VAGO Update Tim Loughnan Financial Audit Sector Director Are you - - PowerPoint PPT Presentation

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Dec 31, 2022 187 likes •242 views

VAGO Update Tim Loughnan Financial Audit Sector Director Are you ready for year end? Carrying value of non current assets. Review of useful lives. Review capitalised work in progress. Consider collectability of receivables.

SLIDE 1

VAGO Update

Tim Loughnan Financial Audit Sector Director

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Are you ready for year end?

Carrying value of non current assets.
Review of useful lives.
Review capitalised work in progress.
Consider collectability of receivables.
Reviewed landfill provision.
Appropriate recognition of developer contributions.

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Don’t forget to consider

Streamlined financial reports – Opportunity for the sector to re-examine financial

reporting processes and disclosure.

Related party disclosure.
Gain/loss on disposal of assets versus impairment.
Land under roads valuation.
Restricted cash / public open space contribution.
VAGO reporting on month and year end reporting.
Keep your audit committee informed.
Upcoming performance audits.

SLIDE 4

For further information contact: Tim Loughnan [p] 0408 227 917 [e] Tim.Loughnan@audit.vic.gov.au Victorian Auditor-General’s Office [p] 8601 7000 [e] enquiries@audit.vic.gov.au