REPORT OF THE AUDIT OFFICE

TO THE READERS OF THE FINANCIAL STATEMENTS OF THE TAKEOVERS PANEL

for the year ended 30 June 2001

We have audited the financial statements on pages 7 to 13. The financial statements provide information about the past financial performance of the Takeovers Panel and its financial position as at 30 June 2001. This information is stated in accordance with the accounting policies set out on page 11.

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 which fairly reflect the financial position of the Takeovers Panel as at 30 June 2001 and the results of its operations and cash flows for the year ended 30 June 2001.

Auditor’s responsibilities

Section 43(1) of the Public Finance Act 1989 requires the Audit Office to audit the financial statements presented by the Takeovers Panel. It is the responsibility of the Audit Office to express an independent opinion on the financial statements and report its opinion to you.

The Controller and 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 generally accepted auditing standards, including 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 Controller and 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 on pages 7 to 13:

		comply with generally accepted accounting practice; and
		fairly reflect:

	-	the financial position as at 30 June 2001; and
	-	the results of its operations and cash flows for the year ended on that date.

Our audit was completed on 27 July 2001 and our unqualified opinion is expressed as at that date.

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