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Forest NSW Annual Report 2012

INDEPENDENT AUDITOR’S REPORT Forestry Commission of New South Wales (Trading as Forests NSW) and Controlled Entity To Members of the New South Wales Parliament I have audited the accompanying financial statements of the Forestry Commission of New South Wales (the Commission) and Controlled Entity, which comprise the statements of financial position as at 30 June 2012, the statements of comprehensive income, the statements of changes in equity and the statements of cash flows, for the year then ended, notes comprising a summary of significant accounting policies and other explanatory information of the Commission and the consolidated entity. The consolidated entity comprises the Commission and the entities it controlled at the year’s end or from time to time during the financial year. Opinion In my opinion, the financial statements: •give a true and fair view of the financial position of the Commission and the consolidated entity as at 30 June 2012, and of their financial performance and cash flows for the year then ended in accordance with Australian Accounting Standards •are in accordance with section 41B ofPublic Finance and Audit Act 1983 (the PF&A Act) and the Public Finance and Audit Regulation 2010. My opinion should be read in conjunction with the rest of this report. The Commissioner’s Responsibility for the Financial Statements The Commissioner is responsible for the preparation of the financial statements that give a true and fair view in accordance with Australian Accounting Standards and the PF&A Act, and for such internal control as the Commissioner determines is necessary to enable the preparation of the financial statements that are free from material misstatement, whether due to fraud or error. Auditor’s Responsibility My responsibility is to express an opinion on the financial statements based on my audit. I conducted my audit in accordance with Australian Auditing Standards. Those 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 controls relevant to the entity’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 entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Commissioner, as well as evaluating the overall presentation of the financial statements. I believe the audit evidence I have obtained is sufficient and appropriate to provide a basis for my audit opinion. My opinion does not provide assurance: •about the future viability of the Commission or consolidated entity •that they have carried out their activities effectively, efficiently and economically •about the effectiveness of internal control •about the security and controls over the electronic publication of the audited financial statements on any website where they may be presented •about any other information, that may have been hyperlinked to or from the financial statements. Independence In conducting my audit, I have complied with the independence requirements of the Australian Auditing Standards and other relevant ethical pronouncements. The PF&A Act further promotes independence by: •providing that only Parliament, and not the executive government, can remove an Auditor-General •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 of New South Wales are not compromised in their role by the possibility of losing clients or income. Peter Barnes Director, Financial Audit Services 21 September 2012 SYDNEY 96 Forests NSW Annual Report 2011–12 Social, Environmental and Economic Performance


Forest NSW Annual Report 2012
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