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Tiger Brands Limited Integrated Annual Report
2014
Annual financial statements
Report of the independent auditor
To the shareholders of Tiger Brands
Limited
We have audited the consolidated and separate
financial statements of Tiger Brands Limited as set out
on pages 53, 54,131,132 and 134 to 241, as
well as the directors’ share option scheme detail
within the tables on pages 93 to 98 which comprise
the statements of financial position as at
30 September 2014, the income statements, the
statements of comprehensive income, the statements
of changes in equity and statements of cash flows for
the year then ended, the notes, comprising a
summary of significant accounting policies and other
explanatory information and statutory information.
Directors’ responsibility for the
consolidated financial statements
The company’s directors are responsible for the
preparation and fair presentation of these
consolidated and separate 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 consolidated and separate 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
consolidated and separate 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
consolidated and separate 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, the consolidated and separate financial
statements present fairly, in all material respects, the
consolidated and separate financial position of Tiger
Brands Limited as at 30 September 2014, 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 consolidated and
separate financial statements for the year ended
30 September 2014, we have read the audit
committee’s report and the Company Secretary’s
certificate for the purpose of identifying whether there
are material inconsistencies between these reports
and the audited consolidated and separate 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 consolidated
and separate financial statements. However, we have
not audited these reports and accordingly do not
express an opinion on these reports.
Ernst & Young Inc.
Director – Warren Kenneth Kinnear
Registered Auditor
Chartered Accountant (SA)
102 Rivonia Road, Sandton, 2196
18 November 2014