NSW Audit Office - Better Practice Guide - Internal Financial Reporting - June 2001

ContentsOverview 1THE AUDIT 3Observations 4Audit Comments 8Recommendations 11BETTER PRACTICE GUIDE 13Preface 15Essential Fundamentals for Sound Financial Management 17Type of Information 25Who Needs What, When and in What Format? 33Who Needs The Information? 34When is the Information Needed 38What Format 40Checklists 445Performance Audits by the Audit Office of New South Wales 49Performance Auditing 51State Library of New South Wales cataloguing-in publication dataNew South Wales. Audit Office.Performance audit report : internal financial reporting / [The Audit Office of New South Wales]07347212261. Administrative agencies - New South Wales - Finance - Auditing. 2. Administrative agencies -New South Wales - Accounting - Auditing. 3. Financial statements - New South Wales - Auditing. 4. Auditing,Internal - Standards - New South Wales. I. Title: Internal financial reporting.352.43909944© Copyright reserved by The Audit Office of New South Wales. All rights reserved. No part of this publicationmay be reproduced without prior consent of The Audit Office of New South Wales.management.OverviewOverviewInternal Reporting There is a need for agencies to manage their information needs.A sound internal reporting system is essential for properWithin such a framework, internal financial reporting is pivotalto ensure proper control of resources, the efficient application ofthose resources to processes and the direction of those processesto the ...