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Read an overview of the Treasury 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 the effectiveness of the Australian Border Force’s (ABF’s) processes for ensuring the accuracy of the Integrated Cargo System data supplied to the Australian Bureau of Statistics (ABS).
Australia’s international merchandise trade statistics are a key input into Australia’s balance of payments and national accounts. The source data is supplied each night to the ABS by the ABF, an operationally independent agency in the Home Affairs portfolio, from data input into the Integrated Cargo System by importers and exporters. Responsibility for monitoring and improving the accuracy of data input into the Integrated Cargo System rests with the customs compliance area of the ABF.
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.
An assurance review would examine whether the Department of Health has obtained assurance that the financial benefits from the Prostheses List reforms accruing to private health insurers have been passed on to consumers in the form of premium reductions.
The Prostheses List legislates the minimum benefits payable by private insurers (if insurance is held by the patient) for specific prostheses. As of 1 February 2018, the minimum benefit payable by private health insurers was reduced. In return for the reduction in payment obligations, private health insurers advised that every $200 million in prostheses benefits reductions will decrease private health insurance premiums by one per cent.
Private health insurers submit applications to the Minister for Health for premium increases at the same time each year. Each application is examined by the Department of Health and the Australian Prudential Regulation Authority. This process is known as the annual premium round. Premium changes take effect from 1 April each year.
This audit would examine the effectiveness of the Government’s policy framework for concessional loans. The audit would also consider the financial impact of concessional loans on the presentation of the federal budget, the accounting treatment of concessional loans for financial reporting purposes, and their impact on the consolidated financial statements balance sheet.
A concessional loan is a loan provided at more favorable terms than the borrower could obtain in the marketplace. The concession provided may be in the form of below-market interest rates, longer loan maturity, or grace periods before the payment of the principal or interest.
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 objective of this audit is to assess whether the Australian Taxation Office (ATO) and the Department of Agriculture and Water Resources (DAWR) have effectively administered the Farm Management Deposits (FMD) Scheme.
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.