February 2008 report to the Legislative Assembly
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Northern Territory Auditor-General's Office
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Auditor-General for the Northern Territory February 2008 Report 87 Darwin Port Corporation Audit findings and Analysis of the financial statements for the year ended 30 June 2007 Background The Darwin Port Corporation (the Corporation) is a Government Business Division and was established under the Darwin Port Corporation Act 2005 (the Act) with an Advisory Board. Under the Act the Corporation is to take a general commercial approach however the Minister may direct the Corporation to act in a particular manner, including a non-commercial manner. The Corporation operates the port and wharves on behalf of the NT Government. The Corporation operates the East Arm and City Wharves in the Port of Darwin and offers facilities and services to commercial shipping. The Corporation also operates facilities for non-trading vessels. This segment includes research, fishing and pearling vessels. Through Community Service Obligations the Corporation is responsible for provision of marine industry support services, development and management of the Darwin Wharf Precinct for tourism and recreation, and provision of Port and reception facilities for cruise and naval vessel visitations. It should be noted that the Corporation falls under the National Tax Equivalents Regime and records tax expense/benefit, Deferred Tax Assets and Deferred Tax Liabilities. Audit Opinion The audit of Darwin Port Corporation for the year ended 30 June 2007 resulted in an unqualified independent audit opinion, which was issued on 25 October 2007. Key issues The audit did not identify any matters of significance and no material weaknesses in controls were identified.
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