INDEPENDENT AUDITORS' REPORT
TO THE PRINCIPALS OF
LA VINGTAINE DE LA VILLE DE ST HELIER FOR 2005
We have audited the financial statements on pages 2 to 4, which have been prepared under the historical cost convention and the accounting policies set out on page 4.
This report is made solely to the Vingtaine's members, as a body. Our audit work has been undertaken so that we may state to the principals those matters we are required to state to them in an 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 Vingtaine and the principals as a body, for our audit work, for this report, or for the opinions we have formed.
Respective responsibilities of Procureurs and auditors:
The Procureurs are responsible for the preparation of financial statements which show the general balances of the Vingtaine and its revenue and expenditure for each financial year. The Procureurs are also responsible for keeping proper accounting records and for safeguarding the assets of the Vingtaine and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory requirements and International Standards on Auditing (UK and Ireland)
We report to you our opinion as to whether the financial statements give a true and fair view. We also report to you if, in our opinion, the Procureurs have not kept proper accounting records or if we have not received all the information and explanations we require for our audit.
Basis of Opinion:
We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment of the significant estimates and judgements made by the Procureurs in the preparation of the financial statements, and of whether the accounting policies are appropriate to the Vingtaine's circumstances, consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements.
Qualified opinion arising from disagreement about accounting treatment involved:
Included within the fixed assets are investment properties with a carrying value of £24,152 which have not been revalued. This treatment is not consistent with Statement of Standard Accounting Practice No 19 - Accounting for Investment Properties, which requires that investment properties are carried at their open market value. It has not been practicable to quantify the effect that any such revaluation would have on the related revaluation reserve. Except for this failure to revalue investment properties, in our opinion the financial statements give a true and fair view of the state of the Vingtaine's affairs at 31 December 2005 and of its revenue and expenditure for the year then ended.