NSW Audit Office - Awareness - Issue 2004 01 - February 2004

AWARENESSccounting and Auditing Developments Issue 1 FEBRUARY 2004AUDIT OFFICE 1AUDIT OFFICE UPDATEUPDATEAUDITOR-GENERAL’S REPORT TO PARLIAMENT 2003, VOLUME SIX ACCOUNTING 6UPDATEThis report was released on the 4 December 2003. Significant issues in this volume include:URGENT ISSUES 7GROUP UPDATECompliance Review of Accountability and Reporting Requirements for State Owned Corporations (SOCs)INTERNATIONAL 9The SOC Act requirement to table documents in Parliament within 14 sitting UPDATEdays does not always facilitate accountability on a timely basis.MISCELLANEOUS 10Compliance Review of the Engagement and Use of Consultants PUBLICATIONSSome agencies are not meeting documentation, conflict of interest, performance LEGISLATIVE 11evaluation and reporting requirements for engaging and using consultants.UPDATEAttorney General’s DepartmentTREASURY 12The costs per case finalised for the Supreme and District courts were UPDATEsubstantially lower, but for local courts significantly higher than the national average. PREMIER’S 14DEPARTMENT Office of the Protective Commissioner-Common Fund UPDATEFunding of the operations of the Office was not equitably borne by all clients. AUDIT OFFICE 15The Office does not adequately record client assets not held in the investment BETTER PRACTICEfunds. GUIDESSince the externally managed investment funds were established on 2 April 2002, the value of the funds has fallen by $48.2 million.NSW FisheriesThe Marine ...