Annual Report 2014/15

Independent Auditor’s Report

To the readers of the New Zealand Qualifications Authority’s financial statements and performance information for the year ended 30 June 2015

The Auditor-General is the auditor of the New Zealand Qualifications Authority (the Authority). The Auditor-General has appointed me, Clare Helm, using the staff and resources of Audit New Zealand, to carry out the audit of the financial statements and the performance information, including the performance information for appropriations, of the Authority on her behalf.

Opinion on the financial statements and the performance information

We have audited:

- the financial statements of the Authority on pages 57 to 86, that comprise the statement of financial position as at 30 June 2015, the statement of comprehensive revenue and expense, statement of changes in equity and statement of cash flows for the year ended on that date and the notes to the financial statements that include accounting policies and other explanatory information; and

- the performance information of the Authority on pages 15 to 27, and 36 to 52.

In our opinion:

- The financial statements of the Authority:

  • present fairly, in all material respects:
      • its financial position as at 30 June 2015; and
      • its financial performance and cash flows for the year then ended; and
  • comply with generally accepted accounting practice in New Zealand and have been prepared in accordance with Public Benefit Entity Standards

- The performance information:

  • presents fairly, in all material respects the Authority’s performance for the year ended 30 June 2015, including:
  • For each class of reportable outputs:
  • its standards of performance achieved as compared with forecasts included in the statement of performance expectations for the financial year;
  • its actual revenue and output expenses as compared with
    the forecasts included in the statement of performance
    expectations for the financial year;
  • what has been achieved with the appropriations; and
  • the actual expenses or capital expenditure incurred compared with the appropriated or forecast expenses or capital expenditure.
  • complies with generally accepted accounting practice in New Zealand.

Our audit was completed on 22 September 2015. This 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 Board and our responsibilities, and explain our independence.

Basis of opinion

We carried out our audit in accordance with the Auditor-General’s Auditing Standards, which incorporate the International Standards on Auditing (New Zealand). Those standards require that we comply with ethical requirements and plan and carry out our audit to obtain reasonable assurance about whether the financial statements and the performance information are free from material misstatement.

Material misstatements are differences or omissions of amounts and disclosures that, in our judgement, are likely to influence readers’ overall understanding of the financial statements and the performance information. If we had found material misstatements that were not corrected, we would have referred to them in our opinion.

An audit involves carrying out procedures to obtain audit evidence about the amounts and disclosures in the financial statements and the performance information. The procedures selected depend on our judgement, including our assessment of risks of material misstatement of the financial statements and the performance information, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the preparation of the Authority’s financial statements and performance information in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Authority’s internal control.

An audit also involves evaluating:

  • the appropriateness of accounting policies used and whether they have been consistently applied;
  • the reasonableness of the significant accounting estimates and judgements made by the Board;
  • the appropriateness of the reported performance information within the Authority’s framework for reporting performance;
  • the adequacy of the disclosures in the financial statements and the performance information; and
  • the overall presentation of the financial statements and the performance information.

We did not examine every transaction, nor do we guarantee complete accuracy of the financial statements and the performance information. Also, we did not evaluate the security and controls over the electronic publication of the financial statements and the performance information.

We believe we have obtained sufficient and appropriate audit evidence to provide a basis for our audit opinion.

Responsibilities of the Board

The Board is responsible for preparing financial statements and performance information that:

  • comply with generally accepted accounting practice in New Zealand;
  • present fairly the Authority’s financial position, financial performance and cash flows; and
  • present fairly the Authority’s performance.

The Board’s responsibilities arise from the Crown Entities Act 2004 and the Public Finance Act 1989.

The Board is responsible for such internal control as it determines is necessary to enable the preparation of financial statements and performance information that are free from material misstatement, whether due to fraud or error. The Board is also responsible for the publication of the financial statements and the performance information, whether in printed or electronic form.

Responsibilities of the Auditor

We are responsible for expressing an independent opinion on the financial statements and the performance information and reporting that opinion to you based on our audit. Our responsibility arises from the Public Audit Act 2001.

Independence

When carrying out the audit, we followed the independence requirements of the Auditor-General, which incorporate the independence requirements of the External Reporting Board.

Other than the audit, we have no relationship with or interests in the Authority.

Clare Helm
Audit New Zealand
On behalf of the Auditor-General
Wellington, New Zealand

 
 
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