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1996/97 STATE TRANSIT ANNUAL REPORT
Independent Audit Report



Notes To and Forming Part of the Financial Statements

For the year ended 30 June 1997

Auditor General
BOX 12 GPO
SYDNEY NSW 2001


INDEPENDENT AUDIT REPORT STATE TRANSIT AUTHORITY OF NEW SOUTH WALES

To Members of the New South Wales Parliament and Members of the Board of the State Transit Authority

Scope

I have audited the accounts of the State Transit Authority of New South Wales for the year ended 30 June 1997. The preparation and presentation of the financial report, consisting of the accompanying income and expenditure statement, balance sheet and statement of cash flows, together with the notes thereto, and the information contained therein is the responsibility of the Board of the Authority. My responsibility is to express an opinion on this financial report to Members of the New South Wales Parliament and Members of the Board of the Authority based on my audit as required by sections 34 and 4 IC(I) of the Public Finance andaudit Act 1983.

My audit has been conducted in accordance with the provisions of the Act and Australian Auditing Standards to provide reasonable assurance as to whether the financial report is free of material inisstatement. My procedures included examination, on a test basis, of evidence supporting the amounts and other disclosures in the financial report, and the evaluation of accounting policies and significant accounting estimates. These procedures have been undertaken to form an opinion as to whether, in all material respects, the financial report is presented fairly in accordance with the requirements of the Public Finance and Audit Act 1983, Accounting Standards and other mandatory professional reporting requirements (Urgent Issues Group Consensus Views) so as to present a view which is consistent with my understanding of the Authority's financial position and thin results of its operations and its cash flows.

This audit opinion has been formed on the above basis.

Audit Opinion

In my opinion, the financial report of the State Transit Authority of New South Wales complies with section 41B of the Act and presents fairly in accordance with applicable Accounting Standards and other mandatory professional requirements the financial position of the Authority as at 30 June 1997 and the results of its operations and its cash tlows for the year then ended.

A.T. WIETFIELD, FCA
ASSISTANT AUDITOR-GENERAL
(duly authorised by the Auditor-General)
of New South Wales under section 4IC(1A) of the Act

SYDNEY
28 August 1997



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