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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 2017.

The Auditor-General is the auditor of New Zealand Tourism

Board (the “Board”) and group (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 the performance information, of the

Board and Group on his behalf.

Opinion

We have audited:

the financial statements of the Board and Group on pages

46 to 73, that comprise the statement of financial position

as at 30 June 2017, 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 including a

summary of significant accounting policies; and

the performance information of the Board and Group on

pages 18 to 39.

In our opinion:

the financial statements of the Board and Group on pages

46 to 73:

present fairly, in all material respects:

-- their financial position as at 30 June 2017; and

-- their financial performance and cash flows for

the year then ended; and

comply with generally accepted accounting practice

in New Zealand in accordance with Public Benefit

Entity Reporting Standards.

the performance information on pages 18 to 39:

presents fairly, in all material respects, the Board’s

and Group’s performance for the year ended 30 June

2017, including:

-- for each class of reportable outputs:

-- its standards of delivery 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; and

complies with generally accepted accounting practice

in New Zealand.

Our audit was completed on 24 October 2017. This is the date at

which our opinion is expressed.

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

outline the responsibilities of the Board members and our

responsibilities relating to the financial statements and the

performance information, we comment on other information,

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

Professional and Ethical Standards and the International

Standards on Auditing (New Zealand) issued by the New

Zealand Auditing and Assurance Standards Board. Our

responsibilities under those standards are further described in

the Responsibilities of the auditor section of our report.

We have fulfilled our responsibilities in accordance with the

Auditor-General’s Auditing Standards.

We believe that the audit evidence we have obtained is

sufficient and appropriate to provide a basis for our opinion.

Responsibilities of the Board members for the

financial statements and the performance

information

The Board members are responsible on behalf of the Board

and the Group for preparing financial statements and

performance information that are fairly presented and comply

with generally accepted accounting practice in New Zealand.

The Board members are responsible for such internal control

as they determine is necessary to enable them to prepare

financial statements and performance information that are

free from material misstatement, whether due to fraud or

error.

In preparing the financial statements and the performance

information, the Board members are responsible on behalf of

the Board and the Group for assessing the Board’s and Group’s

ability to continue as a going concern. The Board members

are also responsible for disclosing, as applicable, matters

related to going concern and using the going concern basis

of accounting, unless there is an intention to merge or to

terminate the activities of the Board and Group, or there is no

realistic alternative but to do so.

The Board members’ responsibilities arise from the Crown

Entities Act 2004.

Responsibilities of the auditor for the audit of

the financial statements and the performance

information

Our objectives are to obtain reasonable assurance about

whether the financial statements and the performance

information, as a whole, are free from material misstatement,

whether due to fraud or error, and to issue an auditor’s report

that includes our opinion.

Reasonable assurance is a high level of assurance, but is

not a guarantee that an audit carried out in accordance

with the Auditor-General’s Auditing Standards will always

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