REVIEW OF FINANCIAL REPORTING BY ISSUERS
CYCLE 7
Financial Reporting Surveillance Programme
6 August 2008
CONTENTS
EXECUTIVE SUMMARY
INTRODUCTION
The Commission's Financial Reporting Surveillance Programme
New Zealand Generally Accepted Accounting Practice
Selecting issuers
Identifying matters and taking action
CYCLE 7: FINDINGS
Scope and issuer selection
Overall comments on Cycle 7
Outcome of matters raised
Specific comments on Cycle 7 findings
Related party information
Financial institutions and financial instruments information
Essential disclosures
Matters under other standards
Interim financial statements of finance companies
Auditors' reports and audit firm referral
Other services provided by an auditor
Referral of audit firm
Market matters
Substantial security holder information
Directors' interests and share dealings
Update on enforcement of a market matter
OVERVIEW OF ALL SEVEN CYCLES
Overall comment
Common matters raised in the Cycles
Statement of Cash Flows
Prospective financial information
Signing and dating of financial statements
Audit work
Transition issues
Concluding comments
ONGOING REVIEW AND ENFORCEMENT