New Zealand Gazette – 1999 – No. 129

Page 3104

✨ Audit Report for Powerco Limited



3104 NEW ZEALAND GAZETTE No. 129

Deloitte Touche Tohmatsu

AUDIT REPORT

TO THE READERS OF THE FINANCIAL STATEMENTS OF POWERCO LIMITED

We have audited the accompanying financial statements of Powerco Limited. The financial statements provide information about the past financial performance and financial position of Powerco Limited as at 31 March 1999. This information is stated in accordance with the accounting policies set out on pages 9 to 11.

Board of Directors’ Responsibilities

The Electricity (Information Disclosure) Regulations 1999 require the Board of Directors to prepare financial statements which give a true and fair view of the financial position of Powerco Limited as at 31 March 1999 and of the results of their operations and cash flows for the year ended.

Auditors’ Responsibilities

It is our responsibility to express an independent opinion on the financial statements presented by the Board of Directors and report our opinion to you.

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 Board of Directors in the preparation of the financial statements, and

  • whether the accounting policies are appropriate to Powerco Limited’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.

Our firm carries out other assignments in the area of special consulting assignments. The firm has no other relationships with or interests in the company or its subsidiaries.

Unqualified Opinion

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

In our opinion:

  • proper accounting records have been kept by Powerco Limited as far as appears from our examination of those records; and

  • the financial statements on pages 5 to 19:

    • comply with generally accepted accounting practice as defined by the Electricity Information Disclosure Handbook under which certain comparative information is not required to be disclosed; and
    • give a true and fair view of the financial position of Powerco Limited as at 31 March 1999 and the results of their operations and cash flows for the year then ended; and
    • comply with the Electricity (Information Disclosure) Regulations 1999.


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