Page 50 - Stellar IAR2015

INDEPENDENT AUDITOR’S REPORTTO THE SHAREHOLDERS OF STELLAR CAPITAL PARTNERS LIMITEDReport on the nancial statementsWe have audited the consolidated and separate nancial statements of Stellar Capital Partners Limited set out on pages 47 to 99, which comprise the statements of nancial position as at 30 November 2015, and the statements of comprehensive income, statements of changes in equity and statements of cash ows for the year then ended, and the notes, comprising a summary of signi cant accounting policies and other explanatory information.Directors’ responsibility for the nancial statementsThe company’s directors are responsible for the preparation and fair presentation of these consolidated and separate nancial 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 sepa- rate nancial statements that are free from material misstatements, whether due to fraud or error.Auditor’s responsibilityOur responsibility is to express an opinion on these consolidated and separate nancial 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 nancial statements are free from material misstatement.An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the nancial state- ments. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstate- ment of the nancial 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 nancial 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 nancial statements.We believe that the audit evidence we have obtained is suf cient and appropriate to provide a basis for our audit opinion.OpinionIn our opinion, the consolidated and separate nancial statements present fairly, in all material respects, the consolidated and separate nancial position of Stellar Capital Partners Limited as at 30 November 2015, and its consolidated and separate nan- cial performance and consolidated and separate cash ows 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 ActAs part of our audit of the consolidated and separate nancial statements for the year ended 30 November 2015, we have read the Directors’ Report, Audit Committee’s Report and Company Secretary’s Certi cate for the purpose of identifying whether there are material inconsistencies between these reports and the audited consolidated and separate nancial statements. These reports are the responsibility of the respective preparers. Based on reading these reports we have not identi ed material inconsistencies between these reports and the audited consolidated and separate nancial statements. However, we have not audited these reports and accordingly do not express an opinion on these reports.GRANT THORNTON CAPE INC.Chartered Accountants (SA) Registered AuditorsImtiaaz HashimPartnerChartered Accountant (SA) Registered AuditorCape Town24 February 201646 | STELLAR CAPITAL PARTNERS