Racing Australia Annual Report 2016

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RACING AUSTRALIA ANNUAL REPORT 2016

INDEPENDENT AUDITOR’S REPORT

Racing Australia Limited

| ACN 105 994 330 and Controlled Entities | Annual Report for the Financial Year Ended 30 June 2016

The accompanying notes form part of these financial statements.

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF RACING AUSTRALIA

LIMITED AND CONTROLLED ENTITIES

Report on the Financial Report

We have audited the accompanying financial report on pages

of Racing Australia

Limited (the Company), which comprises the statement of financial position as at 30 June

2016, the statement of profit or loss and other comprehensive income, statement of changes in

equity and statement of cash flows for the year then ended, notes comprising a summary of

significant accounting policies and other explanatory information, and the directors’ declaration

of the company and the consolidated entity comprising the company and the entities it

controlled at the year’s end or from time to time during the financial year.

Directors’ Responsibility for the Financial Report

The directors of the company are responsible for the preparation of the financial report that

gives a true and fair view in accordance with Australian Accounting Standards – Reduced

Disclosure Requirements and the

Corporations Act 2001

and for such internal control as the

directors determine is necessary to enable the preparation of a financial report that is free from

material misstatement, whether due to fraud or error.

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. Those standards

require that we comply with relevant ethical requirements and plan and perform the audit to

obtain reasonable assurance about 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, as well as evaluating the

overall presentation of the financial report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a

basis for our audit opinion.