ANNUAL REPORT 2003

REPORT OF THE AUDITOR-GENERAL

TO THE READERS OF THE FINANCIAL STATEMENTS OF THE TAKEOVERS PANEL FOR THE YEAR ENDED 30 JUNE 2003

We have audited the financial statements of the Takeovers Panel, comprising the Statement of Accounting Policies, Statement of Financial Performance, Statement of Financial Position, Statement of Movements in Equity, Statement of Cash Flows, and Notes 1 to 15 to the financial statements. The financial statements provide information about the past financial performance of the Takeovers Panel and its financial position as at 30 June 2003. This information is stated in accordance with the accounting policies set out in the Statement of Accounting Policies.

Responsibilities of the Members of the Takeovers Panel
The Public Finance Act 1989 requires the Members of the Takeovers Panel to prepare financial statements in accordance with generally accepted accounting practice in New Zealand that fairly reflect the financial position of the Takeovers Panel as at 30 June 2003, the results of its operations and cash flows for the year ended on that date.

Auditor's responsibilities
Section 15 of the Public Audit Act 2001 and section 43(1) of the Public Finance Act 1989 require the Auditor-General to audit the financial statements presented by the Members of the Takeovers Panel. It is the responsibility of the Auditor-General to express an independent opinion on the financial statements and report that opinion to you.

The Auditor-General has appointed H C Lim, of Audit New Zealand, to undertake the audit.

Basis of opinion
An audit includes examining, on a test basis, evidence relevant to the amounts and disclosures in the financial statements. It also includes assessing:

• the significant estimates and judgements made by the Members of the Takeovers Panel in the preparation of the financial statements; and

• whether the accounting policies are appropriate to the Takeovers Panel's circumstances, consistently applied and adequately disclosed.

We conducted our audit in accordance with the Auditing Standards published by the Auditor?General, which incorporate the Auditing Standards issued by the Institute of Chartered Accountants of New Zealand. We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatements, whether caused by fraud or error. In forming our opinion, we also evaluated the overall adequacy of the presentation of information in the financial statements.

Other than in our capacity as auditor acting on behalf of the Auditor-General, we have no relationship with or interests in the Takeovers Panel.

Unqualified opinion
We have obtained all the information and explanations we have required.

In our opinion the financial statements of the Takeovers Panel:

• comply with generally accepted accounting practice in New Zealand; and

• fairly reflect:

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  the Takeovers Panel's financial position as at 30 June 2003; and

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  the results of its operations and cash flows for the year ended on that date.

Our audit was completed on 5 August 2003 and our unqualified opinion is expressed as at that date.

H C Lim
Audit New Zealand
On behalf of the Auditor-General
Wellington, New Zealand