Airways Corporation of New Zealand Limited Annual Report 2018 2019
EVA audit report
I NDEPENDENT AUD I TOR ’ S REPORT Report to the readers of the EVA key performance indicators of Airways Corporation of New Zealand Limited for the year ended 30 June 2019 ASSURANCE REPORT PURSUANT TO ECONOMIC VALUE ADDED KEY PERFORMANCE INDICATORS (THE KPIS) We audit the financial statements of Airways Corporation of New Zealand Limited (Airways) on behalf of the Auditor-General. As a result, we have been engaged to provide reasonable assurance about whether Airways has complied in all material respects with its economic value added (EVA) policies and principles in calculating the KPIs for the year ended 30 June 2019 on page 64 of this document. OPINION In our opinion, Airways has complied, in all material respects, with its EVA policies and principles, as outlined on page 64 of this document, in calculating KPIs for the year ended 30 June 2019. BASIS FOR OPINION We have conducted our engagement in accordance with Standard on Assurance Engagements SAE 3100 (Revised) Assurance Engagements on Compliance , issued by the New Zealand Auditing and Assurance Standards Board. We believe the evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. DIRECTORS’ RESPONSIBILITIES The Directors are responsible on behalf of Airways for the preparation of the KPIs in compliance with the EVA policies and principles adopted by Airways. The EVA policies and principles adopted by Airways are outlined on page X of this document. The Directors’ responsibilities include identifying risks that threaten preparing KPIs in accordance with the EVA policies and principles adopted by Airways and identifying, designing and implementing controls which will mitigate those risks and monitor ongoing compliance. OUR INDEPENDENCE AND QUALITY CONTROL We have complied with the independence and other relevant ethical requirements related to assurance engagements which are consistent with the Auditor-General’s: • independence and other ethical requirements, which incorporate the requirements of Professional and Ethical Standard 1 (Revised) Code of Ethics for Assurance Practitioners issued by the New Zealand Auditing and Assurance Standards Board, relating to assurance engagements, which include independence and other requirements founded on the fundamental principles of integrity, objectivity, professional competence and due care, confidentiality and professional behaviour. • quality control requirements, which incorporate the quality control requirements of Professional and Ethical Standard 3 (Amended) Quality Control for Firms that Perform Audits and Reviews of Financial Statement and Other Assurance Engagements issued by the New Zealand Auditing and Assurance Standards Board, our firm maintains a comprehensive system of quality control including documented policies and procedures regarding compliance with ethical requirements, professional standards, and applicable legal and regulatory requirements. AUDITOR’S RESPONSIBILITIES Our responsibility is to express an opinion on whether Airways has complied, in all material respects, with the EVA policies and principles adopted by Airways in preparing the KPIs for the year ended 30 June 2019. SAE 3100 (Revised) requires that we plan and perform our procedures to obtain reasonable assurance about whether Airways has complied, in all material respects, with the EVA policies and principles. An assurance engagement to report on Airway’s compliance with the EVA policies and principles involves performing procedures to obtain evidence about the compliance activity. The procedures selected depend on our judgement, including the identification and assessment of risks of material non-compliance with the EVA policies and principles as adopted by Airways in preparing the KPIs. We are independent of Airways. We are the auditor of Airways, we also perform a pricing controls assurance engagement. The provision of these other services has not impaired our independence. INHERENT LIMITATIONS Because of the inherent limitations of an assurance engagement, together with the internal control structure it is possible that fraud, error, or non-compliance with compliance requirements may occur and not be detected. A reasonable assurance engagement throughout the specified period does not provide assurance on whether compliance with the EVA policies and principles as adopted by Airways in preparing the KPIs will continue in the future. Our engagement was completed on 27 August 2019 and our opinion is expressed as at that date.
CHAIR AND CEO’S REVIEW
INVESTING IN THE FUTURE
INTEGRATING DRONES INTO OUR AIRSPACE
AIRWAYS INTERNATIONAL
SUSTAINABILITY
AIRWAYS BOARD OF DIRECTORS
FINANCIALS
FINANCIAL PERFORMANCE
PERFORMANCE AND PROGRESS AGAINST SCI METRICS
FINANCIAL STATEMENTS
EVA KEY PERFORMANCE INDICATORS
ADDITIONAL FINANCIAL INFORMATION
GOVERNANCE AT AIRWAYS
Kevin Brown
PricewaterhouseCoopers Wellington, New Zealand
27 August 2019
65
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