AUDIT NEW ZEALAND Mane Atak Aotoree ‘AUDIT REPORT TO THE READERS OF THE ‘CHATHAM ISLANDS ENTERPRISE TRUST AND GROUP'S FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2010 ‘he Auditor-General tthe cuditor of the Chatham Islands Enterprise Trt the Trt) and Greup. The Auditor-General hes eppelnted me, Juan Ten, using the stat end resources of. ‘Aucit New Zealend, to cerry out the oud of tho fnencicl sictements ofthe Trust and Greup, ‘on her behalf, fr the year ended 30 June 2010. Unqualified Opinion 1 ouF opinion, the financial statements ofthe Tt and Group on pages 10 to 40: + comply with gonerelly eccepted cxcountng practice n New Zealand and + fally recs © the Trt ond Group's fanclol postion as ot 30 June 2010; ond the rants oftheir opartions and cath flows forthe year ended on that sate, The cualt wos completed on 31 August 2010, end this she dete at which our plain s expressed. ‘The boris of our opinion is explained below: In adtion, we uline the exponsibiies of the Truroes and the Avior, and explain ou independence. Basis of Opinion ‘We carried out the oud in accordance with the Auditor-General’ Alig Standords, which incorporate the New Zecland Auslting Standards. ‘We planned and performed the audi to obtain all he information ond explonations we considered necessory In order to obtain reasonable assronce thet the fioncolstotemens ld not have materiel misstatements, whether caused by froud er eror. [Noterialmistolements are differences or anlisions of ameuns and dsdasres thot would cffect a reader's overall undersionding ofthe financial statements. If we hed found materi fnlssatements het were not corected, we would have referred f them in our option. ‘The audit involved performing procedure: to tet the information presented in the fnandel sHotements We asses the reals of those procedures in oning out ophnon.‘Audit procedures generclyincluder + determining whether sgnficont financial ond menegement controls ere working end ‘can be relied on to produce complete end occurate dete; + verifying somples of trontactions and account baloncst + performing cnalyses to identify anomalies in the reported dot; + reviewing slgnficont estimates ond judgements made by the Trustee: + confiming year-end bolences; + determining whether counting pole are appropriate and consistently applied; ond + determining whether ll financial stotement dselowres are edequote. We did not exemine every ransctio, nor do we guarentee complete accuracy ofthe finencolstotement ‘We evaluated he overall adequacy ofthe presentation of information inthe finoncal statements We abtcined cll the information and explanations we requlted to supper! our ‘pinion above. Responsibiliis ofthe Tustoes and the Auditor ‘The Trustees are responsible for prepering the finan stotemants in accordnce with generclly accepted accounting protic I New Zeoland. The foacll statements must fly Teflect the finandel postin of he Trust ond Group os ci 30 June 2010 andthe ret of thelr operations ond cosh flows forthe yeor ended on thot date. The Tastee’ responses ‘rsa from couse 11.2 ofthe Trst Deed doted | December 1991 between the Crown and the Tru We ore responsible for expreming an independert opinion on the finance totements ond reporting thet opinion to you: This responsibilty eset frm section 15 ofthe Public Audit Act 2001 end clouse 11.3 ofthe Trust Deed. ‘When coring ou the aut we followed the independence requirements of the ‘usitor-Ceneral which Incorporate the independence requirements ofthe New Zealand Instvte of Chertared Accountont ther thon the oud, we have no relationship with or Interests Inthe Trust or any of is ‘wbriciariee x ay TaN Jolian Ton ‘uct New Zealond On behalf ofthe Audlor-General Christchurch, New Zeolond