Part 6: Timeliness of reporting by energy, port, and airport companies
6.1
In this Part, we look at the timeliness of reporting by energy, port, and airport companies and their subsidiaries.
Summary of our findings
6.2
We expected to issue 130 audit reports for energy, port, and airport companies. Of those 130 audit reports, two were late and one was not issued as at 30 June 2014.
Energy companies
6.3
Figure 36 shows that energy companies and their subsidiaries are meeting their obligations to report on their financial performance.
Figure 36
Timeliness of energy companies and their subsidiaries, as at 30 June 2014
| Timeliness | Entities | Subsidiaries or related entities | Number of audit reports |
|---|---|---|---|
| On time | 24 | 46 | 70 |
| Issued late | 0 | 1 | 1 |
| Total audit reports issued | 24 | 47 | 71 |
| Audit reports not issued | 0 | 0 | 0 |
Note: The balance dates and reporting deadlines for energy companies and their subsidiaries vary.
6.4
One entity did not meet its reporting deadline. The audit report for Netcon International Limited was issued late. The report was delayed mainly because of the need to confirm the status of Netcon as a public entity. Netcon's next audit report was issued on time.
Port companies
6.5
Port companies also met their accountability obligations (see Figure 37).
Figure 37
Timeliness of port companies and their subsidiaries, as at 30 June 2014
| Timeliness | Entity | Subsidiaries or related entities | Total number of audit reports |
|---|---|---|---|
| On time | 12 | 22 | 34 |
| Issued late | 0 | 1 | 1 |
| Total audit reports issued | 12 | 23 | 35 |
| Audit reports not issued | 0 | 1 | 1 |
Note: The balance dates and reporting deadlines for port companies and their subsidiaries vary.
6.6
The late port company audit report, for Quality Marshalling (Mount Maunganui) Limited, a subsidiary of Port of Tauranga Limited, was issued within two months of the reporting deadline. Its next audit report was issued on time.
6.7
Just one of the 36 port companies had not had its audit report issued as at 30 June 2014. NPC Corporate Services Limited is a small subsidiary of Marsden Maritime Holdings Limited. Its audit report had still not been issued as at 24 March 2015.
Airport companies
6.8
The audit reports for all airport companies were issued on time (see Figure 38).
Figure 38
Timeliness of airport companies, as at 30 June 2014
| Timeliness | Entity | Subsidiaries or related entities | Number of audit reports |
|---|---|---|---|
| On time | 19 | 4 | 23 |
| Issued late | 0 | 0 | 0 |
| Total audit reports issued | 19 | 4 | 23 |
| Audit reports not issued | 0 | 0 | 0 |
Note: The balance dates and reporting deadlines for airport companies and their subsidiaries vary.