To the members of Forestry South Africa
We have audited the annual financial statements of Forestry
South Africa, as set out on pages 5 to 14, which comprise the statement of
financial position as at 31 December 2013, and the statement of comprehensive
income, statement of changes in equity and statement of cash flows for the year
then ended, and the notes, comprising a summary of significant accounting
policies and other explanatory information.
Executive Committees' Responsibility for the Annual Financial Statements
The company's directors are responsible for the preparation
and fair presentation of these annual financial statements in accordance with
the International Financial Reporting Standard for Small and Medium-sized
Entities and requirements of the Companies Act 71 of 2008, and for such
internal control as the directors determine is necessary to enable the
preparation of annual financial statements that are free from material
misstatements, whether due to fraud or error.
Our responsibility is to express an opinion on these annual financial
statements based on our audit. We conducted out 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 assurances
whether the annual financial statements are free from material misstatements.
An audit involves performing procedures to obtain audit
evidence about the amounts and disclosures in the annual financial statements.
The procedures selected depend on the auditor's judgement, including the assessment
of the risks of material misstatement of the annual 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 annual 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 annual financial statements.
We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our audit opinion.
In our opinion, the annual financial statements present
fairly, in all material respects, the financial position of Forestry South
Africa as at 31 December 2013, and its financial performance and cash flows for
the year then ended in accordance with the International Financial Reporting
Standard for Small and Medium-sized Entities, and the requirements of the Companies
Act 71 of 2008.
Without qualifying our opinion, we draw attention to the
fact that supplementary information set out on pages 15 to 16 does not form
part of the annual financial statements and is presented as additional
information. We have not audited this information and accordingly do not
express an opinion thereon.
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