presentation of audited financial statements for fiscal year 2016-2017 and 2016 and kpmg >> director levin good afternoon >> good afternoon, pamela levin financial officer, we had to make sure everything was set right. >> who do you have in your company? >> we have a presentation. >> i want to first turn the presentation over to the kpmg auditor, this is gi walee and we worked with them for several years and she'll talk about the audit process and i will quickly give a overview of the financial statement. >> you might find it for someone to sit in the chair and assist you so you can maintain eye contact with us here. >> ok, yeah. >> thank you. >> ok. >> good afternoon, everyone. my name is key wa lee and i'm an auto manager for kpmg so i'm here to present the financial statement auto results for the fiscal year-ending june 30th, 2017. so i have in front of us the presentation so let's go down the first slide. the most important slide is the auto results and you can see that there is a result of our audit and there are no uncorrected or corrected misstatements and we've issued a unqua

kpmg note add clean audit with no material in the financial statements. in summary, the awe to objectives were to obtain reasonable assurance that the financial statements were free of material misstatement, but not to express opinion on the effectiveness of said internal control. they evaluated appropriateness of accounting policies and reasonableness of significant accounting estimates used as well as those presented in the statements. notable highlights include, again, this is the first year for clean power s.f. to present their operating results separately and there were no material misstatements and no internal control deficiencies for the nineth con >>tive year. we think that all p.u.c. staff that provided financial and operating information to auditors in a timely manner, especially the financial reporting and ledger team in finance and the entire clean power s.f. team. we also thank kpmg for the courtesy of their audit team and timely completion. add this time, i'd like to introduce lisa avis, managing director of kpmg who will deliver the present

we also thank kpmg for the courtesy of their audit team and timely completion. add this time, i'd like to introduce lisa avis, managing director of kpmg who will deliver the presentation of the audit results. >> welcome. >> good afternoon, everyone. again, lisa avis with kpmg. so you have our presentation here in front of you. so, when we're here, that means another audit is done and in the books. we received full cooperation from p.u.c. management and staff and because of that full cooperation, we were able to issue within the set time line. and as stated, we usual ewe add clean opinion on the financial statements which means that they are fairly present as of june 17, 2017. i'll go throughout the highlights of presentation. on slide two here, as ms. homs stated, our responsibilities under generally accepted auditing standards and government auditing standards is to consider internal control. we do not do an audit over internal control. but in accordance with government auditing standards we're required to consider it. should something come to our attention, we

we have from a control and substantive area we have looked at their liability with involved our own kpmg action so look at the methodology and what goes in to the liability and nothing -- there were no exceptions noted at the end of the day. all right, moving on next slide, the significant account practice s so it's been very consistent year over year and these are actually presented in the financial statements under note 2 where management has actually reported like all of their significant counter policies and as a result of our task work, they are in accordance with general accepted counter principles and consistent with our practices. ok. onto the next slide, these are the required communications and other matters that we as auditor s are required to report so no concerns from management and i know there was a change in some management but nothing that can warrant any problems. management has been helpful and co-operative so you can see on this wonder wonderful slide there's nothing that needed to be worrisome or any concerns at this point. all right, the next couple of slides very w

last couple slides are our kpmg responsibilities so better responsible for doing, planning and performing the audit, conducting our audits in accordance with professional standards as well as forming and expressing opinions over the financials. and a communicating to management and the board of any significance issues and concerns very last page this is also just responsibilities over over the m dna and it's something that we don't issue opinion on but we do perform limited procedures and it is a required supplement in addition to the financial statements. >> and mdna is -- >> the management discussion and analysis. >> thank you. >> yes. and that is all for my presentation. >> were you the partner that led the process a year ago. >> i was the manager. >> did you find the same high degree of professionalism and cooperation you found the year before present this year? >> yes, yes, management consistently performed really well and very co-operative. >> all right. thank you. i just wanted that to be on the record as well. >> thank you. >> just one quick question. >> yes. >> some adjustments t

joining us now is yael selfin, chief uk economist at kpmg. good morning. explain this for us.prices are going up, but we are so used to food prices coming down as a result of prices coming down as a result of price wars between the big supermarkets. indeed, we have had that for quite some time, but now with the fall of the pound, what we have seen is the cost of imports rising, and that causes inflation overall, and food prices as well, to rise. it is a seasonal issue, too, for some things as well. brussels sprouts up 8.5%. is that down to the strength of the pound or the wea kness strength of the pound or the weakness of the season? there will be different factors each food category if you like. for example we have seen fish going up quite significantly, we above what we have seen on significantly, we above what we have seen on the rise for meat, for example, over the year to october. but overall, i would say the pound made a big impact given that we importa made a big impact given that we import a lot of our food, but there will be other seasonal effect as well as weather an

joining us now is yael selfin, chief economist, at kpmg in the uk. thanks forjoining us.es, with quite a lot of uncertainty for them. obviously, times, with quite a lot of uncertainty forthem. obviously, it isa uncertainty forthem. obviously, it is a bit ofa uncertainty forthem. obviously, it is a bit of a relief that we have reached that milestone. the time that was required... but obviously they still need to prefer quite a few contingency plans. -- to propel. do you think there is an element in which businesses have been frightened by the politics of all of this? well, there is definitely uncertainty and concerned that business interests may not be at the forefront of the negotiations at times, and other interests exist, or potentially distractions, when the different options are considered. so, what does the government need to do to nail down certainty for business? well, it is tricky for the government, because obviously, when you negotiate, sometimes you can't show all your cards and you can't have everything early, and quite a lot of things will tend to be agreed a