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REVIEW OF FINANCIAL REPORTING BY ISSUERS
CYCLE 7

Financial Reporting Surveillance Programme

6 August 2008

CONTENTS

EXECUTIVE SUMMARY
INTRODUCTION

The Commission's Financial Reporting Surveillance Programme
New Zealand Generally Accepted Accounting Practice
Selecting issuers
Identifying matters and taking action

CYCLE 7: FINDINGS

Scope and issuer selection
Overall comments on Cycle 7
Outcome of matters raised

Specific comments on Cycle 7 findings
Related party information
Financial institutions and financial instruments information
Essential disclosures

Matters under other standards
Interim financial statements of finance companies
Auditors' reports and audit firm referral

Other services provided by an auditor
Referral of audit firm

Market matters

Substantial security holder information
Directors' interests and share dealings
Update on enforcement of a market matter

OVERVIEW OF ALL SEVEN CYCLES

Overall comment
Common matters raised in the Cycles

Statement of Cash Flows
Prospective financial information
Signing and dating of financial statements

Audit work
Transition issues
Concluding comments

ONGOING REVIEW AND ENFORCEMENT

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