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Independent Audit Report
To the Members of the Parliament of Tasmania
TASMANIAN PUBLIC FINANCE CORPORATION
Finance Report for the Year Ended 30 June 2004
Scope
The financial report and the Directors' responsibility
The financial report comprises the statement of financial position, statement of financial performance, statement of cash flows, accompanying notes to the financial statements, and the Directors’ declaration for the Tasmanian Public Finance Corporation for the year ended 30 June 2004.
The Directors are responsible for the preparation and true and fair presentation of the financial report in accordance with Section 52 (1) of the Government Business Enterprises Act 1995. This includes responsibility for the maintenance of adequate accounting records and internal controls that are designed to prevent and detect fraud and error, and for the accounting policies and accounting estimates inherent in the financial report.
Audit approach
I conducted an independent audit in order to express an opinion to the members of the Parliament of Tasmania. My audit was conducted in accordance with Australian Auditing Standards in order to provide reasonable assurance as to whether the financial report is free of material misstatement. The nature of an audit is influenced by factors such as the use of professional judgment, selective testing, the inherent limitations of internal control, and the availability of persuasive rather than conclusive evidence. Therefore, an audit cannot guarantee that all material misstatements have been detected.
I performed procedures to assess whether in all material respects the financial report presents fairly, in accordance with the Government Business Enterprises Act 1995, the Treasurer's Instructions, Accounting Standards and other mandatory financial reporting requirements in Australia, a view which is consistent with my understanding of the Tasmanian Public Finance Corporation's financial position, and of its performance as represented by the results of its operations and cash flows.
I formed my audit opinion on the basis of these procedures, which included:
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Examining, on a test basis, information to provide evidence supporting the amounts and disclosures in the financial report, and
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Assessing the appropriateness of the accounting policies and disclosures used and the reasonableness of significant accounting estimates made by the Directors.
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While I considered the effectiveness of management's internal controls over financial reporting when determining the nature and extent of my procedures, my audit was not designed to provide assurance on internal controls.
The Audit Opinion expressed in this report has been formed on the above basis.
Independence
In conducting my audit, I followed applicable independence requirements of Australian professional ethical pronouncements.
Audit Opinion
In my opinion the financial report presents fairly, in accordance with the Treasurer's Instructions issued under the Government Business Enterprises Act 1995 and applicable Accounting Standards and other mandatory professional reporting requirements in Australia, the financial position of the Tasmanian Public Finance Corporation as at 30 June 2004, and the results of its operations and its cash flows for the year then ended.
TASMANIAN AUDIT OFFICE
H M Blake
AUDITOR-GENERAL
23 August 2004
HOBART
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