Vtech 2011 Annual Report Download - page 34

Independent Auditor’s Report
32 VTech Holdings Ltd Annual Report 2011
To the Shareholders of VTech Holdings Limited
(Incorporated in Bermuda with limited liability)
We have audited the consolidated financial statements of VTech
Holdings Limited (“the Company”) and its subsidiaries (together
the “Group”) set out on pages 33 to 61, which comprise the
consolidated and Company balance sheets as at 31 March 2011,
the consolidated income statement, the consolidated statement
of comprehensive income, the consolidated statement of
changes in equity and the consolidated statement of cash flows
for the year then ended and a summary of significant accounting
policies and other explanatory information.
Directors’ Responsibility for the Consolidated
Financial Statements
The directors of the Company are responsible for the preparation
of consolidated financial statements that give a true and fair view
in accordance with International Financial Reporting Standards
issued by the International Accounting Standards Board and the
disclosure requirements of the Hong Kong Companies Ordinance
and for such internal control as the directors determine is
necessary to enable the preparation of consolidated financial
statements that are free from material misstatement, whether
due to fraud or error.
Auditor’s Responsibility
Our responsibility is to express an opinion on these consolidated
financial statements based on our audit. This report is made
solely to you, as a body, in accordance with Section 90 of the
Bermuda Companies Act 1981, and for no other purpose. We do
not assume responsibility towards or accept liability to any other
person for the contents of this report.
We conducted our audit in accordance with International
Standards on Auditing issued by the International Federation
of Accountants. Those standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are
free from material misstatement.
An audit involves performing procedures to obtain audit
evidence about the amounts and disclosures in the consolidated
financial statements. The procedures selected depend on the
auditor’s judgement, including the assessment of the risks of
material misstatement of the consolidated financial statements,
whether due to fraud or error. In making those risk assessments,
the auditor considers internal control relevant to the entity’s
preparation of the consolidated financial statements that give
a true and fair view 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 entity’s internal
control. 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 consolidated financial statements.
We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the consolidated financial statements give a true
and fair view of the state of affairs of the Company and of the
Group as at 31 March 2011 and of the Group’s profit and cash
flows for the year then ended in accordance with International
Financial Reporting Standards and have been properly prepared
in accordance with the disclosure requirements of the Hong
Kong Companies Ordinance.
KPMG
Certified Public Accountants
8th Floor, Prince’s Building
10 Chater Road
Central, Hong Kong
31 May 2011