NSW Audit Office - Awareness - Issue 2005 03 - April 2005

AWARENESSAccounting and Auditing Developments ISSUE 3 2005AUDIT OFFICE 1 AUDIT OFFICE UPDATEUPDATEACCOUNTING 4 Auditor-General’s Report to Parliament 2005, Volume OneSTANDARDS UPDATEThis report was released on the 16 March 2005. Significant issues in this volume include: AUSTRALIAN 5 ACCOUNTING STANDARDS BOARD New South Wales Aboriginal Land CouncilUPDATEFor the first time in nine years, the financial report was not qualified. However, there are still a number of systemic and persistent problems URGENT ISSUES GROUP UPDATE 9in the Council’s financial management. Some of the issues raised have existed for several years.AUDITING 10UPDATEWorkCover Scheme Statutory FundsAUASB UPDATE 10The accumulated deficit of the Scheme decreased from $2,982 million at 30 June 2003 to $2,353 million at 30 June 2004. The Scheme is INTERNATIONAL 11undergoing significant changes to improve its financial performance.UPDATENewcastle International Sports Centre Trust OTHER ISSUES 12The Trust faces a major challenge to achieve financial self-sufficiency. MISCELLANEOUS 15Without government funding and other one-off revenue windfalls, the PUBLICATIONSTrust would have incurred losses over the past five years.LEGISLATIVE 15Wollongong Sportsground Trust CHANGES UPDATEThe Trust continues to rely on government funding to remain financially TREASURY UPDATE 16viable.PREMIER’S 17DEPARTMENTFurther InformationUPDATEBarry Underwood, Executive Officer on ...