Source: https://www.bouwinvest-annualreports2015.com/report/a1440_Independent-auditor%E2%80%99s-report
Timestamp: 2020-02-19 21:57:13
Document Index: 488622599

Matched Legal Cases: ['art 9', 'art 9', 'art 9', 'art 9', 'art 9', 'art 9']

Independent auditor’s report | Bouwinvest 2015
To the shareholders of Bouwinvest Dutch Institutional Retail Fund N.V.
We have audited the financial statements 2015 of Bouwinvest Dutch Institutional Retail Fund N.V., based in Amsterdam.
In our opinion the financial statements give a true and fair view of the financial position of Bouwinvest Dutch Institutional Retail Fund N.V. as at 31 December 2015, and of its result for 2015 in accordance with International Financial Reporting Standards as adopted by the European Union (EU-IFRS) and with Part 9 of Book 2 of the Dutch Civil Code.
The statement of financial position as at 31 December 2015
The following statements for 2015:
The statements of comprehensive income, changes in equity and cash flows.
We are independent of Bouwinvest Dutch Institutional Retail Fund N.V. in accordance with the Verordening inzake de onafhankelijkheid van accountants bij assurance-opdrachten (ViO) and other relevant independence regulations in the Netherlands. Furthermore we have complied with the Verordening gedrags- en beroepsregels accountants (VGBA).
Based on our professional judgement we determined the materiality for the financial statements as a whole at € 6.9 million. The materiality is based on 1% of total equity. We have also taken into account misstatements and/or possible misstatements that in our opinion are material for the users of the financial statements for qualitative reasons.
€ 6.9 million
€ 345 thousand
We agreed with the board of directors that misstatements in excess of € 345 thousand as indicated above, which are identified during the audit, would be reported to them, as well as smaller misstatements that in our view must be reported on qualitative grounds.
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements. We have communicated the key audit matters to the board of directors. The key audit matters are not a comprehensive reflection of all matters discussed.
Considering acquisition of investment property is a significant part of Bouwinvest Dutch Institutional Retail Fund N.V.’s operations, we have performed specific audit procedures on accounting for acquisitions (see also notes 12 and 13 of the notes to the financial statements).
We have audited, by test of details, the accounting for acquisitions of property on the basis of the related acquisition contracts, deeds of transfer, and the proposals for investments.
We have also established the correctness of the authorization for each transaction.
Management is responsible for the preparation and fair presentation of the financial statements in accordance with EU-IFRS and Part 9 of Book 2 of the Dutch Civil Code, and for the preparation of the Report of the Board of Directors in accordance with Part 9 of Book 2 of the Dutch Civil Code. Furthermore, management is responsible for such internal control as management determines is necessary to enable the preparation of the financial statements that are free from material misstatement, whether due to fraud or error.
As part of the preparation of the financial statements, management is responsible for assessing the company’s ability to continue as a going concern. Based on the financial reporting framework mentioned, management should prepare the financial statements using the going concern basis of accounting unless management either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. Management should disclose events and circumstances that may cast significant doubt on the company’s ability to continue as a going concern in the financial statements.
Our audit has been performed with a high, but not absolute, level of assurance, which means we may not have detected all errors and fraud.
Evaluating the overall presentation, structure and content of the financial statements, including the disclosures; and
We provide the board of directors with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
Report on the Report of the Board of Directors and the other information
Pursuant to legal requirements of Part 9 of Book 2 of the Dutch Civil Code (concerning our obligation to report about the Report of the Board of Directors and other information):
We have no deficiencies to report as a result of our examination whether the Report of the Board of Directors, to the extent we can assess, has been prepared in accordance with Part 9 of Book 2 of the Dutch Civil Code, and whether the information as required by Part 9 of Book 2 of the Dutch Civil Code has been annexed.
We report that the Report of the Board of Directors, to the extent we can assess, is consistent with the financial statements.
We were engaged by the shareholders as auditor of Bouwinvest Dutch Institutional Retail Fund N.V., as of the audit for year 2012 and have operated as statutory auditor ever since that date.
Amsterdam, March 14, 2016