Annual Report 2010 - Christchurch City Council

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Financial ratios Financial statements Annual Report Christchurch Otautahi 2010 p129. Financial statements Financial ratios Net debt as a percentage of total revenue Ratio Policy
p130. Annual Report Christchurch Otautahi 2010 Financial statements Audit New Zealand report Financial statements Audit New Zealand report To the readers of Christchurch City Council and group’s financial statements and service provision information for the year ended 30 June 2010. The Auditor-General is the auditor of Christchurch City Council (the City Council) and group. The Auditor-General has appointed me, Scott Tobin, using the staff and resources of Audit New Zealand, to carry out the audit on her behalf. The audit covers the financial statements, the service provision information and the City Council’s compliance with the other requirements of Schedule 10 of the Local Government Act 2002 that are included in the annual report of the City Council and group for the year ended 30 June 2010. Unqualified opinion In our opinion: • The financial statements of the City Council and group on pages 40 to 118 and 132 to 154: • comply with generally accepted accounting practice in New Zealand; and • fairly reflect: • the City Council and group’s financial position as at 30 June 2010; and • the results of operations and cash flows for the year ended on that date. • The service provision information of the City Council on pages 40 to 118: • complies with generally accepted accounting practice in New Zealand; and • fairly reflects the City Council’s levels of service provision for the year ended 30 June 2010, including: • the levels of service provision as measured against the intended levels of service provision adopted in the longterm council community plan; and • the reasons for any significant variances between the actual service provision and the expected service provision. • The City Council and group have complied with the other requirements of Schedule 10 of the Local Government Act 2002 that are applicable to the annual report, and that are included in the City Council and group’s financial statements and service provision information and on pages 34 and 257 to 276 under the headings Maori involvement in decision-making and group structure. The audit was completed on 30 September 2010, and is the date at which our opinion is expressed. The basis of our opinion is explained below. In addition, we outline the responsibilities of the Council 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 the audit to obtain all the information and explanations we considered necessary in order to obtain reasonable assurance that the financial statements, the service provision information and the other requirements 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, the service provision information and the other requirements. If we had found material misstatements that were not corrected, we would have referred to them in our opinion. The audit involved performing procedures to test the information presented in the financial statements, the service provision information and the other requirements. We assessed the results of those procedures in forming our opinion. Audit procedures generally include: • determining whether the significant management and system 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 financial and service provision data; • reviewing significant estimates and judgements made by the Council; • confirming year-end balances; • determining whether accounting policies are appropriate and consistently applied; • determining the appropriateness of the reported service provision information within the Council’s framework for reporting performance; and • determining whether all required disclosures are adequate. We did not examine every transaction, nor do we guarantee complete accuracy of the financial statements, the service provision information and the other requirements. We evaluated the overall adequacy of the presentation of information in the financial statements, the service provision information and the other requirements. We obtained all the information and explanations we required to support our opinion above.
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Annual Report 2010 - Christchurch City Council

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