Independent Audit Report

To Members of the New South Wales Parliament

I have audited the accompanying concise financial report of the New South Wales Treasury Corporation and controlled entities (the consolidated entity), which comprises the balance sheet as at 30 June 2007, and the income statement, statement of changes in equity and cash flow statement for the year then ended, and related notes, derived from the audited financial report of the consolidated entity for the year ended 30 June 2007, and the discussion and analysis. The concise consolidated financial report does not contain all the disclosures required by the Australian Accounting Standards.

Auditor’s Opinion

In my opinion, the concise financial report, including the discussion and analysis of the consolidated entity for the year ended 30 June 2007 complies with the Accounting Standard AASB 1039 ‘Concise Financial Reports’.

Board’s Responsibility for the concise Financial Report

The Board of New South Wales Treasury Corporation is responsible for the preparation and presentation of the concise financial report in accordance with Accounting Standard AASB 1039 ‘Concise Financial Reports’. This responsibility includes establishing and maintaining internal control relevant to the preparation of the concise financial report; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.

Auditor’s Responsibility

My responsibility is to express an opinion on the concise consolidated financial report based on my audit procedures. I conducted an audit, in accordance with Australian Auditing Standards, of the full financial report of the consolidated entity for the year ended 30 June 2007. Our audit report on the full financial report for the year was signed on 27 August 2007 and was not subject to any modification. The Australian Auditing Standards require that I comply with relevant ethical requirements relating to audit engagements and plan and perform the audit to obtain reasonable assurance whether the full financial report for the year is free from material misstatement.

My procedures in respect of the concise consolidated financial report included testing that the information in the concise financial report is derived from, and is consistent with, the full financial report for the year, and examination of a test basis, of evidence supporting the amounts, discussion and analysis, and other disclosures which were not directly derived from the full financial report for the year. These procedures were undertaken to form an opinion whether, in all material respects, the concise consolidated financial report and the discussion and analysis complies with Accounting Standard AASB1039 ‘Concise Financial Reports’.

I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my audit opinion.
My opinion on the concise financial report does not provide assurance:

• about the future viability of the consolidated entity,
• that it has carried out its activities effectively, efficiently and economically, or
• about the effectiveness of its internal controls

Independence

In conducting this audit, the Audit Office has complied with the independence requirements of the Australian Auditing Standards and other relevant ethical requirements. The Public Finance and Audit Act 1983 further promotes independence by:

• providing that only Parliament, and not the executive government, can remove an Auditor-General, and
• mandating the Auditor-General as auditor of public sector agencies but precluding the provision of non-audit services, thus ensuring the Auditor-General and the Audit Office are not compromised in their role by the possibility of losing clients or income.

 

Peter Achterstraat
Auditor-General

Sydney, 27 August 2007