✨ Audit Report for Powerco Limited
Deloitte
AUDIT REPORT
TO THE READERS OF THE FINANCIAL STATEMENTS OF POWERCO LIMITED – ELECTRICITY DIVISION
We have audited the financial statements of Powerco Limited – Electricity Division. The financial statements provide information about the past financial performance of Powerco Limited – Electricity Division and its financial position as at 30 June 2006. This information is stated in accordance with the accounting policies.
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 Powerco Limited – Electricity Division as at 30 June 2006, and results of operations and cash flows for the year then ended.
Auditor’s Responsibilities
It is our responsibility to express an independent opinion on the financial statements presented by the 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–
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the significant estimates and judgments made by the Directors in the preparation of the financial statements; and
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whether the accounting policies are appropriate to Powerco Limited - Electricity Division’s circumstances, consistently applied and adequately disclosed.
We conducted our audit in accordance with generally accepted auditing standards in New Zealand. We planned and performed our audit so as to obtain all the information and explanations which we considered necessary. We obtained 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 and provision of taxation and accounting advice, we have no relationship with or interests in Powerco Limited.
Qualified Opinion
Disclosure of Transition to New Zealand Equivalents to IFRS
New Zealand Equivalent to International Financial Reporting Standards 1 (NZ IFRS 1) “First-time Adoption of New Zealand Equivalents to International Financial Reporting Standards” requires reconciliation of the entity’s equity reported under previous New Zealand Generally Accepted Accounting Practice (NZ GAAP) to its equity under New Zealand equivalents to International Financial Reporting Standards (NZ IFRS) at the date of transition to NZ IFRS. This information has not been disclosed in the financial statements.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2006, No 169
Gazette.govt.nz —
NZ Gazette 2006, No 169
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Audit Report for Powerco Limited – Electricity Division
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