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The Finance portfolio is responsible for the preparation of the consolidated financial statements (CFS) of the Australian Government and a range of finance-related functions that include providing the Australian Government with Budget policy advice, responsibility for superannuation arrangements for government employees, and responsibility for asset sales.
Read an overview of the Finance portfolio including details of key activities, expenses and staffing levels. The audit focus section outlines the influences on the ANAO’s allocation of financial audit resources and the selection of performance audit topics and other activities. Also included is a list of material and non-material entities within the portfolio with their corresponding risk profile and key risks. Any risks that are considered key audit matters (KAMs) by the ANAO are separately identified.
The audit would assess whether the Australian Government’s purchase of state government shares of Snowy Hydro Limited provided value for money with public resources.
In March 2018, the Australian Government announced that it would purchase New South Wales and Victoria’s combined shareholding of Snowy Hydro Limited (87 per cent). The purchase of Snowy Hydro Limited is a precursor to the planned implementation of Snowy Hydro 2.0, the expansion of the Snowy Mountains Scheme to facilitate pumped hydro for electricity generation.
The audit would include an assessment of the Department of Finance and the Treasury’s assurance on whether value for money was achieved in the purchase.
The audit would assess the effectiveness of the design and establishment of the Regional Investment Corporation. This assessment would include the advice provided by the Department of Agriculture and Water Resources and the Department of Finance on service delivery arrangements, as well as the corporation’s governance and management of risk.
The Regional Investment Corporation was established to streamline the administration of farm business loan arrangements to ensure they are delivered in a nationally consistent and efficient manner. From July 2018, the corporation will be responsible for delivering the $2 billion National Water Infrastructure Loan Facility and up to $2 billion in Commonwealth farm business concessional loans.
This audit would examine the effectiveness and efficiency of the design and implementation of the Streamlining Government Grants Administration (SGGA) Program.
Announced in 2015–16 Budget as part of the Digital Transformation Agenda, the Department of Finance led the SGGA Program initiative as part of the Government’s vision for a smaller, smarter, and more productive and sustainable public sector. Two grants hubs have been established: the Business Grants Hub in the Department of Industry, Innovation and Science; and the Community Grants Hub in the Department of Social Services. Finance also implemented GrantConnect, the Australian Government’s whole-of-government grant information system.
The SGGA Program is expected to reduce red tape for grant applicants and recipients and result in administrative efficiencies for government. This audit would examine the Department of Finance’s design and implementation of the SGGA Program to achieve efficiency savings, provide transparency about grant processes and outcomes, and facilitate sufficient assurance over administrative processes for participating entities.
The objective of this audit is to examine whether selected regulatory entities effectively apply the cost recovery principles of the Australian Government’s cost recovery framework. The selected regulatory entities are the Department of Agriculture and Water Resources, the Australian Maritime Safety Authority, and the Department of Health (Therapeutic Goods Administration).
The objective of this audit is to assess the effectiveness of the management of cyber security risks by three government business enterprises or corporate Commonwealth entities. The entities selected for audit are ASC Pty Ltd, the Australian Postal Corporation and the Reserve Bank of Australia.
The Australian National Audit Office (ANAO) publishes two reports annually addressing the outcomes of the financial statement audits of Australian government entities and the Consolidated Financial Statements (CFS) of the Australian Government, to provide the Parliament of Australia with an independent examination of the financial accounting and reporting of public sector entities. This report will focus on the results of the interim audit phase, including an assessment of entities’ key internal controls, of the 2018–19 financial statements audits of a range of entities including all departments of state and a number of major Australian government entities.
The objective of the audit is to assess whether Defence Housing Australia (DHA) administers its functions efficiently and effectively, and in accordance with the Government Business Enterprise guidelines.