2006 20-F - Sappi

REPORT OF THE INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the board of directors and shareholders of Sappi Limited:
We have audited the accompanying consolidated balance sheets of Sappi Limited and its subsidiaries
as at September 2006 and 2005, and the related consolidated income statements, cash flow statements and
statements of recognised income and expense for each of the two years in the period ended
September 2006. Our audits also included the financial statement schedules listed in the Index on
page F-1. These financial statements and financial statement schedules are the responsibility of the
company’s management. Our responsibility is to express an opinion on these financial statements and
financial statement schedules based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting
Oversight Board (United States). Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above present fairly, in all material
respects, the financial position of Sappi Limited and its subsidiaries at September 2006 and 2005 and the
results of their operations and cash flows for each of the two years in the period ended September 2006 in
conformity with International Financial Reporting Standards. Also, in our opinion, such financial
statement schedules, when considered in relation to the basic consolidated financial statements taken as a
whole, presents fairly in all material respects the information set forth therein.
We have also audited, in accordance with the standards of the Public Company Accounting Oversight
Board (United States), the effectiveness of the Company’s internal control over financial reporting as of
September 2006, based on the criteria established in Internal Control-Integrated Framework issued by the
Committee of Sponsoring Organizations of the Treadway Commission and our report dated December 15,
2006 expressed an unqualified opinion on management’s assessment of the effectiveness of the Company’s
internal control over financial reporting and an unqualified opinion on the effectiveness of the Company’s
internal control over financial reporting.
International Financial Reporting Standards vary in certain respects from accounting principles
generally accepted in the United States of America. Information relating to the nature and effect of such
differences is presented in note 35 to the consolidated financial statements.
/s/ Deloitte & Touche
Per M J Comber
Partner
December 15, 2006
Deloitte & Touche—Registered Auditors
Buildings 1 and 2, Deloitte Place
The Woodlands Office Park, Woodlands Drive, Sandton
Johannesburg, South Africa
National Executive: GG Gelink Chief Executive AE Swiegers Chief Operating Officer
GM Pinnock Audit DL Kennedy Tax L Geeringh Consulting MG Crisp Financial Advisory
L Bam Strategy CR Beukman Finance TJ Brown Clients & Markets SJC Sibisi Public Sector and
Corporate Social Responsibility NT Mtoba Chairman of the Board J Rhynes Deputy Chairman of
the Board
A full list of partners and directors is available on request
F-2