Audit Committee Report to Council 24/06/05

Meeting held at INZ Offices 2nd June 2005

Present:
Michael Sutton (teleconference)
Nick Wallingford (teleconference)
Chris Streatfield Treasurer – Chair

In attendance:
Kerry Price – Partner, Grant Thornton, Auditors

Meeting opened at 10:30 AM.

The Committee met with Kerry to discuss the audit process and whether any matters were raised by the auditor that should be brought to the Committee's attention.

Kerry said that the audit went smoothly and no matters of note were raised during the procedure.

Some issues had been raised by the staff and the Society's accountant Bruce Stormer that were put to Kerry. He assured the Committee that the issues raised were properly covered off and that the final audited documents were seen by both the audit manager, Anthony Heffernan, and himself before finalising for sign-off.

There were no further questions to be addressed so the Committee then went on to discuss future matters that impact on the financials for the Society. The matter of the implementation of the IFRS requirements were briefly discussed and some information has been requested from Kerry for the Committee on this.

The meeting closed at 10:55 AM.

Chris Streatfield
Chair Audit Committee.

Recommendation:

That this report be received.