key audit matters • • Goodwill impairment assessment • • Assessment of agent versus principal and the impact on revenue recognition 82 / Bid Corporation Limited Annual integrated report 2019