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Annual Report 30 June 1998

Title Page

Statement of Purpose

Notable Events

Members

Chairman's Review

Chief Executive's Report

Work Programme 1998/99

Financial Statements

Statement of Objectives

Statement of Service Performance
Report of Audit Office

Staff

Responsibilities of the Members
Auditor's Responsibilities
Basis of Opinion

Unqualified Opinion

Report of the Audit Office

TO THE READERS OF THE FINANCIAL STATEMENTS
OF THE SECURITIES COMMISSION FOR THEE YEAR ENDED 30 JUNE 1998
We have audited the financial statements on pages 36 to 49. The financial statements provide information about the past financial and service performance of the Securities Commission and its financial position as at 30 June 1998. This information is stated in accordance with the accounting policies set out on page 40.
Responsibilities of the Members of the Securities Commission
The Public Finance Act 1989 requires the Members of the Securities Commission to prepare financial statements in accordance with generally accepted accounting practice which fairly reflect the financial position of the Securities Commission as at 30 June 1998, the results of its operations and cash flows and the service performance achievements for the year ended 30 June 1998.
Auditor's Responsibilities
Section 43(1) of the Public Finance Act 1989 requires the Audit Office to audit the financial statements presented by the Securities Commission. It is the responsibility of the Audit Office to express an independent opinion on the financial statements and report its opinion to you. The Controller and 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 judgments made by the Members of the Securities Commission in the preparation of the financial statements; and
whether the accounting policies are appropriate to Securities Com mis sion'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 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 and the Securities Commission's compliance with significant legislative requirements.
Other than in our capacity as auditor acting on behalf of the Controller and 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 36 to 49:

comply with generally accepted accounting practice; and

fairly reflect:

- the financial position as at 30 June 1998;
- the results of its operations and cash flows for the year ended on that date; and
- the 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 14 July 1998 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