Prospectus - Fonterra

63Fonterra Co-operative Group Limited29 January 2009We are also responsible for reporting, in accordance with clause 36(1)(g) of the Second Schedule ofthe Securities Regulations 1983, on the following matters which have been prepared and presented bythe Directors:(a)(b)the amounts included in the summary of financial statements of the Borrowing Group forthe period ended 31 July 2008 and the years ended 31 May 2007, 2006, 2005 and 2004;andthe amounts in respect of the ranking of securities for the Borrowing Group on page 13 asat 31 July 2008.We carry out other assignments on behalf of the Company in the areas of taxation compliance,transaction services, financial assurance, and international accounting standard advisory services.Partners and employees of our firm may deal with the Company on normal terms within the ordinarycourse of trading activities of the Company. The firm has no other relationship with, or interest in, theCompany.Basis of opinion on the financial statementsAn audit on the financial statements includes examining, on a test basis, evidence relevant to theamounts and disclosures in the financial statements. It also includes assessing:(a)(b)the significant estimates and judgments made by the Directors in the preparation of thefinancial statements; andwhether the accounting policies used and described on pages 33 to 38 are appropriate tothe circumstances of the Borrowing Group, consistently applied and adequately disclosed.We have conducted our audit in accordance with generally accepted auditing standards inNew Zealand. We planned and performed our audit so as to obtain all the information andexplanations which we considered necessary in order to provide us with sufficient evidence to givereasonable assurance that the financial statements are free from material misstatements, whethercaused by fraud or error. In forming our opinion we also evaluated the overall adequacy of thepresentation of the information in the financial statements.Basis of opinion on the summary of financial statements and the ranking of securitiesWe have undertaken procedures to provide reasonable assurance that:(a)(b)the amounts set out in the summary of financial statements of the Borrowing Group onpage 28, pursuant to clauses 7(2) and 7(3) of the Second Schedule of the SecuritiesRegulations 1983, have been correctly taken from the audited financial statements of theCompany for the period ended 31 July 2008 and the years ended 31 May 2007, 2006,2005 and 2004; andthe amounts in respect of the ranking of securities on page 13, pursuant to clause 12 ofthe Second Schedule of the Securities Regulations 1983, have been correctly taken fromthe audited financial statements of the Company for the period ended 31 July 2008.