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Independent Auditor’s Report

To the readers of New Zealand Tourism Board Group’s financial statements

and performance information for the year ended 30 June 2015.

The Auditor-General is the auditor of the New Zealand Tourism

Board (the “Board”) and group. The Auditor-General has

appointed me, Stuart Mutch, using the staff and resources of

Ernst & Young, to carry out the audit of the financial statements

and the performance information of the Board and group

(collectively referred to as “the Group”) on her behalf.

Opinion on the financial statements and the

performance information

We have audited:

the financial statements of the Group on pages 44 to 71,

that comprise the statement of financial position as at 30

June 2015, the statement of comprehensive revenue and

expense, statement of changes in equity and statement of

cash flows for the year ended on that date and the notes to

the financial statements that include accounting policies

and other explanatory information; and

the performance information of the Group on pages 14 to 39.

In our opinion:

the financial statements of the Group:

present fairly, in all material respects:

-- its financial position as at 30 June 2015; and

-- its financial performance and cash flows for the

year then ended; and

comply with generally accepted accounting practice in

New Zealand and have been prepared in accordance

with Tier 1 PBE accounting standards.

the performance information of the Group:

present fairly, in all material respects, the Group’s

performance for the year ended 30 June 2015,

including for each class of reportable outputs:

-- its standards of performance achieved as

compared with forecasts included in the

statement of performance expectations for

the financial year; and

-- its actual revenue and output expenses as

compared with the forecasts included in the

statement of performance expectations for the

financial year.

complies with generally accepted accounting practice

in New Zealand.

Our audit was completed on 6 October 2015. This is the date at

which our opinion is expressed.

The basis of our opinion is explained below. In addition, we

outline the responsibilities of the Board members and our

responsibilities, and we explain our independence.

Basis of opinion

We carried out our audit in accordance with the Auditor-

General’s Auditing Standards, which incorporate the

International Standards on Auditing (New Zealand). Those

standards require that we comply with ethical requirements

and plan and carry out our audit to obtain reasonable

assurance about whether the financial statements and

the performance information are free from material

misstatement.

Material misstatements are differences or omissions of

amounts and disclosures that, in our judgment, are likely

to influence readers’ overall understanding of the financial

statements and the performance information. If we had

found material misstatements that were not corrected,

we would have referred to them in our opinion.

An audit involves carrying out procedures to obtain

audit evidence about the amounts and disclosures in the

financial statements and the performance information. The

procedures selected depend on our judgment, including our

assessment of risks of material misstatement of the financial

statements and the performance information, whether

due to fraud or error. In making those risk assessments; we

consider internal control relevant to the preparation of the

Group’s financial statements and performance information

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 Group’s internal control.

An audit also involves evaluating:

the appropriateness of accounting policies used and

whether they have been consistently applied;

the reasonableness of the significant accounting

estimates and judgments made by the Board members;

the appropriateness of the reported performance

information within the Group’s framework for reporting

performance;

the adequacy of all disclosures in the financial

statements and the performance information; and

the overall presentation of the financial statements and

the performance information.

We did not examine every transaction, nor do we guarantee

complete accuracy of the financial statements and the

performance information. Also we did not evaluate the

security and controls over the electronic publication of the

financial statements and the performance information.

We believe we have obtained sufficient and appropriate audit

evidence to provide a basis for our audit opinion.

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