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Independent Audit Report

To the members of


I have audited the attached financial report, being a special purpose financial report, comprising the Directors’ Declaration, Statement of Financial Performance, Statement of Financial Position and Notes to the Financial Statements, for the year ended 30 June 2005 of Homesellers and Homebuyers Protection Fund Limited. The company’s directors are responsible for the financial report and have determined that the accounting policies used and described in Note 1 to the financial statements which form part of the financial report are appropriate to meet the requirements of the Corporations Act 2001 and are appropriate to meet the needs of the members.  I have conducted an independent audit of the financial report in order to express an opinion to the members of the company.  No opinion is expressed as to whether the accounting policies used, and described in Note 1, are appropriate to the needs of the members.

The financial report has been prepared for distribution to members for the purpose of fulfilling the directors’ financial reporting requirements under the Corporations act 2001.  I disclaim any assumption of responsibility for any reliance on this report or on the financial report to which it relates to any person other than the members, or for any purpose other than that for which it was prepared.

My audit has been conducted in accordance with Australian Auditing Standards.  My procedures included examination, on a test basis, of evidence supporting the amounts and other disclosures in the financial statements and the evaluation of significant accounting estimates.  These procedures have been undertaken to form an opinion as to whether, in all material respects, the financial report is presented fairly in accordance with the accounting policies described in Note 1, so as to present a view which is consistent with my understanding of the company’s financial position, and performance as represented by the results of its operations.  These policies do not require the application of all Accounting Standards and other mandatory professional reporting requirements to the extent described in Note 1.

The audit opinion expressed in this report has been formed on the above basis.

Audit Opinion

In my opinion, the financial report of Homesellers and Homebuyers Protection Fund Limited is in accordance with:

1) the Corporations act 2001, including:
    Giving a true and fair view of the company’s financial position as at 30 June 2005 and of its performance for the year ended on that date in accordance with the accounting policies described in Note 1; and

    Complying with Accounting Standards, comprising AASB 1025: Application of the Reporting Entity Concept and Other Amendments and other Accounting Standards to the extent described in Note 1 and the Corporations Regulations; and
1) other mandatory professional requirement to the extend described in Note 1

18 November 2005

PO Box 2433  
NSW 1750 Registered Company Auditor

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