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Wool Stocktake : AWI Annual Report 2015-16
REPORT ON COMPLIANCE WITH THE SFA As a demonstration of AWI’s transparency and good governance, AWI is including in this annual report, the report below by PricewaterhouseCoopers regarding AWI’s compliance with the Statutory Funding Agreement between the Commonwealth of Australia and AWI, and the efficacy of AWI’s accounting systems, processes and controls during the 2015/16 financial year. To the Directors of Australian Wool Innovation Limited Report on compliance with the Statutory Funding Agreement We have performed assurance procedures with regards to the compliance and operating effectiveness of Australian Wool Innovation Limited (the Company) with the requirements of section 6 (Management of Funds) and 7 (Application of the Funds) of the Statutory Funding Agreement dated 20 June 2013 (the “Agreement”) between the Commonwealth of Australia (the “Commonwealth”) and the Company, as measured by the criteria outlined in Sections A and B below. Use of Report This report has been prepared for the Directors of Australian Wool Innovation Limited in accordance with the Agreement. We disclaim any assumption of responsibility for any reliance on this report to any persons or users other than the directors of Australian Wool Innovation Limited, or for any purpose other than that for which it was prepared. A. Reasonable Assurance on Compliance with the Agreement Respective Responsibilities Management of the Company are responsible for compliance with the Agreement as measured by clauses 6 and 7 of the Agreement. Our responsibility is to express a conclusion on compliance with the Agreement as measured by the clauses 6 and 7 of the Agreement, in all material respects. Our audit has been conducted in accordance with applicable Standards on Assurance Engagements (ASAE 3100 Compliance Engagements) to provide reasonable assurance that Australian Wool Innovation Limited has complied with the Agreement as measured by the criteria in clauses 6 and 7 of the Agreement for the year ended 30 June 2016. Our procedures included examining, on a sample basis, information to provide evidence supporting the compliance with clauses 6 and 7 of the Agreement. These procedures have been undertaken to form a conclusion as to whether Australian Wool Innovation Limited has complied in all material respects, with the Agreement, as measured by clauses 6 and 7 of the Agreement for the period from 1 July 2015 to 30 June 2016. Inherent Limitations Because of the inherent limitations of any internal control framework, it is possible that fraud, error or non compliance may occur and not be detected. An audit is not designed to detect all instances of non compliance with the Agreement as measured by clauses 6 and 7 of the Agreement, as an audit is not performed continuously throughout the period and the audit procedures performed in respect of compliance with the Agreement as measured by clauses 6 and 7 of the Agreement are undertaken on a test basis. The audit conclusion expressed in this report has been formed on the above basis. Conclusion In our opinion, Australian Wool Innovation Limited has complied, in all material respects, with Sections 6 and 7 of the Agreement for the period from 1 July 2015 to 30 June 2016. Liability limited by a scheme approved under Professional Standards Legislation. 90 APPENDIX 1 – REPORT ON COMPLIANCE WITH THE SFA
AWI Annual Report 2014-15
AWI Annual Report 2016-17