Publications

Annual Report
2002-2003

Report of the Auditor-General

We have audited the financial statements on pages 24 to 38. The financial statements provide information about the past financial performance of the Earthquake Commission and its financial position as at 30 June 2003. This information is stated in accordance with the accounting policies set out on pages 24 to 26.

Responsibilities of the Board of Commissioners

The Public Finance Act 1989 requires the Board of Commissioners (“the Board”) to prepare financial statements in accordance with generally accepted accounting practice in New Zealand that fairly reflect the financial position of the Earthquake Commission as at 30 June 2003, the results of its operations and cash flows for the year ended on that date.

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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 Board. 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.

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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 Board in the preparation of the financial statements; and
  • whether the accounting policies are appropriate to the Earthquake 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.

During the year we undertook two assurance related assignments for the Earthquake Commission. These assignments involved preparing for quality assurance over Catastrophe Response processes and the review of the Commission’s Procurement Manual. Other than these assignments, and in our capacity as auditor acting on behalf of the Auditor-General, we have no relationship with or interests in the Earthquake Commission.

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Unqualified opinion

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

In our opinion the financial statements of the Earthquake Commission on pages 24 to 38:

  • comply with generally accepted accounting practice in New Zealand; and
  • fairly reflect:
    • the Earthquake Commission’s financial position as at 30 June 2003; and
    • the results of its operations and cash flows for the year ended on that date.

Our audit was completed on 24 October 2003 and our unqualified opinion is expressed as at that date.

Signature - Auditor General

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

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Matters relating to the electronic presentation of the audited financial statements

This audit report relates to the financial statements of the Earthquake Commission for the year ended 30 June 2003 included on the Earthquake Commission’s website. The Board of Commissioners is responsible for the maintenance and integrity of the Earthquake Commission’s website. We have not been engaged to report on the integrity of the Earthquake Commission’s website. We accept no responsibility for any changes that may have occurred to the financial statements since they were initially presented on the website.

We have not been engaged to report on any other electronic versions of the Earthquake Commission’s financial statements, and accept no responsibility for any changes that may have occurred to electronic versions of the financial statements published on other websites and/or published by other electronic means.

The audit report refers only to the financial statements named above. It does not provide an opinion on any other information which may have been hyperlinked to/from these financial statements. 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 and related audit report dated 24 October 2003 to confirm the information included in the audited financial statements presented on this website.

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

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