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Independent Auditor’s Report

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

and performance information for the year ended 30 June 2016.

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

Board (the 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 performance

information of the Board and group on her behalf.

Opinion on the financial statements and performance

information

We have audited:

the financial statements of the Group on pages 50 to 77,

that comprise the statement of financial position as at 30

June 2016, the statement of comprehensive revenue and

expenses, 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 Board and group on

pages 18 to 44.

In our opinion:

the financial statements of the Group:

present fairly, in all material respects:

-- its financial position as at 30 June 2016; and

-- its financial performance and cash flows for the

year ended; and

comply with generally accepted accounting

practice in New Zealand and have been prepared

in accordance with Public Benefit Entity Reporting

Standards.

the performance information:

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

performance for the year ended 30 June 2016,

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 2016. 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 Board ’s and

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 Board’s and 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 New Zealand Tourism Board’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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