Review the Independent Auditor’s Report (p. 116) regarding their opinion, and the basis of expressing their opinion.

To provide a thorough review of the Independent Auditor's Report, I would need the specific contents of that report, particularly page 116, as I am unable to access external documents or databases. However, I can guide you on how to analyze an Independent Auditor's Report generally.

Key Components to Review in an Independent Auditor’s Report

1. Opinion Paragraph

   • This section typically states the auditor's opinion on the financial statements, whether they are presented fairly, in all material respects, in accordance with the applicable financial reporting framework.

2. Basis for Opinion

   • This part explains the reasoning behind the auditor's opinion. It includes statements about the audit conducted, the auditor's responsibility, and possibly references the standards followed (e.g., Generally Accepted Auditing Standards (GAAS)).

3. Scope of the Audit

   • This section provides an overview of the extent of the audit, the nature of the audit procedures performed, and how those procedures support the opinion expressed.

4. Emphasis of Matter or Other Matters

   • If there are significant uncertainties or issues, this section will call attention to them, although it does not change the audit opinion.

5. Auditor’s Responsibilities

   • A brief description of what the auditors are responsible for in terms of the audit and the information they are providing.

Summary and Conclusion

In summary, to properly analyze the Independent Auditor’s Report, focus on understanding the opinion given, the rationale for that opinion, and any significant points raised in the report. If you can provide specific text from the report, I would be more than happy to help analyze that content in detail!