This report presents the results of the interim phase of the 2004-2005 financial statement audits. The audits have encompassed a review of governance arrangements related to entities' financial management responsibilities, and an examination of internal control, including information technology system controls for all portfolio departments and other major General Government Sector entities as at 31 March 2005. An examination of such issues is designed to assess the reliance that can be placed on internal controls to produce complete and accurate information for financial reporting purposes. All ANAO findings have been reported to entities and summary reports provided to the relevant Minister(s).

This report summarises the final results of the audits of the financial statements of Commonwealth entities, forming the second report this year on financial statement audits for the period ended 30 June 2000. It complements Audit Report No.52 1999-2000 Control Structures as Part of the Audits of Financial Statements of Major Commonwealth Agencies for the Period Ended 30 June 2000. The report is in three parts:

• Part One of the report is a commentary on the structure and status of the new financial framework, focusing on the quality and timeliness of the preparation of the annual financial statements;
• Part Two discusses the summary final results of the audits of the financial statements, providing details regarding qualifications and any matters emphasised in audit reports; and
• Part Three provides the results of the individual financial statement audits and any additional significant control issues identified since Audit Report No.52.

This Report brings together the results of the audits of the financial statements of all Commonwealth organisations (that is, agencies and statutory authorities), including the Commonwealth Government of Australia consolidated financial statements for the period ended 30 June 1999.