Report of the Auditor-General 2015-16 Financial Audits Volume 4 - - PowerPoint PPT Presentation

Report of the Auditor-General 2015-16 Financial Audits

Volume 4 Audits of State entities 30 June and 31 December 2016

Presentation to Members of Parliament 23 May 2017

1

Report Contents

• 31 December Audits

– University of Tasmania – other 31 December entities

• 30 June Audits

– River Clyde Trust

• Final audits for entities dissolved during the year
• 2016 Financial Audit Cycle

– Audit findings – Timeliness and quality of financial reporting – Audit opinions – Audits dispensed with – Setting audit fees

• Developments in financial accounting and auditing
• Reporting Non-Financial Performance

2016 Audit Cycle

2

31

Other entities

31

GGS

40

Local governments

16

Government businesses

(inc TasWater)

36

Local Government Act 1993

45

Other legislation including Audit Act 2008

17

Financial Management and Audit Act 1990

13

Corporations Act 2001

7

Government Business Enterprises Act 1995

Our financial audit clients

3

Submission of Financial Statements

(statutory deadline 15 August 2016)

10 20 30 40 50 60

1 Jul 16 Jul 31 Jul 15 Aug 30 Aug

Number of Financial Statements Submitted

Size of circle represents number of financial statements submitted  submissions within deadline  submissions close to deadline  submissions outside deadline

Audit Opinions

4

117 1 2 2

Unmodified Qualified Emphasis of matter Other matter

National Trust of Australia (Tasmania) Forestry Tasmania Tasmanian Water and Sewerage Corporation Pty Ltd West Coast Council

Findings from 2016 Audits

209 matters 60 entities

YEAR

2016

YEAR

2015 277 matters 63 entities

5

Audit findings by risk rating/sector

6

22

High risk



5 22 15



3 22 22



13 47 38

Other

1 11 10 102

Moderate risk

85

Low risk

$618M $603M ($18M) $15M

Total income Total expenses Underlying result Net result

   

7

University of Tasmania

(including University Foundation and AMC Search)

$354M 1.1 : 1

Employee costs

(excl.restructuring)

Academic Staff Non-academic Staff

$69M $9M $2M $70M

Higher Education Loan Programs HECS-HELP student payments Post-graduate domestic students fees International student fees    

8

University of Tasmania

(including University Foundation and AMC Search)

4 : 1

Domestic Student Load International Student Load

$912M $605M $306M $103M

Net assets Land and buildings Cash and investments Borrowings

   

9

University of Tasmania

(including University Foundation and AMC Search)

Future University transformation projects

• Relocation of Launceston campus from Newnham to Inveresk (estimated cost

$260m) and Burnie campus from Mooreville Road to West Park (estimated cost $40m). Australian Government committed $150m.

• Proposal to move Science, Technology, Engineering and Maths (STEM)

research and training facilities into Hobart CBD.

Reporting Non-financial Performance

(continued)

10

Trends in Performance Reporting Government Visions and Intentions Key Performance Indicators Future Performance Accounting Budget and Performance Statements Agency Strategic Planning Efficiency Indicators Service Effectiveness Indicators AASB Drafting Standard Cost - Effectiveness Indicators Attestation in Annual Reports Evaluating Outcomes and Reporting

Reporting Non-financial Performance

(continued)

11

C’lth WA ACT Qld Vic Government planning Long-term strategic plans link with Government direction

    

Plans include performance measurement

    

Budget statements Include KPIs

    

Include targets

    

Include minimum KPI requirements (effectiveness, efficiency, cost or a balanced set)

    

Reporting Non-financial Performance

(continued)

12

C’wth WA ACT Qld Vic Entity reporting Performance reporting in annual reports

    

Annual reporting consistent with planning documents (budget or strategic plan)

    

Planned KPIs reflected in annual reports

    

Planned targets reflected in annual reports

    

Analysis required (KPIs, material variances between budget targets and actual results)

    

Changes to KPIs require explanation

    

Framework allows for performance information to be audited

1    

• 1. Minister’s discretion

13

Questions

Thank you