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Audit procedures generally include:
· determining whether significant financial and management controls are working and can be relied on to produce
complete and accurate data;
· verifying samples of transactions and account balances;
· performing analyses to identify anomalies in the reported data;
· reviewing significant estimates and judgements made by the Board of Directors;
· confirming year-end balances;
· determining whether accounting policies are appropriate and consistently applied; and
· determining whether all required disclosures are adequate.
We did not examine every transaction, nor do we guarantee complete accuracy of the financial statements and
performance information.
We evaluated the overall adequacy of the presentation of information in the financial statements and performance
information. We obtained all the information and explanations we required to support the opinion above.
Responsibilities of the Board of Directors and the Auditor
The Board of Directors is responsible for preparing financial statements in accordance with generally accepted
accounting practice in New Zealand. Those financial statements must give a true and fair view of the financial position
of the Company as at 30 June 2004. They must also give a true and fair view of the results of its operations and cash
flows for the year ended on that date. The Board of Directors is also responsible for preparing performance information
that gives a true and fair view of service performance achievements for the year ended 30 June 2004. The Board of
Director's responsibilities arise from the Financial Reporting Act 1993 and the Local Government Act 2002.
We are responsible for expressing an independent opinion on the financial statements and performance information
and reporting that opinion to you. This responsibility arises from section 15 of the Public Audit Act 2001 and section 69
of the Local Government Act 2002.
Independence
When carrying out the audit we followed the independence requirements of the Auditor-General, which incorporate the
independence requirements of the Institute of Chartered Accountants of New Zealand.
Other than the audit, we have no relationship with or interests in the Company.
D Menon
Audit New Zealand
On behalf of the Auditor-General
Christchurch, New Zealand
