Air New Zealand 2011 Annual Report Download - page 55

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TO THE SHAREHOLDERS OF AIR NEW ZEALAND LIMITED FOR THE YEAR ENDED 30 JUNE 2011
The Auditor-General is the auditor of Air New Zealand Limited (the Company) and Group. The Auditor-General has appointed me,
Andrew Burgess, using the staff and resources of Deloitte, to carry out the audit of the financial statements of the Company and Group
on her behalf, for the year ended 30 June 2011.
We have audited the financial statements of the Company and Group on pages 2 to 52, that comprise the Statement of Financial
Position as at 30 June 2011, the Statement of Financial Performance, Statement of Comprehensive Income, 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.
Opinion on the financial statements
In our opinion the financial statements of the Company and Group on pages 2 to 52:
• 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 2011; and
- financial performance and cash flows for the year ended on that date.
Opinion on other legal requirements
In accordance with the Financial Reporting Act 1993 we report that, in our opinion, proper accounting records have been kept by the
Company and Group as far as appears from an examination of those records.
Our audit was completed on 25 August 2011. 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 of Directors and our responsibilities,
and we 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 are free from material misstatement.
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 our opinion.
An audit involves carrying out procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The
procedures selected depend on our judgement, including our assessment of risks of material misstatement of the financial statements
whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the preparation of the Company
and Group’s financial statements that give a true and fair view of the matters to which they relate. We consider internal control 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 Company and Group’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 of Directors;
• the adequacy of all disclosures in the financial statements; and
• the overall presentation of the financial statements.
We did not examine every transaction, nor do we guarantee complete accuracy of the financial statements. In accordance with the
Financial Reporting Act 1993, we report that we have obtained all the information and explanations we have required. We believe we
have obtained sufficient and appropriate audit evidence to provide a basis for our audit opinion.
Responsibilities of the Board of Directors
The Board of Directors is responsible for preparing financial statements that:
• comply with generally accepted accounting practice in New Zealand; and
• give a true and fair view of the Company and Group’s financial position, financial performance and cash flows.
The Board of Directors is also responsible for such internal control as it determines is necessary to enable the preparation of financial
statements that are free from material misstatement, whether due to fraud or error.
The Board of Directors’ responsibilities arise from the Financial Reporting Act 1993.
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AIR NEW ZEALAND ANNUAL FINANCIAL RESULTS 2011