PDF - 1.62 MB - Sydney Harbour Federation Trust

Annual Report 2006-07Independent Auditor’s Report24Australian National Audit OfficePO Box A456Sydney South NSW 1235130 Elizabeth StreetSYDNEY NSWPhone (02) 9367 7100Fax (02) 9367 7102To the Minister for the Environment and Water ResourcesScopeWe have audited the accompanying financialstatements of the Sydney Harbour Federation Trustfor the year ended 30 June 2007. The financialstatements comprise: a statement by Directors,Chief Executive and Director Corporate Services;income statement; balance sheet; statement ofchanges in equity; statement of cash flows;schedules of commitments and contingencies; asummary of significant accounting policies, andother explanatory notes.The Responsibility of the Directors for theFinancial StatementsThe Directors are responsible for the preparation andfair presentation of the financial statements inaccordance with Finance Minister’s Orders madeunder the Commonwealth Authorities andCompanies Act 1997 and Australian AccountingStandards (including Australian AccountingInterpretations). This responsibility includesestablishing and maintaining internal controls relevantto the preparation and fair presentation of thefinancial statements that are free from materialmisstatement, whether due to fraud or error;selecting and applying appropriate accountingpolicies; and making accounting estimates that arereasonable in the circumstances.Auditor’s ResponsibilityMy responsibility is to express an opinion on thefinancial statements based on our audit. Our audithas been conducted in accordance with AustralianNational Audit Office Auditing Standards, whichincorporate Australian Auditing Standards. TheseAuditing Standards require that we comply withrelevant ethical requirements relating to auditengagements and plan and perform the audit toobtain reasonable assurance whether the financialstatements are free from material misstatement.An audit involves performing procedures to obtainaudit evidence about the amounts and disclosures inthe financial statements. The procedures selecteddepend on the auditor’s judgement, including theassessment of the risks of material misstatement ofthe financial statements, whether due to fraud orerror. In making those risk assessments, the auditorconsiders internal control relevant to the SydneyHarbour Federation Trust’s preparation and fairpresentation of the financial statements in designingaudit procedures that are appropriate in thecircumstances, but not for the purpose ofexpressing an opinion on the effectiveness of theSydney Harbour Federation Trust’s internal control.An audit also includes evaluating theappropriateness of accounting policies used and thereasonableness of accounting estimates made bythe Directors, as well as evaluating the overallpresentation of the financial statements.