Integral Investment Service

Transcription

1 For the Financial Year ended 30 June Auditor's Report and Directors' Declaration to Members 09

2 Important Information The Operator of the is Plan B Trustees Limited. It has issued the Auditor's Report and Directors' Declaration to Members and is a member of the Plan B Group of Companies. Plan B Trustees Limited holds an Australian Financial Services Licence (AFSL ) that permits it to provide a custodial or depository service (that is, an IDPS).

3 Table of contents Auditor's Review 02 Auditor's Report 05 Directors' Declaration 09

4 Auditor's Review Independent review report by the auditor to the Board of Directors of Plan B Trustees Limited on the specified annual investor statements for the year ended 30 June We have reviewed the annual investor statements given to the clients of (the clients) for the year ended 30 June 2009 prepared by Plan B Trustees Limited (the Operator). 2 Directors responsibility for the annual investor statements The directors and management of the Operator are responsible for the annual investor statements of the clients, which comprise for each client a statement of the quantity and value of assets and liabilities held through the Operator by the client as at 30 June 2009 and the corresponding revenue and expenses of the client for the year ended on that date. The directors assertions about the controls over the annual investor statements are included in the attached Declaration. The directors of the Operator have determined that the accounting policies used and described in statement of accounting policy (the specified basis of preparation), including the basis of accounting, are appropriate to meet the requirements of Australian Securities and Investments Commission Class Order 02/294 Investor directed portfolio services (as amended). We express no opinion as to whether the specified basis of preparation is appropriate to the needs of the clients. Auditor s responsibility Our responsibility is to express a conclusion on the annual investor statements in order to state whether, on the basis of the procedures described below, anything has come to our attention that would indicate that any annual investor statement given to any client is materially misstated or is not presented in accordance with the specified basis of preparation.

5 Auditor's Review We have performed our work in accordance with Standard on Assurance Engagements ASAE 3000 Assurance Engagements Other than Audits or Reviews of Historical Financial Information and other auditing standards applicable to internal controls engagements. A review is limited primarily to enquiries of the Operator s personnel and analytical procedures. We have also performed an independent audit of internal controls and other relevant accounting procedures of the Operator, including those over its custodian and any other relevant person acting on behalf of the Operator as they relate to the preparation of the annual investor statements (the internal controls) and have issued a separate unqualified audit opinion to provide reasonable, but not absolute, assurance that the internal controls implemented by the Operator were suitably designed and operated effectively to ensure that there are no material misstatements in the clients annual investor statements for the year ended 30 June 2009 and that these annual investor statements are presented in accordance with the specified basis of preparation. Inherent limitations Because of the inherent limitations in any internal control structure it is possible that fraud, error, or non-compliance with laws and regulations may occur and not be detected. Further, the internal control structure, within which the internal controls that we have reviewed operate, has not been reviewed and no view is expressed as to its effectiveness. 3 A review is not designed to detect all weaknesses in control procedures as it is not performed continuously throughout the period and the tests performed are on a sample basis. Also, a review does not provide all the evidence that would be required in an audit, thus the level of assurance provided is less than given in an audit. We have not performed an audit of any individual annual investor statement and, accordingly, we do not express an audit opinion in relation to any client s individual annual investor statement.

6 Auditor's Review Any projection of the evaluation of control procedures to future periods is subject to the risk that the procedures may become inadequate because of changes in conditions, or that the degree of compliance with them may deteriorate. This report has been prepared to meet the requirements of Australian Securities and Investments Commission Class Order 02/294 Investor directed portfolio services (as amended). No responsibility will be accepted for any reliance on this report for any other purpose. 4 We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion. Conclusion Based on our review, which is not an audit, nothing has come to our attention that causes us to believe that any annual investor statement for the year ended 30 June 2009 given to any client is materially misstated or is not presented in accordance with the specified basis of preparation. KPMG Perth 21st day of September 2009

7 Auditor's Report Independent audit report by the auditor to the Board of Directors of Plan B Trustees Limited on internal controls and other relevant accounting procedures as they relate to the specified annual investor statements for the year ended 30 June We have audited the internal controls and other relevant accounting procedures of which were established by Plan B Trustees Limited (the Operator), including those over its custodian and any other relevant person acting on behalf of the Operator, relating to the preparation of annual investor statements given to the clients of (the clients) for the year ended 30 June These internal controls and accounting procedures are hereafter referred to as the internal controls. Directors responsibility The directors and management of the Operator are responsible for establishing and maintaining an effective internal control structure, including the internal controls in relation to the preparation of annual investor statements of the clients, which comprise for each client a statement of the quantity and value of assets and liabilities held through the Operator by the client as at 30 June 2009 and the corresponding revenue and expenses of the client for the year ended on that date. The directors assertions about the design and operating effectiveness of the internal controls and other relevant accounting procedures in relation to the accounting and reporting of assets, liabilities, revenue and expenses are included in the attached Directors Declaration dated 21 September The directors of the Operator have determined that the accounting policies used and described in the Statement of Accounting Policy (the specified basis of preparation), including the basis of accounting, are appropriate to meet the requirements of the Class Order. We express no opinion as to whether the specified basis of preparation is appropriate to the needs of the clients.

8 Auditor's Report 6 Auditor s responsibility Our responsibility is to express an opinion on the design of the internal controls set out in the Management Report on Internal Controls dated 30 June 2009 (the Report) to meet the criteria specified in Australian Securities and Investments Commission Class Order 02/294 Investor directed portfolio services (as amended) (the Class Order) and the effectiveness of those specified controls in mitigating the risk of material misstatement in the clients annual investor statements. We have performed our work in accordance with Standard on Assurance Engagements ASAE 3000 Assurance Engagements Other than Audits or Reviews of Historical Financial Information and other auditing standards applicable to internal controls engagements and accordingly included such tests and procedures as we considered necessary in the circumstances. These procedures included testing that the aggregates of assets (other than assets held by a client), liabilities, revenue and expenses shown collectively in the annual investor statements were properly reconciled in all material respects by the Operator as at 30 June 2009 to the corresponding amounts shown in reports prepared by the custodian which have been independently audited. These procedures have been undertaken to express an opinion whether: the Operator maintained internal controls and other relevant accounting procedures in relation to the preparation of annual investor statements, including those over its custodian and any other relevant person acting on behalf of the Operator, that were suitably designed and operated effectively in all material respects to provide reasonable but not absolute assurance to ensure that the annual investor statements for the year ended 30 June 2009 are or have been given to clients without material misstatements; and

9 Auditor's Report the aggregates of assets (other than assets held by a client), liabilities, revenue and expenses shown in the clients annual investor statements for the year ended 30 June 2009 have been properly reconciled in all material respects by the Operator as at 30 June 2009 to the corresponding amounts shown in the reports prepared by the custodian which have been independently audited. This report has been prepared to meet the requirements of Australian Securities and Investments Commission Class Order 02/294 Investor directed portfolio services (as amended). No responsibility will be accepted for any reliance on this report for any other purpose. Inherent limitations Because of the inherent limitations in any internal control structure it is possible that fraud, error or non-compliance with laws and regulations may occur and not be detected. Further, the internal control structure, within which the control procedures that we have audited operate, has not been audited and no opinion is expressed as to its effectiveness. An audit is not designed to detect all weaknesses in control procedures as it is not performed continuously throughout the period and the tests performed are on a sample basis. Any projection of the evaluation of control procedures to future periods is subject to the risk that the procedures may become inadequate because of changes in conditions, or that the degree of compliance with them may deteriorate. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. 7

10 Auditor's Report 8 Auditor s opinion In our opinion: the Operator maintained internal controls and other relevant accounting procedures in relation to the preparation of annual investor statements, including those over its custodian and any other relevant person acting on behalf of the Operator, that were suitably designed and operated effectively, in all material respects, to provide reasonable but not absolute assurance that the annual investor statements for the year ended 30 June 2009 are or have been given to clients without material misstatements in accordance with the specified basis of preparation; and the aggregates of assets (other than assets held by a client), liabilities, revenue and expenses shown in the clients annual investor statements for the year ended 30 June 2009 have been properly reconciled in all material respects by the Operator as at 30 June 2009 to the corresponding amounts shown in reports prepared by the custodian which have been independently audited. KPMG Perth 21st day of September 2009

11 Directors' Declaration Directors declaration concerning annual investor statements As the directors of Plan B Trustees Limited, the operator of, we are responsible for establishing and maintaining an effective internal control structure including internal control policies and procedures for accounting and reporting of assets, liabilities, revenue and expenses under management of, and for the declarations and assertions in this report. In carrying out this responsibility, we have had regard to the interests of the clients and the owners of the business, and to the general effectiveness and efficiency of the operations of the business. The control objectives for accounting and reporting of assets, liabilities, revenues and expenses under management operations and the specific policies and procedures established to meet each of these objectives have been documented and are available upon request. These policies and procedures have been in place throughout the period from 1 July 2008 to 30 June 2009, and have been effective in meeting the control objectives set out. We are not aware of any material misstatements of any annual investor statements. The aggregate of assets (other than assets held by the client), liabilities, revenue and expenses shown in the clients annual investor statements have been properly reconciled to the reports prepared by the custodian that have been independently audited. We have determined that the accounting policies used and described in the Statement of Accounting Policy (the specified basis of preparation), including the basis of accounting, are appropriate to meet the requirements of Australian Securities and Investments Commission Class Order 02/294 Investor directed portfolio services (as amended) and the needs of the clients. 9

12 Directors' Declaration This directors declaration accompanies both the independent audit opinion by the auditor to the Board of Directors of Plan B Trustees Limited on internal controls and other relevant accounting procedures for the year ended 30 June 2009 and the independent review report by the auditor to the Board of Directors of Plan B Trustees Limited on the specified annual investor statements for the year ended 30 June Signed in accordance with a resolution of the directors of Plan B Trustees Limited, the operator of : 10 G N Reynolds Director Plan B Trustees Limited Perth 21st day of September 2009

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15 /integral:/ adjective. necessary to the completeness of the whole.

16 Plan B Trustees Limited ABN Australian Financial Services Licence No Level 28 Central Park St Georges Tce Perth Western Australia Telephone (08) Facsimile (08) Postal Address PO Box 7008 Cloisters Square Perth WA 6850 Client Enquiries Telephone info@integralonline.com.au