Vtech 2010 Annual Report Download - page 38

36 VTech Holdings Ltd Annual Report 2010
Independent Auditor’s Report
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”) set out on pages 37 to 65,
which comprise the consolidated and Company balance sheets
as at 31 March 2010, and the consolidated income statement,
the consolidated statement of comprehensive income,
the consolidated statement of changes in equity and the
consolidated cash flow statement for the year then ended, and a
summary of significant accounting policies and other explanatory
notes.
Directors’ Responsibility for the Financial
Statements
The directors of the Company are responsible for the preparation
and the true and fair presentation of these financial statements
in accordance with International Financial Reporting Standards
promulgated by the International Accounting Standards Board
and the disclosure requirements of the Hong Kong Companies
Ordinance. This responsibility includes designing, implementing
and maintaining internal control relevant to the preparation
and the true and fair presentation of financial statements that
are 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.
Auditor’s Responsibility
Our responsibility is to express an opinion on these 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 as promulgated 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 as to 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 financial
statements. The procedures selected depend on the auditor’s
judgement, including the assessment of the risks of material
misstatement of the financial statements, whether due to fraud
or error. In making those risk assessments, the auditor considers
internal control relevant to the entity’s preparation and true and
fair presentation of the financial statements 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 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 2010 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
14 June 2010