 |
PricewaterhouseCoopers
188 Quay Street
Private Bag 92162
Auckland, New Zealand
DX CP24073
Telephone +64 9 355 8000
Facsimile +64 9 355 8001
|
AUDITORS’
REPORT
We have audited the financial statements on
pages 49 to 84. The financial statements provide information about the
past financial performance and cash flows of the Company and Group for
the year ended 30 June 2005 and their financial position as at that date.
This information is stated in accordance with the accounting policies
set out on pages 54 to 57.
DIRECTORS’ RESPONSIBILITIES
The Company’s Directors are responsible for the preparation and presentation
of the financial statements which give a true and fair view of the financial
position of the Company and Group as at 30 June 2005 and their financial
performance and cash flows for the year ended on that date.
AUDITOR’S RESPONSIBILITIES
We are responsible for expressing an independent opinion on the financial
statements presented by the Directors and reporting our opinion to you.
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:
| (a) |
the significant estimates and judgements made by the Directors in
the preparation of the financial statements; and |
| (b) |
whether
the accounting policies are appropriate to the circumstances of
the Company and Group,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 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.
We have no relationship
with or interests in the Company or any of its subsidiaries other than
in our capacity as auditors, tax and accounting advisors.
UNQUALIFIED OPINION
We have obtained all the information and explanations we have required.
In our opinion:
(a)
proper accounting records have been kept by the Company as far as appears
from our examination of those records; and
(b) the financial statements on pages 49 to 84:
| (i) |
comply
with generally accepted accounting practice in NewZealand; and |
| (ii) |
give
a true and fair view of the financial position of the Company and
Group as at 30 June 2005 and their financial performance and cash
flows for the year ended on that date. |
Our
audit was completed on 19 August 2005 and our unqualified opinion is expressed
as at that date.
|
Chartered Accountants
Auckland
|
|
|
