Independent Audit Report
To the Legislative Council
I certify that I have examined and audited the financial statements of
the Land Registry Trading Fund, which
comprise the statement of financial position as at 31 March 2010,
and the statement of comprehensive income, statement of changes in
equity and statement of cash flows for the year then ended, and a
summary of significant accounting policies and other explanatory
notes.
General Manager, Land Registry Trading Fund's responsibility for
the financial statements
The General Manager, Land Registry Trading Fund is responsible for
the preparation and the true and fair presentation of these financial
statements in accordance with section 7(4) of the Trading Funds
Ordinance (Cap. 430) and Hong Kong Financial Reporting
Standards. This responsibility includes designing, implementing and
maintaining internal control relevant to the preparation and the true
and fair presentation of financial statements that are free from
material misstatement, whether due to fraud or error; selecting and
applying appropriate accounting policies; and making accounting
estimates that are reasonable in the circumstances.
Auditor's responsibility
My responsibility is to express an opinion on these financial
statements based on my audit. I conducted my audit in accordance
with section 7(5) of the Trading Funds Ordinance and the Audit
Commission auditing standards. Those standards require that I comply
with ethical requirements and plan and perform the audit to obtain
reasonable assurance as to whether the financial statements are free
from material misstatement.
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 judgment, 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 control relevant to the
entity's preparation and true 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 control. An audit
also includes evaluating the appropriateness of accounting policies
used and the reasonableness of accounting estimates made by the
General Manager, Land Registry Trading Fund, as well as evaluating
the overall presentation of the financial statements.
I believe that the audit evidence I have obtained is sufficient and
appropriate to provide a basis for my audit opinion.
Opinion
In my opinion, the financial statements give a true and fair view of
the state of affairs of the Land Registry Trading Fund as at 31 March
2010 and of its results of operations and cash flows for the year
then ended in accordance with Hong Kong Financial Reporting
Standards and have been properly prepared in accordance with the
manner provided in section 7(4) of the Trading Funds Ordinance.
(CHAN Bar-keung)
Assistant Director of Audit
for Director of Audit
Audit Commission
26th Floor, Immigration Tower
7 Gloucester Road
Wanchai, Hong Kong
15 September 2010