INDEPENDENT AUDITOR'S REPORT
To the Minister for Indigenous Affairs
I have audited the accompanying financial statements of the Torres Strait Regional Authority for the year ended 30 June 2014, which comprise: a Statement by the Directors, Chief Executive and Chief Financial Officer; the Statement of Comprehensive Income; Statement of Financial Position; Statement of Changes in Equity; Cash Flow Statement; Schedule of Commitments; Schedule of Contingencies; and Notes comprising a Summary of Significant Accounting Policies and other explanatory information.
Directors' Responsibility for the Financial Statements
The directors of the Torres Strait Regional Authority are responsible for the preparation of the financial statements that give a true and fair view in accordance with the Finance Minister's Orders made under the Commonwealth Authorities and Companies Act 1997, including the Australian Accounting Standards, and for such internal control as is necessary to enable the preparation of financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
My responsibility is to express an opinion on the financial statements based on my audit. I have conducted my audit in accordance with the Australian National Audit Office Auditing Standards, which incorporate the Australian Auditing Standards. These auditing standards require that I comply with relevant ethical requirements relating to audit engagements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Torres Strait Regional Authority's preparation of the financial statements that give a true and fair view 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 Torres Strait Regional Authority's internal control. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of accounting estimates made by the directors, as well as evaluating the overall presentation of the financial statements.
GPO Box 707 CANBERRA ACT 2601
19 National Circuit BARTON ACT 2600
Phone (02) 6203 7300 Fax (02) 6203 7777
I believe that the audit evidence T have obtained is sufficient and appropriate to provide a basis for my audit opinion.
In conducting my audit, I have followed the independence requirements of the Australian National Audit Office, which incorporate the requirements of the Australian accounting profession.
In my opinion, the financial statements of the Torres Strait Regional Authority
(a) have been prepared in accordance with the Finance Minister's Orders made under the Commonwealth Authorities and Companies Act 1997, including the Australian Accounting Standards; and
(b) give a true and fair view of the matters required by the Finance Minister's Orders including the Torres Strait Regional Authority's financial position as at 30 June 2014 and its financial performance and cash flows for the year then ended.
Australian National Audit Office
Delegate of the Auditor-General
11 September 2014
STATEMENT BY THE DIRECTORS, CHIEF EXECUTIVE AND CHIEF FINANCIAL OFFICER
In our opinion, the attached financial statements for the year ended 30 June 2014 are based on properly maintained financial records and give a true and fair view of the matters required by the Finance Minister's Orders made under the Commonwealth Authorities and Companies Act 1997, as amended.
In our opinion, at the date of this statement, there are reasonable grounds to believe that the Torres Strait Regional Authority will be able to pay its debts as and when they become due and payable.
This statement is made in accordance with a resolution of the directors.
Mr J Elu Chairperson
10 Septembei 2014
Mr A Noah Deputy Chairperson
10 September 2014
Mr W See Kee Chief Executive Officer
10 Septembei 2014
Mr C de Mamiel Chief Financial Officer
10 September 2014