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2002 Annual Report

REPORT OF THE AUDITOR-GENERAL

TO THE READERS OF THE FINANCIAL STATEMENTS OF THE SECURITIES COMMISSION FOR THE YEAR ENDED 30 JUNE 2002

We have audited the financial statements on pages 25 to 40. The financial statements provide information about the past financial and service performance of the Securities Commission and its financial position as at 30 June 2002. This information is stated in accordance with the accounting policies set out on pages 29 to 30.

Responsibilities of the Members of the Securities Commission

The Public Finance Act 1989 and section 15 of the Public Audit Act 2001 require the Securities Commission to prepare financial statements in accordance with generally accepted accounting practice in New Zealand that fairly reflect the financial position of the Securities Commission as at 30 June 2002, the results of its operations and cash flows and service performance achievements for the year ended on that date.

Auditor's responsibilities

Section 15 of the Public Audit Act 2001 and Section 43(1) of the Public Finance Act 1989 require the Auditor-General to audit the financial statements presented by the Securities Commission. It is the responsibility of the Auditor-General to express an independent opinion on the financial statements and report that opinion to you.

The Auditor-General has appointed H C Lim, of Audit New Zealand, to undertake the audit.

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 judgements made by the Members of the Securities Commission in the preparation of the financial statements; and

•  whether the accounting policies are appropriate to the Securities Commission's circumstances, consistently applied and adequately disclosed.

We conducted our audit in accordance with the Auditing Standards published by the Auditor-General, which incorporate the Auditing Standards issued by the Institute of Chartered Accountants of New Zealand. We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with 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 acting on behalf of the Auditor-General, we have no relationship with or interests in the Securities Commission.

Unqualified opinion

We have obtained all the information and explanations we have required.

In our opinion the financial statements of the Securities Commission on pages 25 to 40:

•  comply with generally accepted accounting practice in New Zealand; and

•  fairly reflect:
  • the Securities Commission's financial position as at 30 June 2002;

  • the results of its operations and cash flows for the year ended on that date; and

  • its service performance achievements in relation to the performance targets and other measures adopted for the year ended on that date.

Our audit was completed on 18 July 2002 and our unqualified opinion is expressed as at that date.

H C Lim
Audit New Zealand
On behalf of the Controller and Auditor-General
Wellington, New Zealand