This is our report on the 2007/08 audits of the local government sector. Most of these audits were of regional and territorial local authorities and their subsidiary entities.
This was the fourth year that all regional and territorial local authorities reported under the full requirements of the Local Government Act 2002 (the Act). It was the second year after the sector's adoption of the New Zealand equivalents to International Financial Reporting Standards (NZ IFRS). Under the Act, the Long-Term Council Community Plan (LTCCP) is now the basis of a local authority's annual financial and performance accountability to its community, and 2007/08 was the second year that each local authority reported against its audited 2006-16 LTCCP.