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Annual Report & Accounts 2015 - INDEPENDENT AUDITOR'S REPORT
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our opinion on the financial statements is unmodified in our opinion the Group financial statements: • give a true and fair view of the state of the Group's affairs as at 31 december 2015 and of its profit for the year then ended; and • have been properly prepared in accordance with international financial reporting standards (ifrss) as adopted by the european union. other matter We have reported separately on the parent company financial statements of GVc Holdings plc for the year. Who we are reporting to this report is made solely to the company's members, as a body, in accordance with the terms of our engagement letter dated 27 october 2015. our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. to the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. What we have audited GVc Holdings plc's financial statements for the year ended 31 december 2015 comprise the consolidated income statement, the consolidated statement of comprehensive income, the consolidated statement of financial position, the consolidated statement of changes in equity, the consolidated statement of cash flows and the related notes. the financial reporting framework that has been applied in their preparation is applicable law and ifrss as adopted by the european union. overview of our audit approach • overall group materiality: €1.7 million, which represents 3.4% of the Group's earnings before taxation less exceptionals; • We performed full scope audits at the key business operations in the uK, ireland and malta; and • Key audit risks were identified as post balance sheet date reporting, revenue recognition, valuation of derivative financial instruments and impairment of goodwill and intangible assets. our assessment of risk in arriving at our opinions set out in this report, we highlight the following risks that, in our judgement, had the greatest effect on our audit. GVC HOLDINGS PLC ANNUAL REPORT 2015 41 independent auditor's report to tHe memBers of GVc HoldinGs plc auditor's report and primary financial statements