Annual Report 2007
Audit Report
TO THE READERS OF THE TAKEOVERS PANEL'S FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2007
The Auditor-General is the auditor of the Takeovers Panel. The Auditor-General has appointed me, Robert Cox, using the staff and resources of Audit New Zealand, to carry out the audit on his behalf. The audit covers the financial statements and statement of service performance included in the annual report of the Takeovers Panel for the year ended 30 June 2007.
Unqualified opinion
In our opinion:
- The financial statements of the Panel comprising the statement of financial performance, statement of financial positon, statement of movement in equity, statement of cash flows and notes 1 to 18 to the financial statements:
- - comply with generally accepted accounting practice in New Zealand; and
- - fairly reflect:
- the Takeovers Panel's financial position as at 30 June 2007; and
- the results of its operations and cash flows for the year ended on that date.
- The statement of service performance of the Panel:
- - complies with generally accepted accounting practice in New Zealand; and
- - fairly reflects for each class of outputs:
- its standards of delivery performance achieved, as compared with the forecast standards outlined in the statement of forecast service performance adopted at the start of the financial year; and
- its actual revenue earned and output expenses incurred, as compared with the forecast revenues and output expenses outlined in the statement of forecast service performance adopted at the start of the financial year.
The audit was completed on 7 August 2007, and is the date at which our opinion is
expressed.
The basis of our opinion is explained below. In addition, we outline the responsibilities of
the Members of the Panel and the Auditor, and explain our independence.
Basis of Opinion
We carried out the audit in accordance with the Auditor-General's Auditing Standards, which incorporate the New Zealand Auditing Standards.
We planned and performed the audit to obtain all the information and explanations we considered necessary in order to obtain reasonable assurance that the financial statements and statement of service performance did not have material misstatements, whether caused by fraud or error.
Material misstatements are differences or omissions of amounts and disclosures that would affect a reader's overall understanding of the financial statements and the statement of service performance. If we had found material misstatements that were not corrected, we would have referred to them in our opinion.
The audit involved performing procedures to test the information presented in the financial statements and statement of service performance. We assessed the results of those procedures in forming our opinion.
Audit procedures generally include:
- determining whether significant financial and management controls are working and can be relied on to produce complete and accurate data;
- verifying samples of transactions and account balances;
- performing analyses to identify anomalies in the reported data;
- reviewing significant estimates and judgements made by the Members of the Takeovers Panel;
- confirming year-end balances;
- determining whether accounting policies are appropriate and consistently applied; and
- determining whether all financial statement and statement of service performance disclosures are adequate.
We did not examine every transaction, nor do we guarantee complete accuracy of the financial statements or statement of service performance.
We evaluated the overall adequacy of the presentation of information in the financial statements and statement of service performance. We obtained all the information and explanations we required to support our opinion above.
Responsibilities of the Members of the Takeovers Panel and the Auditor
The Members of the Takeovers Panel are responsible for preparing financial statements and a statement of service performance in accordance with generally accepted accounting practice in New Zealand. The financial statements must fairly reflect the financial position of the Takeovers Panel as at 30 June 2007 and the results of its operations and cash flows for the year ended on that date. The statement of service performance must fairly reflect, for each class of outputs, the Takeovers Panel's standards of delivery performance achieved and revenue earned and expenses incurred, as compared with the forecast standards, revenue and expenses adopted at the start of the financial year. The responsibilities of the Members of the Takeovers Panel arise from the Crown Entities Act 2004.
We are responsible for expressing an independent opinion on the financial statements and statement of service performance and reporting that opinion to you. This responsibility arises from section 15 of the Public Audit Act 2001 and the Crown Entities Act 2004.
Independence
When carrying out the audit we followed the independence requirements of the Auditor- General, which incorporate the independence requirements of the Institute of Chartered Accountants of New Zealand.
Other than the audit, we have no relationship with or interests in the Takeovers Panel.
Robert Cox
Audit New Zealand
On behalf of the Auditor-General
Wellington, New Zealand
Matter relating to electrionic opresentation of the audited financial statementts
The audit report relates to the financial statements of the Takeovers Panel for the year ended 30 June 2007 included on the Takeovers Panel's website. The Members of the Takeovers Panel are responsible for the maintainence and integrity of the Takeovers Panel's website. We have not been engaged to report on the integrity of the Takovers Panel's website. We accept no reponsibiltiy for any changes that may have occured to the financial statements since they were initially presented on the website.
The audit report refers only to the financial statements named above it does not provide an opinion on any other information which may have been hyperlinked to/from these financial statements. If readers of this report are concerned with the inherent risk arising from electronic data communication they should refer to the published hard copy of the auidited financial statements and related audit report dated 7 August 2007 to confirm the information included in the audited financial statements presented on this website.
Legislation in New Zealand governing the prepatation and dissemination of financial statements may defer from legislation in other jurisdictions.
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