Meridian Annual Report - Meridian Energy

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84 Report from the Audit Office Audit Report to the Readers of Meridian Energy Limited and Group’s Financial Statements for the Year Ended 30 June 2008 The Auditor-General is the auditor of Meridian Energy Limited (the “Company”) and Group. The Auditor-General has appointed me, Graeme Mitchell, using the staff and resources of Deloitte, to carry out the audit of the financial statements of the Company and Group, on his behalf, for the year ended 30 June 2008. Unqualified Opinion In our opinion: The financial statements of the Company and Group on pages 38 to 83: • comply with generally accepted accounting practice in New Zealand; • comply with International Financial Reporting Standards; and • give a true and fair view of: – the Company and Group’s financial position as at 30 June 2008; and – the results of their operations and cash flows for the year ended on that date. Based on our examination the Company and Group kept proper accounting records. The audit was completed on 29 August 2008, 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 Board of Directors 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 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. If we had found material misstatements that were not corrected, we would have referred to them in the opinion. The audit involved performing procedures to test the information presented in the financial statements. 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 Board of Directors; • 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. We evaluated the overall adequacy of the presentation of information in the financial statements. We obtained all the information and explanations we required to support the opinion above.
85< Report from the Audit Office (continued) Responsibilities of the Board of Directors and the Auditor The Board of Directors is responsible for preparing financial statements in accordance with generally accepted accounting practice in New Zealand. Those financial statements must give a true and fair view of the financial position of the Company and Group as at 30 June 2008 and the results of their operations and cash flows for the year ended on that date. The Board of Directors responsibilities arise from the State-Owned Enterprises Act 1986 and the Financial Reporting Act 1993. We are responsible for expressing an independent opinion on the financial statements and reporting that opinion to you. This responsibility arises from section 15 of the Public Audit Act 2001 and section 19(1) of the State-Owned Enterprises Act 1986. Independence When carrying out the audit we followed the independence requirements of the Auditor-General, which incorporate the independence requirements of the New Zealand Institute of Chartered Accountants. In addition to the audit, we have carried out other assurance assignments for the Company and Group in the areas of carbon emissions audits, the review of the half year financial statements and the adoption of NZ IFRS, which are compatible with those independence requirements. Other than the audit and these assignments, we have no relationship with or interests in the Company or any of its subsidiaries. Graeme Mitchell DELOITTE On behalf of the Auditor-General WELLINGTON, New Zealand This audit report relates to the financial statements of Meridian Energy Limited and group for the year ended 30 June 2008 included on the Company’s website. The Board of Directors is responsible for the maintenance and integrity of the Company’s website. We have not been engaged to report on the integrity of the Company’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. 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 29 August 2008 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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Meridian Annual Report for the year
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1< Innovation We launched Right Hou
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2 A time of challenge and opportuni
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4 Chairman’s and Chief Executive
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6 Our Operations Meridian is New Ze
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8 Our Operations cont Under Constru
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10 Generation The winter of 2008 wa
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12 Retail Transforming our customer
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Our Year in Review >14
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16 Our Year in Review cont Our Peop
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18 Our Year in Review cont Meridian
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20 Our Year in Review cont In addit
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22 Our Year in Review cont Meridian
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24 Our Year in Review cont In the M
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Our Subsidiaries >26
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28 Board of Directors Wayne Boyd (C
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30 Tim Lusk (Chief Executive) Prior
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Financials >32
Page 38 and 39: 34 Economic Overview and 2007/08 Fi
Page 40 and 41: 36 Meridian Energy Limited — Stat
Page 42 and 43: 38 Meridian Energy Limited — Inco
Page 44 and 45: 40 Meridian Energy Limited — Bala
Page 46 and 47: 42 Meridian Energy Limited — Note
Page 90 and 91: 86 Statutory Information Group Dire
Page 92 and 93: 88 Statutory Information (continued
Page 94 and 95: 90 Meridian Energy Management’s i
Page 96 and 97: 92 Tonnes of CO2 Meridian Energy Ag
Page 98 and 99: 94 Notes on tables Notes on electri
Page 100 and 101: 96 GRI Sustainability Reporting Ind
Page 102: 98 DIRECTORY Registered Office Leve
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Meridian Annual Report - Meridian Energy

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