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## Independent auditor’s report To the members of Macquarie Group Limited 

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## Report on the financial report 

We have audited the accompanying financial report of Macquarie Group Limited (the Company), which comprises of the statements of financial position as at 31 March 2014, and the income statements, the statements of comprehensive income, statements of changes in equity and statements of cash flows for the year ended on that date, a summary of significant accounting policies, other explanatory notes and the directors’ declaration for both Macquarie Group Limited and the Macquarie Group (the Consolidated Entity). The Consolidated Entity comprises the Company and the entities it controlled at the year's end or from time to time during the financial year. 

## Directors’ responsibility for the financial report 

The directors of the Company are responsible for the preparation of the financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001and for such internal control as the directors determine is necessary to enable the preparation of the financial report that is free from material misstatement, whether due to fraud or error. In Note 1, the directors also state, in accordance with Accounting Standard AASB 101 Presentation of Financial Statements, that the financial statements comply with International Financial Reporting Standards. 

## Auditor’s responsibility 

Our responsibility is to express an opinion on the financial report based on our audit. We conducted our audit in accordance with Australian Auditing Standards. Those standards require that we comply with relevant ethical requirements relating to audit engagements and plan and perform the audit to obtain reasonable assurance whether the financial report is free from material misstatement. 

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial report. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial report, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial report in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the directors, as well as evaluating the overall presentation of the financial report. Independentaudit report 

Liability limited by a scheme approved under Professional Standards Legislation 

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. 

## Independence 

In conducting our audit, we have complied with the independence requirements of the Corporations Act 2001. 

## Auditor’s opinion 

In our opinion: 

a) the financial report of Macquarie Group Limited is in accordance with the Corporations Act 2001, including: 

(i) giving a true and fair view of the Company’s and Consolidated Entity’s financial position as at 31 March 2014 and of their performance for the year ended on that date; and 

(ii) complying with Australian Accounting Standards – including the Australia Accounting Interpretations and the Corporations Regulations 2001, and 

b) the financial report and notes also comply with International Financial Reporting Standards as disclosed in note 1. 

