Financial summary
The ANAO’s overall financial position remained sound during 2006–07 as a result of continued prudent management. At the same time, we met our primary business targets, including the production of 584 performance audit and audit related products, and the effective completion of our financial statement audit responsibilities.
The ANAO continues to have sufficient assets to meet ongoing liabilities and commitments, including employee entitlements and asset replacement. More detailed information on our financial position is outlined in the 2006–07 Financial Results Summary at Appendix 2.
The change in the financial results for 2006–07 compared with those for 2005–06 is primarily due to:
a) increases in employee expenses flowing from the Workplace Agreement; and
b) decreases in audit costs due to the Auditor-General resigning as the auditor of the Telstra Group during the year.
The ANAO’s Independent Auditor found that our financial systems and controls were operating effectively and year-end financial statement preparation procedures were well organised and undertaken in an efficient and timely manner. Internal Audit coverage during the year also found that our control environment was sound.
The financial resources summary for the ANAO in 2006–07 is set out in Tables 1, 2 and 3.
- 4 Comprising: 45 performance audits; 5 business support process audits; 1 protective security audit; 4 better practice guides; 2 financial statement related reports; and 1 ‘triple bottom line’ assurance report.