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To the readers of the Ministry of Transport’s financial statements for the year ended 30 June 2010

The Auditor‑General is the auditor of the Ministry of Transport (the Ministry). The Auditor‑General has appointed me, John O’Connell, using the staff and resources of Audit New Zealand, to carry out the audit of the financial statements and performance information of the Ministry for the year ended 30 June 2010.

Unqualified Opinion

In our opinion:

  • The financial statements of the Ministry comprising the Statement of Comprehensive Income, Statement of Movements in Taxpayers’ Funds, Statement of Financial Position, Statement of Cash Flows, Statement of Commitments, Statement of Contingent Liabilities and Contingent Assets, Statement of Departmental Expense and Capital Expenditure Against Appropriations, Statement of Departmental Unappropriated Expenditure Against Appropriations, Notes 1 to 25 to the Financial Statements, Schedule of Non-departmental Revenue and Receipts, Schedule of Non-departmental Expenses, Statement of Non-departmental expenditure and Capital Expenditure Against Appropriations, Schedule of Non-departmental Assets, Schedule of Non-departmental Liabilities, Schedule of Non-departmental Commitments, Schedule of Non-departmental Contingent Liabilities and Contingent Assets, Notes 1 to 14 of the Non-departmental Financial Statements
    • comply with generally accepted accounting practice in New Zealand; and
    • fairly reflect:
      • the Ministry’s financial position as at 30 June 2010;
      • the results of its operations and cash flows for the year ended on that date; and
      • its service performance achievements measured against the performance targets adopted for the year ended on that date.
  • The performance information of the Ministry in the Statement of Objectives and Service Performance fairly reflects the achievements measured against the performance targets adopted for the year ended 30 June 2010.

The audit was completed on 30 September 2010, and is the date at which our opinion is expressed.

The basis of the opinion is explained below. In addition, we outline the responsibilities of the Chief Executive and the Auditor, and explain our independence.

Basis of Opinion

We carried out the audit in accordance with the Auditor‑General’s Auditing Standards, which incorporate the New Zealand Auditing Standards.

We planned and performed our audit to obtain all the information and explanations we considered necessary in order to obtain reasonable assurance that the financial statements and performance information did not have material misstatements, whether caused by fraud or error.

Material misstatements are differences or omissions of amounts and disclosures that would affect a reader’s overall understanding of the financial statements and performance information. If we had found material misstatements that were not corrected, we would have referred to them in the opinion.

Our audit involved performing procedures to test the information presented in the financial statements and performance information. We assessed the results of those procedures in forming our opinion.

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 Chief Executive;
  • confirming year-end balances;
  • determining whether accounting policies are appropriate and consistently applied; and
  • determining whether all financial statement 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 Chief Executive and the Auditor

The Chief Executive is responsible for preparing and submitting for audit financial statements in accordance with generally accepted accounting practice in New Zealand. The Chief Executive is also responsible for preparing performance information. Those financial statements and performance information must fairly reflect the financial position of the Ministry as at 30 June 2010. They must also fairly reflect the results of its operations and cash flows and service performance achievements for the year ended on that date. This responsibility is specified in the Public Finance Act 1989.

We are responsible for expressing an independent opinion on the financial statements and performance information and reporting that opinion to you. This responsibility is specified in section 15 of the Public Audit Act 2001.

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 Ministry.

John O’Connell
Audit New Zealand
On behalf of the Auditor-General
Wellington, New Zealand

Matters relating to the electronic presentation of the audited financial statements, statement of service performance and schedules of non-departmental activities

This audit report relates to the financial statements, statement of service performance and schedules of non-departmental activities of the Ministry of Transport for the year ended 30 June 2010 included on the Ministry of Transport’s website. The Ministry of Transport’s Chief Executive is responsible for the maintenance and integrity of the Ministry of Transport’s website. We have not been engaged to report on the integrity of the Ministry of Transport’s website. We accept no responsibility for any changes that may have occurred to the financial statements, statement of service performance and schedules of non-departmental activities since they were initially presented on the website.

The audit report refers only to the financial statements, statement of service performance and schedules of non-departmental activities named above. It does not provide an opinion on any other information which may have been hyperlinked to or from the financial statements, statement of service performance and schedules of non-departmental activities. If readers of this report are concerned with the inherent risks arising from electronic data communication they should refer to the published hard copy of the audited financial statements, statement of service performance and schedules of non-departmental activities and related audit report dated 30 September 2010 to confirm the information included in the audited financial statements, statement of service performance and schedules of non-departmental activities presented on this website.

Legislation in New Zealand governing the preparation and dissemination of financial information may differ from legislation in other jurisdictions.


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