17. Audit
17.1 Auditor
PricewaterhouseCoopers (PwC or the Auditor) continues in office in
accordance with section 327 of the Corporations Act 2001.
17.2 Non-audit services
The Trusts may decide to employ the Auditor on assignments additional
to their statutory audit duties where the Auditors expertise and
experience with the Trusts and/or DEXUS Property Group are important.
Details of the amounts paid or payable to the Auditor, for audit and
non-audit services provided during the year are set out in note 6 of the
Notes to the Financial Statements.
The Board Audit Committee is satisfied that the provision of non-audit
services provided during the year by the Auditor (or by another person
or firm on the Auditor’s behalf) is compatible with the standard of
independence for auditors imposed by the Corporations Act 2001.
The reasons for the Directors being satisfied are:
Board Audit Committee has determined that nn the Auditor will not
provide services that have the potential to impair the independence
of its audit role, including:
– participating in activities that are normally undertaken by
management; and
– being remunerated on a “success fee” basis.
nnBoard Audit Committee has determined that the Auditor will not
provide services where the Auditor may be required to review or
audit its own work, including:
– the preparation of accounting records;
– the design and implementation of information technology systems;
– conducting valuation, actuarial or legal services;
– promoting, dealing in or underwriting securities; or
– providing internal audit services.
nnBoard Audit Committee regularly reviews the performance and
independence of the Auditor and whether the independence of
this function has been maintained having regard to the provision
of non-audit services. The Auditor has provided a written declaration
to the Board regarding its independence at each reporting period
and Board Audit Committee approval is required before the
engagement of the Auditor to perform any non-audit service
for a fee in excess of $100,000.
The above Directors’ statements are in accordance with the advice
received from the Board Audit Committee.
17.3 Auditor’s independence declaration
A copy of the Auditor’s Independence Declaration as required under
section 307C of the Corporations Act 2001 is set out in the Financial
Statements and forms part of this Directors’ Report.
18. Corporate governance
DXFM’s Corporate Governance Statement is set out in a separate
section of this Annual Report.
19. Rounding of amounts and currency
The DEXUS Property Group is a registered scheme of the kind referred
to in Class Order 98/0100, issued by the Australian Securities &
Investments Commission, relating to the “rounding off” of amounts in
this Directors’ Report and the Financial Statements. Amounts in this
Directors’ Report and Financial Statements have been rounded off in
accordance with that Class Order to the nearest thousand dollars,
unless otherwise indicated. All figures in this Directors’ Report and the
Financial Statements, except where otherwise stated, are expressed in
Australian dollars.
20. Management representation
The Chief Executive Officer and Chief Financial Officer have reviewed
the Trust’s Financial Reporting processes, policies and procedures
together with its risk management, internal control and compliance
policies and procedures. Following that review it is their opinion that the
Trust’s financial records for the financial year have been properly
maintained in accordance with the Corporations Act 2001 and the
Financial Statements and their notes comply with the accounting
standards and give a true and fair view.
21. Directors’ authorisation
The Directors’ Report is made in accordance with a resolution of the
Directors. The Financial Report was authorised for issue by the
Directors on 17 August 2009. The Directors have the power to amend
and reissue the Financial Report.
Christopher T Beare Victor P Hoog Antink
Chair Chief Executive Officer
17 August 2009 17 August 2009
DEXUS PROPERTY GROUP Annual REPORT 2009 27