AUDITOR-GENERAL’S REPORT FINANCIAL AUDITS Volume Three 2010_part1 pot

AUDITOR-GENERAL’S REPORT FINANCIAL AUDITS Volume Three 2010 The Legislative Assembly The Legislative Council Parliament House Parliament House Sydney NSW 2000 Sydney NSW 2000 Pursuant to section 52A of the Public Finance and Audit Act 1983, I present Volume Three of my 2010 Report. Peter Achterstraat Auditor-General Sydney October 2010 This is trial version www.adultpdf.com This is trial version www.adultpdf.com Auditor-General’s Report to Parliament 2010 Volume Three ___________________________________________ 1 Contents Significant Matters 3 Audit Result 3 Quality and Timeliness of Financial Reporting 4 Financial Analysis 5 Major Capital Projects 5 Net Operating Balance – General Government Sector 5 Compliance with the Fiscal Responsibility Act 2005 5 Agency Amalgamations 6 Legal Opinions Provided by the Attorney General or Crown Solicitor 6 Audit Result 7 Introduction 7 The General Government Sector and Total State Sector 7 Audit Opinion 8 Other Significant Issues 8 Quality and Timeliness of Financial Reporting 11 Preparation of Financial Statements 11 Current status of previous recommendations 13 Financial Analysis 15 Introduction 15 Compliance with Accounting Standards 15 Revenues 17 Expenses 19 Assets 22 Liabilities 23 Major Capital Projects 25 Net Operating Balance - General Government Sector 29 Introduction 29 Net Operating balance – Variance to Original Budget (June 2009) 29 NET OPERATING BALANCE – Variance to Revised Budget (June 2010) 31 Compliance with the Fiscal Responsibility Act 2005 35 Long Term Measures 36 Agency Amalgamations 39 Governance Arrangements 39 Financial Reporting Requirements 40 Appendix A: Legal Opinions Provided by the Attorney General or Crown Solicitor 41 1. Summary of advice 46 2. Background 46 3. Advice sought 47 This is trial version www.adultpdf.com Contents ________________________________________________________________________________________ 2 ___________________________________________ Auditor-General’s Report to Parliament 2010 Volume Three 4. Advice as to question 1 47 Financial reports of small proprietary companies for the purposes of the PFA Act 47 Financial reports of small proprietary companies for the purposes of the Corporations Act 48 5. Advice as to question 2 - Reporting to ASIC of contraventions of the Corporations Act 48 Conducting audit for purposes of PFA Act 48 Conducting audit for purposes of Corporations Act 49 Conducting audit where financial report not required for purposes of Corporations Act 49 Appendix: Relevant legislation 50 1. Summary of supplementary advice 64 2. Background 64 3. Advice 64 Effect of s.63B PFA Act 64 Appendix: Relevant legislation 68 This is trial version www.adultpdf.com . ___________________________________________ Auditor-General’s Report to Parliament 2010 Volume Three 4. Advice as to question 1 47 Financial reports of small proprietary companies for the purposes of the PFA Act 47 Financial reports. Auditor-General’s Report to Parliament 2010 Volume Three ___________________________________________ 1 Contents Significant Matters 3 Audit Result 3 Quality and Timeliness of Financial Reporting 4 Financial. AUDITOR-GENERAL’S REPORT FINANCIAL AUDITS Volume Three 2010 The Legislative Assembly The Legislative Council