frontier resources ltd - Frontierresources.com.au

Basis for Qualified Auditor’s OpinionAs at 30 June 2011 property, plant and equipment to the value of $262,178 as disclosed in Note 9 inrelation to the company’s drill rigs were held in a remote location in Papua New Guinea. Access tothe location of these assets is limited. As a result of this we have been unable to obtain sufficientassurance over the physical existence and condition of these assets. Accordingly, we are unable toand do not express any assurance in respect of the existence and the recoverability of these itemsof property, plant and equipment for the year ended 30 June 2011. Consequently we were unable todetermine whether any adjustments to property, plant and equipment in the statement of financialposition or expenses in the statement of comprehensive income were necessary.Qualified OpinionIn our opinion, except for the possible effects of the matter described in the Basis for QualifiedOpinion paragraph:(a) the financial report of Frontier Resources Limited is in accordance with the Corporations Act2001, including:(i) giving a true and fair view of the consolidated entity’s financial position as at 30 June2011 and of its performance for the year ended on that date; and(ii) complying with Australian Accounting Standards and the Corporations Regulations 2001;and(b) the financial report also complies with International Financial Reporting Standards as disclosedin Note 1.Report on the Remuneration ReportWe have audited the Remuneration Report included in the directors’ report for the year ended 30June 2011. The directors of the company are responsible for the preparation and presentation ofthe Remuneration Report in accordance with section 300A of the Corporations Act 2001. Ourresponsibility is to express an opinion on the Remuneration Report, based on our audit conducted inaccordance with Australian Auditing Standards.Auditors OpinionIn our opinion, the Remuneration report of Frontier Resources Limited for the year ended 30 June2011 complies with section 300A of the Corporations Act 2011.BDO Audit (WA) Pty LtdChris BurtonDirectorPerth, Western AustraliaDated this 30 th day of September 2011.73