IOOF  | Annual Report 2012 Report on the financial report Independent auditor’s report to the members of IOOF Holdings Ltd We have audited the accompanying financial report of IOOF Holdings Ltd (the Company), which comprises the statements of financial  position as at 30 June 2012, and statements of comprehensive income, statements of changes in equity and statements of cash  flows for the year ended on that date, notes 1 to 41 comprising a summary of significant accounting policies and other explanatory  information and the directors’ declaration of the company and the Group comprising the company and the entities it controlled at the  year’s end or from time to time during the financial year. 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 and the  Corporations Act 2001  and for such internal control as the directors determine is  necessary to enable the preparation of the financial report that is free from material misstatement whether due to fraud or error. In  note 2(a), the directors also state, in accordance with Australian Accounting Standard AASB 101  Presentation of Financial Statements , that  the financial statements of the Group comply with International Financial Reporting Standards. 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. These Auditing Standards require that we comply with relevant ethical requirements relating to audit  engagements and plan and perform the audit to obtain reasonable assurance 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 performed the procedures to assess whether in all material respects the financial report presents fairly, in accordance with the  Corporations Act 2001  and Australian Accounting Standards, a true and fair view which is consistent with our understanding of the  Company’s and the Group’s financial position and of their performance.  We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. KPMG, an Australian partnership and a member firm of the  KPMG network of independent member fims affiliated with  KPMG International Cooperative (“KPMG International”),  a Swiss entity. Liability limited by a scheme approved under Professional Standards Legislation. page 53 Auditor’s responsibility Directors’ responsibility for the financial report Independent auditor’s repor t For the year ended 30 June 2012