Integrated Annual Report 2015

Independent auditor's report to members of Investec Limited

To the shareholders of Investec Limited

We have audited the accompanying group annual financial statements of Investec Limited, which comprise the combined consolidated balance sheet as at 31 March 2015, the combined consolidated income statement, the combined consolidated statement of comprehensive income, the combined consolidated statement of changes in equity and combined consolidated cash flow statement for the year then ended, a summary of significant accounting policies and other explanatory notes as set out here within volume three, the separate Investec Limited parent company accounts, which comprise the balance sheet as at 31 March 2015, the income statement and statement of comprehensive income, the statement of changes in equity and the cash flow statement for the year then ended, a summary of significant accounting policies and other explanatory notes as set out here within volume three, and the information in the risk management section within volume two and the Remuneration report within volume one that is marked audited.


Directors' responsibility for the financial statements

The company's directors are responsible for the preparation and fair presentation of the consolidated and separate financial 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 separate financial statements that are free from material misstatement, whether due to fraud or error.


Auditor's responsibility

Our responsibility is to express an opinion on the consolidated and separate financial 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 financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated and separate financial statements. The procedures selected depend on the auditor's judgement, including the assessment of the risks of material misstatement of the consolidated and separate 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 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 consolidated and separate financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.


Opinion

In our opinion, these consolidated and separate financial statements present fairly, in all material respects, the consolidated and separate balance sheets of Investec Limited at 31 March 2015, and its consolidated and separate income statements, consolidated and separate statements of comprehensive income, consolidated and separate statements of changes in equity and consolidated and separate cash flow statements 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 Act

As part of our audit of the consolidated and separate financial statements for the year ended 31 March 2015, we have read the directors' report, audit committee's report and the company secretary's certificate for the purpose of identifying whether there are material inconsistencies between this report and the audited financial statements. These reports are the responsibility of the respective preparers. Based on reading these reports we have not identified material inconsistencies between these reports and the audited financial statements. However, we have not audited these reports and accordingly do not express an opinion on these reports.

Ernst & Young Inc.
Per Ernest van Rooyen
Chartered Accountant (SA)
Director

10 June 2015

Get the most out of our report
Mouse over an icon for
more information
    Denotes information in the risk, corporate responsibility and remuneration reports that form part of the group’s audited annual financial statements
Audited information
  Denotes our consideration of a reporting standard
Reporting standard
  Refers readers to the definitions
Definitions
  Refers readers to information elsewhere in this report
Page reference
  Refers readers to further information in our sustainability report available on our website: www.investec.com
Sustainability
  Indicates that additional information is available on our website: www.investec.com
Website
 
Investec website  |  Privacy Policy  |  Contact us ©2015 Copyright. All rights reserved