Auditor's report
To the members of the Institute of Chartered Accountants of New Zealand (trading as New Zealand Institute of Chartered Accountants) (“the Institute”)
We have audited the financial statements on pages 1 to 33. The financial statements provide information about the past financial performance of the Institute and Group and their financial position as at 30 June 2008. This information is stated in accordance with the accounting policies set out on pages 4 to 9.
This report is made solely to the members of the Institute of Chartered Accountants of New Zealand as a body, in accordance with the Rules of the Institute of Chartered Accountants of New Zealand. Our audit has been undertaken so that we might state to the members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Institute and Group and the members as a body, for our audit work, for this report, or for the opinions we have formed.
Executive Board’s responsibilities
The Executive Board is responsible for the preparation of financial statements that comply with generally accepted accounting practice in New Zealand and fairly present the financial position of the Institute and Group as at 30 June 2008 and their financial performance and cash flows for the year ended on that date.
Auditor's responsibilities
It is our responsibility to express an independent opinion on the financial statements presented by the Executive Board and report 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:
- the significant estimates and judgements made by the Executive Board in the preparation of the financial statements; and
- whether the accounting policies are appropriate to the Institute’s and Group’s circumstances, 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 in order 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.
Certain partners of Ernst & Young have presented for the Institute during the year and preside on various boards of the Institute. In addition to this Ernst & Young partners and employees may deal with the Institute and Group on normal terms within the normal course of membership and trading activities.
Except as stated above and other than in our capacity as auditor we have no other relationships with, or interest in, the Institute or Group.
Unqualified opinion
We have obtained all the information and explanations we have required.
In our opinion the financial statements on pages 1 to 33:
- comply with generally accepted accounting practice in New Zealand; and
- fairly present the financial position of the Institute and Group as at 30 June 2008 and its financial performance and cash flows for the year ended on that date.
Our audit was completed on 26 September 2008 and our unqualified opinion is expressed as at that date.
Wellington