Australian Government: Grains Research and Development CororationGRDC Annual Report 2005-2006

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Independent audit report

Australian National Audit Office

 

 

INDEPENDENT AUDIT REPORT

To the Minister for Agriculture, Fisheries and Forestry

Matters relating to the Electronic Presentation of the Audited Financial Statements

 

This audit report relates to the financial statements published in both the annual report and on the website of the Grains Research and Development Corporation for the year ended 30 June 2006. The Corporation's Directors are responsible for the integrity of both the annual report and the web site.

 

The audit report refers only to the financial statements, schedules and notes named below. It does not provide an opinion on any other information which may have been hyperlinked to/from the audited financial statements.

 

If the users of this report are concerned with the inherent risks arising from electronic data communications they are advised to refer to the hard copy of the audited financial statements in the Corporation's annual report.

 

Scope

The financial statements and Directors' responsibility

The financial statements comprise:

of the Grains Research and Development Corporation for the year ended 30 June 2006.

 

The Directors of the Grains Research and Development Corporation are responsible for preparing financial statements that give a true and fair view of the financial position and performance of the Grains Research and Development Corporation, and that comply with the Finance Minister's Orders made under the Commonwealth Authorities and Companies Act 1997 and Accounting Standards and mandatory financial reporting requirements in Australia. The Directors are also responsible for the maintenance of adequate accounting records and internal controls that are design to prevent and detect fraud and error, and for the accounting policies and accounting estimates inherent in the financial statements.

 

Audit Approach

I have conducted an independent audit of the financial statements in order to express an opinion on them to you. My audit has been conducted in accordance with the Australian National Audit Office Auditing Standards, which incorporate the Australian Auditing and Assurance Standards, in order to provided reasonable assurance as to whether the financial statements are 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.

 

While the effectiveness of management's internal controls over financial reporting was considered when determining the nature and extent of audit procedures, the audit was not designed to provide assurance on internal controls.

 

I have performed procedures to assess whether, in all material respects, the financial statements present fairly, in accordance with the Finance Minister's Orders made under the Commonwealth Authorities and Companies Act 1997 and Accounting Standards and other mandatory financial reporting requirements in Australia, a view which is consistent with my understanding of the Grains Research and Development's financial position, and of its financial performance and cash flows.

 

The audit opinion is formed on the basis of these procedures, which included:

 

Independence

In conducting the audit, I have followed the independence requirements of the Australian National Audit Office, which incorporate the ethical requirements of the Australian accounting profession

 

Audit Opinion

In my opinion, the financial statements of the Grains Research and Development Corporation:

  1. have been prepared in accordance with the Finance Minister's Orders made under the Commonwealth Authorities and Companies Act 1997; and
  2. give a true and fair view of the Grains Research and Development Corporation's financial position as at 30 June 2006 and of its performance and cash flows for the year then ended, in accordance with:
    1. the matters required by the Finance Minister's Orders; and
    2. applicable Accounting Standards and other mandatory financial reporting requirements in Australia.

 

Australian National Audit Office

 

Michael White

Executive Director

Delegate of the Auditor-General

Canberra

 

31 July 2006

 

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