✨ Audit Report
POLSON HIGGS
BUSINESS ADVISORS
DUNEDIN
Moray House
129 Moray Place
PO Box 5346
Dunedin 9058
New Zealand
T: 03 477 9923
F: 03 477 9795
www.ph.co.nz
CHRISTCHURCH
HSBC Tower
62 Worcester Boulevard
PO Box 4449
Christchurch 8140
New Zealand
T: 03 366 5282
F: 03 366 4254
www.ph.co.nz
Independent Auditor’s Report
To the Trustees of the Otago Community Trust
Report on the Consolidated Financial Statements
We have audited the consolidated financial statements of the Otago Community Trust on pages 3 to 25 and its subsidiary, which comprise the balance sheet of Otago Community Trust and the consolidated balance sheet as at 31 March 2011 and the consolidated comprehensive income statement, statement of changes in equity and cash flow statement for the year then ended, and a summary of significant accounting policies and other explanatory information.
Trustees’ Responsibility for the Consolidated Financial Statements
The trustees are responsible for the preparation of consolidated financial statements in accordance with generally accepted accounting practice in New Zealand and that give a true and fair view of the matters to which they relate, and for such internal control as the trustees determine is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.
Auditor’s Responsibility
Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing (New Zealand). Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation of consolidated financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates, as well as evaluating the presentation of the consolidated financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
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NZ Gazette 2011, No 101
✨ LLM interpretation of page content
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Otago Community Trust Financial Statements for 2011
(continued from previous page)
💰 Finance & RevenueFinancial Instruments, Credit Risk, Investment Management, Financial Assets, Financial Liabilities, Related Parties, Donations, Subsidiaries, Trustees remuneration, Trustees interest, Employee remuneration