NSW Audit Office - Awareness - Issue 2005 05 - June 2005

AWARENESSAccounting and Auditing Developments ISSUE 5 - JUNE 2005AUDIT OFFICE 1 AUDIT OFFICE UPDATEUPDATEAUSTRALIAN 9 Auditor-General’s Report to Parliament 2005, ACCOUNTING Volume TwoSTANDARDS BOARD This report was released on 18 May 2005. Significant issues in this UPDATEvolume include:URGENT ISSUES 12 GROUP UPDATEAustralian Equivalents to International Financial Reporting Standards (AEIFRS) AUDITING AND 14ASSURANCE At the date of this Report no university has submitted its AEIFRS STANDARDS BOARD opening balances to the Audit Office for examination. Universities UPDATEshould have commenced restating their financial information during the year ended 31 December 2004.INTERNATIONAL 15UPDATEUniversity RevenueMISCELLANEOUS 16Revenue from fee-paying overseas students continued to grow in 2004. PUBLICATIONS ANDIt represented 58.2 per cent of total fees and charges and 16.6 per SPEECHEScent of total operating revenue.TREASURY UPDATE 19Asset Management at Universities PREMIER’S 20In general we found that all universities had asset management DEPARTMENTstrategies. However the detail of the strategy differed among UPDATEuniversities.AUDIT OFFICE 21BETTER PRACTICEThe University of SydneyGUIDESApproximately 56 per cent of computer equipment and 32 per cent of plant and equipment still in use are fully depreciated. We have suggested the University review the useful lives and depreciation rates for its assets.University of Newcastle The ...