REPORT ON THE FINANCIAL STATEMENTS
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 and fair presentation of the financial statements 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 controls.
An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our modified audit opinion.
Basis for Qualified Opinion
Fixed Assets and Other
We were unable to confirm the existence of fixed assets at March 31, 2010 owing to the time of our appointment, and could not satisfy ourselves using alternative procedures. Additionally, and as more fully described in Note 11 to the financial statements, the Commissioners approved a change of the fiscal reporting period that resulted in a 15-month initial report. As a consequence, comparability of these financial statements is affected.
Qualified Opinion
In our opinion, except for the effects of adjustments which might be required in relation to the matter described in the Basis for Qualified Opinion paragraph, the financial statements present fairly, in all material respects, the financial position of the Public Utilities Commission as of March 31, 2010 and the results of its activities and changes in general fund, and cash flows for the 15 months then ended in accordance with International Financial Reporting Standards.
The audit of the financial statements for the year ended December 31, 2008 was concluded on May 20, 2014 and an unqualified opinion was issued on those financial statements.
