Watchdog wants to plug ports' leaky reporting standards

Lyttelton wrote down $290m in assets. (Image: Deposit Photos)

Fri, 25 Jun 2021

The auditor-general says the fragmented nature of the New Zealand port sector means money is potentially being wasted. In his first audit dedicated to port companies, controller and auditor-general John Ryan highlighted the difficulty in comparing the performance of port companies because of differences in their ownership, size and scale of operations and the way they measure assets.In the report, he encouraged port companies to consistently apply fair value in the valuation of property, plant and equipment. This would provide financial pe...

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