✨ Auditor-General's Report
27 NOVEMBER 2006 NEW ZEALAND GAZETTE, No. 150 4335
PricewaterhouseCoopers
188 Quay Street
Private Bag 92162
Auckland, New Zealand
Telephone +64 9 355 8000
Facsimile +64 9 355 8001
www.pwc.com/nz
REPORT OF THE AUDITOR-GENERAL
TO THE READERS OF THE FINANCIAL STATEMENTS OF COUNTIES POWER LIMITED – LINES BUSINESS FOR THE YEAR ENDED 31 MARCH 2006
We have audited the financial statements of Counties Power Limited – Lines Business on pages 4 to 20. The financial statements provide information about the past financial performance of Counties Power Limited – Lines Business and its financial position as at 31 March 2006. This information is stated in accordance with the accounting policies set out on pages 8 to 11.
Directors’ Responsibilities
The Commerce Commission’s Electricity Information Disclosure Requirements 2004 made under section 57T of the Commerce Act 1986 require the Directors to prepare financial statements which give a true and fair view of the financial position of Counties Power Limited – Lines Business as at 31 March 2006, and 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 Requirement 30 of the Electricity Information Disclosure Requirements 2004 require the Auditor-General to audit the financial statements. 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 Graeme Pinfold of PricewaterhouseCoopers 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:
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the significant estimates and judgements made by the Directors in the preparation of the financial statements; and
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whether the accounting policies are appropriate to Counties Power Limited – Lines Business’s circumstances, consistently applied and adequately disclosed.
We conducted the 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 obtain 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.
In addition to the audit we have carried out an audit related assignment for the Counties Power Limited. This involved issuing an audit opinion on the annual financial statements for the year ended 31 March 2006 as well as audit certificates pursuant to the Commerce Act Electricity Lines Threshold Notice 2004. Other than these assignments, we have no relationship with or interest in Counties Power Limited.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2006, No 150
Gazette.govt.nz —
NZ Gazette 2006, No 150
✨ LLM interpretation of page content
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Counties Power Limited – Lines Business Financial Statements and Certification
(continued from previous page)
🏭 Trade, Customs & Industry16 November 2006
Electricity, Financial Statements, Disclosure Requirements, Certification, Counties Power Limited
- Graeme Pinfold, PricewaterhouseCoopers