Student Loan Scheme Annual Report 2009
The Annual Report for 2009 provides information on the scheme and those who borrowed from it in 2008, as well as the financial schedules for the fiscal year to 30 June 2009.
Key findings in the report are:
- The nominal value of loan balances was $10.259 billion as at 30 June 2009
- 179,000 students borrowed from the loan scheme in 2008 (69% of eligible students)
- As at 30 June 2009 562,000 people had a student loan with Inland Revenue for collection
- The median repayment time for those who left study in 2006 is forecast to be 7 years
Author(s): Ministry of Education
Date Published: November 2009
This report is available as a download (please refer to the 'Downloads' inset box). To view the individual chapters please refer to the 'Sections' inset box. For links to related publications/ information that may be of interest please refer to the 'Where to Find Out More' inset box.
To the readers of the Student Loan Scheme's financial statements for the year ended 30 June 2009
The Auditor-General is the auditor of the financial statements of the Student Loan Scheme. The Auditor-General has appointed me, Robert Manktelow, using the staff and resources of Audit New Zealand, to carry out the audit. The audit covers the financial statements of the Student Loan Scheme for the year ended 30 June 2009.
In our opinion the financial statements of the Student Loan Scheme on pages 45 to 51:
- comply with generally accepted accounting practice in New Zealand; and
- fairly reflect:
- the Student Loan Scheme's financial position as at 30 June 2009; and
- the results of its revenue, expenditure and cash flows for the year ended on that date.
The audit was completed on 12 October 2009, and is the date at which our opinion is expressed.
The basis of our opinion is explained below. In addition, we outline the responsibilities of the Secretary for Education and the Auditor, and explain our independence.
Basis of Opinion
We carried out the audit in accordance with the Auditor-General's Auditing Standards, which incorporate the New Zealand Auditing Standards.
We planned and performed the audit to obtain all the information and explanations we considered necessary in order to obtain reasonable assurance that the financial statements did not have material misstatements, whether caused by fraud or error.
Material misstatements are differences or omissions of amounts and disclosures that would affect a reader's overall understanding of the financial statements. If we had found material misstatements that were not corrected, we would have referred to them in our opinion.
The audit involved performing procedures to test the information presented in the financial statements. We assessed the results of those procedures in forming our opinion.
Audit procedures generally include:
- determining whether significant financial and management controls are working and can be relied on to produce complete and accurate data;
- verifying samples of transactions and account balances;
- performing analyses to identify anomalies in the reported data;
- reviewing significant estimates and judgements made by the Secretary for Education;
- confirming year-end balances;
- determining whether accounting policies are appropriate and consistently applied; and
- determining whether all financial statement disclosures are adequate.
We did not examine every transaction, nor do we guarantee complete accuracy of the financial statements.
We evaluated the overall adequacy of the presentation of information in the financial statements. We obtained all the information and explanations we required to support our opinion above.
Responsibilities of the Secretary for Education and the Auditor
The Secretary for Education is responsible for preparing the financial statements in accordance with generally accepted accounting practice in New Zealand. The financial statements must fairly reflect the financial position of the Student Loan Scheme as at 30 June 2009 and the results of its revenue, expenditure and cash flows for the year ended on that date.
We are responsible for expressing an independent opinion on the financial statements and reporting that opinion to you. This responsibility arises from section 15 of the Public Audit Act 2001.
When carrying out the audit we followed the independence requirements of the Auditor-General, which incorporate the independence requirements of the Institute of Chartered Accountants of New Zealand.
Other than the audit, we have no relationship with or interests in the Student Loan Scheme.
Robert Manktelow, Audit New Zealand
On behalf of the Auditor-General, Wellington, New Zealand
Matters relating to the electronic presentation of the audited financial statements
This audit report relates to the financial statements of the Student Loan Scheme for the year ended 30 June 2009 included on the Ministry of Education's web site. The Ministry of Education's Chief Executive is responsible for the maintenance and integrity of the Ministry of Education's web site. We have not been engaged to report on the integrity of the Ministry of Education's web site. We accept no responsibility for any changes that may have occurred to the financial statements since they were initially presented on the web site.
The audit report refers only to the financial statements named above. It does not provide an opinion on any other information which may have been hyperlinked to/from these financial statements. If readers of this report are concerned with the inherent risks arising from electronic data communication they should refer to the published hard copy of the audited financial statements and related audit report dated 12 October 2009 to confirm the information included in the audited financial statements presented on this web site.
Legislation in New Zealand governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Where to find out more
For more information about the content on this webpage, please email the: Tertiary Mailbox