✨ Audit Report
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 on pages 1 to 27. The financial statements provide information about the past financial performance of Powerco Limited – Electricity Division and its financial position as at 31 March 2007. This information is stated in accordance with the accounting policies set out on pages 5 to 12.
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 31 March 2007, and results of operations and cash flows for the period 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:
- the significant estimates and judgments made by the Directors in the preparation of the financial statements; and
- 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.
Deloitte has provided taxation and accounting advice to Powerco Limited. Partners and employees of our firm may also deal with Powerco Limited – Electricity Division on normal terms within the ordinary course of trading activities of the business of the Division. We have no other relationship with or interests in Powerco Limited – Electricity Division.
Unqualified Opinion
We have obtained all the information and explanations we have required.
In our opinion:
- proper accounting records have been maintained by Powerco Limited – Electricity Division as far as appears from our examination of those records; and
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2008, No 46
Gazette.govt.nz —
NZ Gazette 2008, No 46
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Audit Report for Powerco Limited – Electricity Division
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