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INDEPENDENT AUDITORÕS REPORT
TO THE MEMBERS OF COALSPUR MINES LIMITED (FORMERLY XENOLITH RESOURCES LIMITED)
REPORT ON THE FINANCIAL REPORT
WE HAVE AUDITED THE ACCOMPANYING FINANCIAL REPORT OF COALSPUR MINES LIMITED, WHICH COMPRISES THE BALANCE SHEET AS AT 30 JUNE 2009, AND THE INCOME STATEMENT, STATEMENT OF CHANGES IN EQUITY AND CASH FLOW STATEMENT FOR THE YEAR ENDED ON THAT DATE, A SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND OTHER EXPLANATORY NOTES AND THE DIRECTORSÕ DECLARATION FOR BOTH COALSPUR MINES LIMITED (THE COMPANY) AND THE CONSOLIDATED ENTITY. THE CONSOLIDATED ENTITY COMPRISES THE COMPANY AND THE ENTITIES IT CONTROLLED AT THE YEARÕS END OR FROM TIME TO TIME DURING THE FINANCIAL YEAR.
DIRECTORSÕ RESPONSIBILITY FOR THE FINANCIAL REPORT
THE DIRECTORS OF COALSPUR MINES LIMITED ARE RESPONSIBLE FOR THE PREPARATION AND FAIR PRESENTATION OF THE FINANCIAL REPORT IN ACCORDANCE WITH AUSTRALIAN ACCOUNTING STANDARDS (INCLUDING THE AUSTRALIAN ACCOUNTING INTERPRETATIONS) AND THE CORPORATIONS ACT 2001. THIS RESPONSIBILITY INCLUDES ESTABLISHING AND MAINTAINING INTERNAL CONTROLS RELEVANT TO THE PREPARATION AND FAIR PRESENTATION OF THE FINANCIAL REPORT THAT IS FREE FROM MATERIAL MISSTATEMENT, WHETHER DUE TO FRAUD OR ERROR; SELECTING AND APPLYING APPROPRIATE ACCOUNTING POLICIES; AND MAKING ACCOUNTING ESTIMATES THAT ARE REASONABLE IN THE CIRCUMSTANCES. IN NOTE 1, THE DIRECTORS ALSO STATE, IN ACCORDANCE WITH ACCOUNTING STANDARD AASB 101 PRESENTATION OF FINANCIAL STATEMENTS, THAT COMPLIANCE WITH AUSTRALIAN EQUIVALENTS TO INTERNATIONAL FINANCIAL REPORTING STANDARDS ENSURES THAT THE FINANCIAL REPORT, COMPRISING THE FINANCIAL STATEMENTS AND NOTES, COMPLIES WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS.
AUDITORÕS RESPONSIBILITY
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 AUDITORÕS 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 ENTITYÕS PREPARATION AND FAIR PRESENTATION OF THE FINANCIAL REPORT 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 ENTITYÕS INTERNAL CONTROL.
TEL: 61 8 9278 2222 | FAX: 61 8 9278 2200 | WWW.PKF.COM.AU WEST AUSTRALIAN PARTNERSHIP | ABN 39 542 778 278 LEVEL 7, BGC CENTRE | 28 THE ESPLANADE | PERTH | WESTERN AUSTRALIA 6000 | AUSTRALIA PO BOX Z5066 | ST GEORGES TERRACE | PERTH | WESTERN AUSTRALIA 6831
PKF PERTH IS A MEMBER OF THE PKF INTERNATIONAL LIMITED NETWORK OF LEGALLY INDEPENDENT MEMBER FIRMS. PKF PERTH IS ALSO A MEMBER OF PKF AUSTRALIA LIMITED, A NATIONAL NETWORK OF LEGALLY INDEPENDENT FIRMS EACH TRADING AS PKF. PKF PERTH DOES NOT ACCEPT RESPONSIBILITY OR LIABILITY FOR THE ACTIONS OR INACTIONS ON THE PART OF ANY OTHER INDIVIDUAL MEMBER FIRM OR FIRMS.
LIABILITY LIMITED BY A SCHEME APPROVED UNDER PROFESSIONAL STANDARDS LEGISLATION.
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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 BELIEVE THAT THE AUDIT EVIDENCE WE HAVE OBTAINED IS SUFFICIENT AND APPROPRIATE TO PROVIDE A BASIS FOR OUR AUDIT OPINION.
INDEPENDENCE
IN CONDUCTING OUR AUDIT, WE HAVE COMPLIED WITH THE INDEPENDENCE REQUIREMENTS OF THE CORPORATIONS ACT 2001.
AUDITORÕS OPINION
IN OUR OPINION:
(A)
(B)
THE FINANCIAL REPORT OF COALSPUR MINES LIMITED IS IN ACCORDANCE WITH THE CORPORATIONS ACT 2001, INCLUDING:
(I) GIVING A TRUE AND FAIR VIEW OF THE COMPANYÕS AND CONSOLIDATED ENTITYÕS FINANCIAL POSITION AS AT 30 JUNE 2009 AND OF THEIR PERFORMANCE FOR THE YEAR ENDED ON THAT DATE; AND
(II) COMPLYING WITH AUSTRALIAN ACCOUNTING STANDARDS (INCLUDING THE AUSTRALIAN ACCOUNTING INTERPRETATIONS) AND THE CORPORATIONS REGULATIONS 2001.
THE FINANCIAL REPORT ALSO COMPLIES WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS AS DISCLOSED IN NOTE 1.
REPORT ON THE REMUNERATION REPORT
WE HAVE AUDITED THE REMUNERATION REPORT INCLUDED IN PAGES 17 TO 21 OF THE DIRECTORSÕ REPORT FOR THE YEAR ENDED 30 JUNE 2009. THE DIRECTORS OF THE COMPANY ARE RESPONSIBLE FOR THE PREPARATION AND PRESENTATION OF THE REMUNERATION REPORT IN ACCORDANCE WITH SECTION 300A OF THE CORPORATIONS ACT 2001. OUR RESPONSIBILITY IS TO EXPRESS AN OPINION ON THE REMUNERATION REPORT, BASED ON OUR AUDIT CONDUCTED IN ACCORDANCE WITH AUSTRALIAN AUDITING STANDARDS.
AUDITORÕS OPINION
IN OUR OPINION THE REMUNERATION REPORT OF COALSPUR MINES LIMITED FOR THE YEAR ENDED 30 JUNE 2009, COMPLIES WITH SECTION 300A OF THE CORPORATIONS ACTS 2001.
PKF
CHARTERED ACCOUNTANTS
CONLEY MANIFIS
PARTNER
DATED AT PERTH, WESTERN AUSTRALIA THIS 30TH DAY OF SEPTEMBER 2009
COALSPUR MINES LIMITED - ANNUAL REPORT 2009 71