Vector Annual Report 2017

INDEPENDENT AUDITOR’S REPORT

The key audit matter

How the matter was addressed in our audit

the “Power of Choice” regime that comes into effect from 1 December 2017; and — assessing whether there are indicators of impairment in respect of any of these investments. We did not identify any material errors in the valuations attributed to the investments in the new non-regulated activities outlined opposite.

metering market to coincide with changes to the market regulation and structure. We consider the valuation of investments in new energy technologies and markets to be a key audit matter because of the judgement involved whether through; — valuing intangible assets and goodwill acquired in a business or asset purchase; or — considering the carrying value of assets in markets where the future outcomes are more uncertain than in Vector’s established businesses.

Other Information The Directors, on behalf of Vector Limited, are responsible for the other information included in the entity’s Annual Report. Other information may include the Chairman and Chief Executive reports, the financial performance trends and disclosures relating to corporate governance and statutory information. Our opinion on the consolidated financial statements does not cover any other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the consolidated financial statements our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit or otherwise appears materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Use of this Independent Auditor’s Report This report is made solely to the shareholders as a body. Our audit work has been undertaken so that we might state to the shareholders those matters we are required to state to them in the Auditor’s Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the shareholders as a body, for our audit work, this report or any of the opinions we have formed.

Responsibilities of the Directors for the consolidated financial

statements The Directors, on behalf of Vector Limited, are responsible for:

— the preparation and fair presentation of the consolidated financial statements in accordance with generally accepted accounting practice in New Zealand (being NZ IFRS) and International Financial Reporting Standards; — implementing necessary internal control to enable the preparation of consolidated financial statements that are fairly presented and free from material misstatement, whether due to fraud or error; and

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