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I have audited the attached financial statements which have been
prepared in accordance with accounting principles generally accepted
in Hong Kong.
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| Respective responsibilities
of the General Manager, Land Registry Trading Fund and the Director
of Audit |
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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 her
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.
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| Basis of opinion
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| 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.
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| Opinion
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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 2004 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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(LEUNG Kwok-kit, George)
Acting Assistant Director of Audit
for Director of Audit
Audit Commission
Hong Kong
10 September 2004 |
