NSW Audit Office - Awareness - Issue 2003 03 - April 2003

The Audit Office Of New South Wales

Description

AWARENESSccounting and Auditing Developments Issue 3 APRIL 2003AUDIT OFFICE 1AUDIT OFFICE UPDATEUPDATE NEW “PLAIN ENGLISH” INDEPENDENT AUDIT REPORTACCOUNTING 3This year’s Independent Audit Report will contain different wording and UPDATEa new layout. We have changed the format so that the opinion (the most URGENT ISSUES 5important aspect) comes first. Previously, it appeared at the end. We GROUP UPDATEhave added new subheadings and expanded the content to explain our role more fully, and to highlight agency responsibilities. We have added INTERNATIONAL 6a new section that demonstrates the Auditor-General’s independence, a UPDATEvital benefit given recent corporate collapses. The changes reflect our commitment to communicate more effectively with our stakeholders and MISCELLANEOUS 7to implement the latest professional thinking. An example of the new PUBLICATIONSreport is on our web site at www.audit.nsw.gov.au/clientservice.htm. TREASURY UPDATE 8PREMIER’S 9AUDITOR-GENERAL’S REPORT TO PARLIAMENT MARCH 2003-DEPARTMENT INVESTIGATIONS UNDER THE PROTECTED DISCLOSURES ACT 1994 CIRCULARSAn important but lesser-known role of the Audit Office is to consider AUDIT OFFICE 11allegations made by public officials under the Protected Disclosures Act BETTER PRACTICE1994 (Act).GUIDESThe Act provides protection for public officials against detrimental action if they “blow the whistle” and, in a manner conforming to the requirements of the Act, expose ...

Informations

• Publié par: Uste
• Nombre de lectures: 27
• Langue: English

Extrait

Acco A unting and W Auditing De A velopmen R tsIssue 3 E APRIL 200 N 3 ESS

AUDIT OFFICE UPDATE

NEW “PLAIN ENGLISH” INDEPENDENT AUDIT REPORT

new ayout. We ave c ange t e ormat so t at t e opinion t e most important aspect comes irst. Previous y, it appeare at t e en . We ave added new subheadings and expanded the content to explain our ro e more u , an to i i t a enc res onsi i ities. We ave a e new section t at emonstrates t e Au itor-Genera s in epen ence, a ital benefit given recent corporate collapses. The changes reflect our commitment to communicate more e ective wit our sta e o ers an to imp ement t e atest pro essiona t in ing. An examp e o t e new report is on our web site atientservice. tmww.au it.nsw.gov.au/c

AUDITOR-GENERAL’S REPORT TO PARLIAMENT MARCH 2003- INVESTIGATIONS UNDER THE PROTECTED DISCLOSURES ACT 1994

An im ortant ut esser- nown ro e o t e Au it O egations ma e y pu ic o icia s un er t er 4Act).

ice is to consi er Di r A

T e Act rovi es rotection or u ic o icia s a ainst etrimenta ction i t ey ow t e w ist e an , in a manner con orming to t e requirements of the Act, expose suspected inappropriate activities in overnment a encies.

AuditOfficeisanominatedreviewandinvestigationauthorityfor egati riousansu stantiawasteopu icmoney(exceptwit respecttoocagov tcounci s .Ot eragencieseinc u In epen ent ommissionAgainstCorruptio heprimereviewandinvestigation utt eOm u sman(t eprime reviewani a ministration .

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AwarenessisublishedbTheAuditOfficeofNewSouthWales,23 xStreet, ne NSW 2000, GPO Box 12, S ne NSW 2001Te e5155ax1 5 EmailTerry.Hogan@au it.nsw.gov.auew.au it.nsw.gov.au

AUDIT OFFICE UPDATE ACCOUNTING UPDATE

URGENT ISSUES GROUP UPDATE

INTERNATIONAL UPDATE

MISCELLANEOUS PUBLICATIONS

TREASURY UPDATE

PREMIER’S DEPARTMENT CIRCULARS

AUDIT OFFICE BETTER PRACTICE GUIDES

1

3

5

6

7

8

9

11

Unti ate 2001, t ePu ic Finance an Au it Act 1 83on y a owe t e Au itor-Genera to investigate those allegations as a ‘performance audit’. This was not generally an appropriate ec anism. Wit t e amen ments intro uce in ate 2001, t e Au itor-Genera as reater exi i ity in ea ing wit protecte isc osure a egations an reporting in ings.

In making our examination and assessment, we use both absolute and subjective measures. An alle ation that su ests a waste of $500,000 or more is automaticall examined. Where n a egation is ess t an t at, ut re ates to a systemic e iciency, we wi consi er it or examination.

Essentia , re orts concernin a encies are to e rovi e to t e a enc ea , t e Minister n t e Treasurer. T ese reports set out t e a egations, t e action we too , our in ings an opinion and a response from the person to whom the report was to be made.

ecent we rovi e our irst re ort to Par iament containin our examinations un er t e Act. ur examinations re ate to:

De artment o Fair Tra in

Department o Lan an Water Conservation

Macquarie University

Universit o New Sout Wa es

While none of the allegations were fully substantiated, nevertheless, each of the examinations i i te areas t at, in our o inion, cou rovi e exam es to t e wi er u ic sector.

We recommen e t at pu ic sector agencies consi er t e extent to w ic t e issues raise an the recommendations contained in the report could also apply to them.

Further information

Tom Jam ric , Assistant Au itor-Genera 9285 0051, or tom.jam ric @au it.nsw.gov.au. T e report was issued on 6 March 2003 and can be accessed at: www.audit.nsw.gov.au.

PERFORMANCE AUDIT REPORT-IMPLEMENTING THE OVINE JOHN’S DISEASE PROGRAM

eJohne’sDisease(OJD)isawastingdiseaseofsheep,that,quiteliterally,stripsvalue romt conom .NewSoutWa esast ei estro em,wit3%oitsoc s current y,in ecte er urt 18%c asseasatris .

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T e ans are ase on t e most recent in ormation o taine rom t e IASB. T e IASB ans to ave issue y 31 Marc 2004 a new an revise stan ar s or app ication rom 1 January 005. If the IASB’s works plan changes, this will impact on the AASB’s plans.

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AASB PLANS FOR CONVERGING WITH IASB BY 2005

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T is paper issue y t e Austra ian Accounting Stan ar Boar (AASB) provi es a asis or converging wit speci ic Internationa Accounting Stan ar s Boar IASB stan ar s an ot er ocuments.

Further Information

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T eau itprovi esva ua einsig tsoras arer oryarrangements.T e recommendationsfocusonenhancingco-operationbetween ricultureandthesheep in ustr ,stren t enint estrate icmana ementot ePro ram,anort e eve opment o a more responsive approac to uture iseases

Audit Recommendations and Implications

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The Audit Office of New South Wales

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The implementation of the OJD program in New South Wales has been prolonged and difficult.

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tep en Horne, Director Per ormance Au ste en. orne@au it.nsw. ov.au. T e re ccessed at www.audit.nsw.gov.au.

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ACCOUNTING UPDATE

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IASB PREFACE The Australian equivalent of most of the material covered in the IASB’s Preface is containeinAASBPo icyStatements.T ereisaneetoup atePS1T eDev oStatementsoAccountinConce ts,AccountinInternationaStan ar onvergenceandHarmonisationPolicy.Howe oardplans to allocate a low priority ot isworint eeaupto2005.T arconsi erst atitcanirect ycommunicate in ormationa outits2005con ncee ortviat ewesiteannews etters.

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corporategovernance

T e IASB as no equiva ent to SAC 1 De inition o t e Reporting Entity, an t e reporting entity concept. The Board plans to retain A 1 in some form.

THE AUSTRALIAN GAAP3

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au itorsanusersoinanciastatementsto  managefinancialreportingrisk.

exp anation o t e convergence exposure ra ts.

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T e 7t e ition inc u es:

4

AC2O jectiveoGeneraPurposeFinanciaReporting

there are any issues relating to not-for-profit entities, including not-for-profit public ector entities, t at ma a ect t e im ementation o t e IASB s Framewor ; an

t ere are any regu atory or ot er issues arising in t e Austra ian environment t at may ffect the implementation of the IASB’s Framework.