New Zealand Gazette – 2006 – No. 169

Page 4874

✨ Audit Report Compliance

Compliance with Section 2.8(a) of the Commission Electricity Information Disclosure Handbook

Under section 2.8(a) of the Commerce Commission Electricity Information Disclosure Handbook an entity must not restate comparative information, even where this would result in a departure from Generally Accepted Accounting Practice (GAAP). The comparative period has been restated due to the transition to NZ IFRS which was undertaken during the year.

In these respects alone we have not obtained all the information and explanations that we have required.

In our opinion, except for adjustments that would have been necessary to comply with NZ IFRS 1 and section 2.8(a) of the Commerce Commission Electricity Information Disclosure Handbook:

proper accounting records have been maintained by Powerco Limited – Electricity Division as far as appears from our examination of those records; and
the financial statements referred to above—
a) comply with generally accepted accounting practice in New Zealand; and
b) give a true and fair view of the financial position of Powerco Limited – Electricity Division as at 30 June 2006 and the results of its operations and cash flows for the year then ended; and
c) comply with the Electricity Information Disclosure Requirements

Our audit was completed on 6th December 2006 and our qualified opinion is expressed as at that date.

Signature

Chartered Accountants
Hamilton, New Zealand

This audit report relates to the financial statements of Powerco Limited – Electricity Division for the year ended 30 June 2006 included on Powerco Limited’s website. Powerco Limited’s Board of Directors is responsible for the maintenance and integrity of Powerco Limited’s website. We have not been engaged to report on the integrity of Powerco Limited’s website. We accept no responsibility for any changes that may have occurred to the financial statements since they were initially presented on the website. The audit report refers only to the financial statements named above. It does not provide an opinion on any other information which may have been hyperlinked to/from these financial statements. If readers of this report are concerned with the inherent risks arising from electronic data communication they should refer to the published hard copy of the audited financial statements and related audit report dated 6th December 2006 to confirm the information included in the audited financial statements presented on this website. Legislation in New Zealand governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

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