NSW Audit Office - Awareness - Issue 2005 10 - November 2005

AWARENESSAccounting and Auditing Developments ISSUE 10 - NOVEMBER 2005AUDIT OFFICE 1 AUDIT OFFICE UPDATEUPDATEACCOUNTING 5 Auditor-General’s Report to Parliament 2005 – Vol ThreeUPDATEThis report includes: AUDITING 8 our audit opinions on the 2004-05 Total State Sector Accounts and UPDATEthe Statement of Budget Result INTERNATIONAL 10 recommendations for more meaningful financial and non-financial UPDATEreporting comments on the Statement of Budget Result. OTHER ISSUES 12MISCELLANEOUS 13Audit OpinionsPUBLICATIONSWe issued a qualified audit opinion on the Total State Sector Accounts because the WorkCover Scheme Statutory Funds and Crown reserves LEGISLATIVE 15should have been included. A similar qualification was made last year. CHANGESOur Independent Audit Report on the Statement of Budget Result was PREMIER’S 16unqualified. DEPARTMENTUPDATEThe State’s Financial PositionAUDIT OFFICE 19The State is in a strong financial position but it is currently facing some BETTER PRACTICEcyclical and structural fiscal pressures. GUIDESIn earlier years’ Reports to Parliament, we have included an analysis ACRONYMS & 20of the State’s financial position, but have not done so this year. As we ABBREVIATIONShave previously acknowledged, the Treasurer’s Report on State Finances and the Budget Papers already provide a high level of disclosure of the State’s finances. We see little value in simply duplicating that information. Rather, we want to highlight ...