Report of the Audit Office
To the readers of the Financial Statements of the Ministry of Economic Development for year ended 30 June 2001
We have audited the financial statements on the following pages. The financial statements provide information about the past financial and service performance of the Ministry of Economic Development and its financial position as at 30 June 2001. This information is stated in accordance with the accounting policies set out in the Statement of Accounting Policies.
Responsibilities of the Chief Executive
The Public Finance Act 1989 requires the Chief Executive to prepare financial statements in accordance with generally accepted accounting practice which fairly reflect the financial position of the Ministry of Economic Development as at 30 June 2001, the results of its operations and cash flows and the service performance achievements for the year ended 30 June 2001.
Auditor's Responsibilities
Section 38(1) of the Public Finance Act 1989 requires the Audit Office to audit the financial statements presented by the Chief Executive. 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 A J Shaw, 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 Chief Executive in the preparation of the financial statements; and
- whether the accounting policies are appropriate to the Ministry of Economic Development'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.
During the year we undertook an assurance related and an advisory related assignment for the Ministry of Economic Development. The assurance related assignment involved confirming employer compliance with employer licensing as required under the Electricity Act 1992 and the Electricity Regulations 1997. We also provided tax advisory services to the Ministerial Panel on Business Compliance Costs. Other than these assignments and in our capacity as auditor acting on behalf of the Controller and Auditor General, we have no relationship with or interests in the Ministry of Economic Development.
Unqualified Opinion
We have obtained all the information and explanations we have required.
In our opinion the financial statements of the Ministry of Economic in the following pages:
- comply with generally accepted accounting practice and
- fairly reflect:
- the financial position as at 30 June 2001
- the results of its operations and cash flows for the year ended on that date; and
- the service performance achievements in relation to the performance targets and other measures set out in the forecast financial statements for the year ended on that date.
Our audit was completed on 28 September 2001 and our unqualified opinion is expressed as at that date.
A J Shaw
Audit New Zealand
On behalf of the Controller and Auditor-General
Wellington, New Zealand
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