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Under section 57 of the Financial Management and Accountability Act 1997 (FMA Act) the Auditor-General is required to report each year to the relevant Minister, on whether the financial statements of agencies have been prepared in accordance with the Finance Minister's Orders (FMOs) and whether they give a true and fair view of the matters required by those Orders.
Our interim audits of agencies encompass a review of governance arrangements related to agencies' financial reporting responsibilities, and an examination of relevant internal controls, including information technology system controls. 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.
The Auditor-General Act 1997 establishes the mandate for the Auditor General to undertake financial statement audits of all Commonwealth entities including those of government agencies, statutory authorities and government business enterprises.
Financial statement audits are an independent examination of the financial accounting and reporting of public sector entities. The results of the examination are presented in an audit report, which expresses the auditor's opinion on whether the financial statements as a whole and the information contained therein fairly present each entity's financial position and the results of its operations and cash flows. The accounting treatments and disclosures reflected in the financial statements by the entity are assessed against relevant accounting standards and legislative reporting requirements.
This report summarises audit findings relating to entity internal control structures arising from the interim phase of the financial statement audits of major Commonwealth entities for 2001-2002. Examinations of such issues are designed to assess the reliance that can be placed on control structures to produce complete, accurate and valid information for financial reporting purposes.
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 2001. It complements Audit Report No.1 2001-2002 Control Structures as Part of the Audits of Financial Statements of Major Commonwealth Agencies for the Period Ended 30 June 2001. The report is in five parts:
Part One of the report discusses Commonwealth financial management and reporting issues. It also provides ongoing commentary on the structure of the Commonwealth's financial framework. Related reporting issues include developments in relation to the outcomes and outputs costing and appropriation framework. Comment is also made on the quality and timeliness of the preparation of entities' annual financial statements;
Part Two provides details of the audit of the Commonwealth's Consolidated Financial Statements for 2000-2001;
Part Three provides an overview of the current control issues noted in the financial statement audits of Commonwealth entities;
Part Four 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 Five provides the results of the individual financial statement audits and any additional significant control matters identified since Audit Report No.1 2001-2002.
This report summarises issues relating to internal control structures, financial systems, controls and processes arising from the interim phase of the financial statement audits of major commonwealth entities for 2000-2001. Examinations of such issues are designed to assess the reliance that can be placed on control structures, systems, specific controls and processes to produce complete, accurate and valid information for financial reporting purposes.