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AIR NEW ZEALAND GROUP
40
Independent Auditor’s Report
TO THE SHAREHOLDERS OF AIR NEW ZEALAND LIMITED FOR THE YEAR ENDED 30 JUNE 2015
The Auditor-General is the auditor of Air New Zealand Limited and its subsidiaries. The Auditor-General has appointed me, Andrew Dick, using
the staff and resources of Deloitte, to carry out the audit of the financial statements of the Group, consisting of Air New Zealand Limited and its
subsidiaries (collectively referred to as ‘the Group’), on her behalf.
Opinion
We have audited the financial statements of the Group on pages 2 to 39, that comprise the Statement of Financial Position as at 30 June 2015, 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.
In our opinion the financial statements of the Group comply with generally accepted accounting practice in New Zealand and 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 in accordance with
New Zealand Equivalents to International Financial Reporting Standards and International Financial Reporting Standards.
Our audit was completed on 26 August 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 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, in our judgement, are likely to influence shareholders’
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 Group’s financial statements 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
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฀signicant฀accounting฀estimates฀and฀judgements฀made฀by฀the฀Board฀of฀Directors;
•฀ the฀adequacy฀of฀all฀disclosures฀in฀the฀nancial฀statements;฀and
•฀ the฀overall฀presentation฀of฀the฀nancial฀statements.
We did not examine every transaction, nor do we guarantee complete accuracy of the financial statements. Also we did not evaluate the security and
controls over the electronic publication of the financial statements.
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 the preparation and fair presentation of financial statements for the Group that comply with generally
accepted accounting practice in New Zealand (being in accordance with New Zealand Equivalents to International Financial Reporting Standards
and International Financial Reporting Standards).
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 is also responsible for the publication of the financial
statements, whether in printed or electronic form.
The Board of Directors’ responsibilities arise from the Financial Markets Conduct Act 2013.