I have audited the attached financial
statements which have been prepared in accordance with
accounting principles generally accepted in Hong Kong.
Respective responsibilities of the General Manager,
Land Registry Trading Fund and the Director of Audit
Under section 7(4) of the Trading Funds Ordinance
(Cap. 430), the General Manager, Land Registry Trading
Fund is responsible for the submission of financial
statements prepared in accordance with generally accepted
accounting principles and signed by him to me. In preparing
the financial statements, the General Manager, Land
Registry Trading Fund has to select appropriate accounting
policies and to apply them consistently.
It is my responsibility to form an independent opinion,
based on my audit, on those statements and to report
my opinion to you.
Basis of opinion
I certify that I have examined and audited the financial
statements referred to above in accordance with section
7(5) of the Trading Funds Ordinance and the Audit Commission
auditing standards. 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 General Manager, Land Registry Trading Fund
in the preparation of the financial statements, and
of whether the accounting policies are appropriate to
the Land Registry Trading Fund's circumstances, consistently
applied and adequately disclosed.
I planned and performed my audit so as to obtain all
the information and explanations which I considered
necessary in order to provide me with sufficient evidence
to give reasonable assurance as to whether the financial
statements are free from material misstatement. In forming
my opinion I also evaluated the overall adequacy of
the presentation of information in the financial statements.
I believe that my audit provides a reasonable basis
for my 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 2003 and of the results
of its operations and cash flows for the year then ended
and have been properly prepared in accordance with the
manner provided in section 7(4) of the Trading Funds
Ordinance.
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