The Auditor-General has released an overview report on the results of 2019-2020’s Financial Audits, finding ACT Government Agencies met their reporting responsibilities.
In his report, 2019-2020 Financial Audits Overview, Auditor-General Michael Harris said Agencies had accurately presented their financial and operational performances to the ACT Legislative Assembly and the community.
“ACT Government Agencies made all required corrections to their financial statements and statements of performance during the audit process,” Mr Harris said.
“This means that the ACT community can have confidence that they are provided with accurate and reliable information in these statements,” he said.
“No modified reports were issued on ACT Government Agencies’ financial statements or statements of performance in 2019-2020.”
Mr Harris said that while some corrections were required to be made to statements during the audits, the overall quality of reporting financial statements and statements of performance was high.
He said 29 per cent of financial statements submitted to reporting Agencies were rated as good or satisfactory, but this was a decline from 96 per cent in the previous financial year.
“The decline in the quality of financial statements in 2019-20 reflects more changes being required to reporting agencies’ financial statements during the audit process mainly due to the implementation of new Australian Accounting Standards,” the Auditor-General said.
Mr Harris thanked Agency representatives and ACT Audit Office staff involved in the 2019-2020 financial audit process and acknowledged their efforts to overcome the challenges which arose while working remotely due to pandemic restrictions.
The Auditor-General’s 25-page overview report can be accessed at this PS News link.
