NSW Treasury has released a policy and guidelines paper to help NSW Government Agencies comply with requirements when submitting their end of financial year Annual Returns.
In the paper, TPP21-04 Agency Direction for the 2020-21 Mandatory Annual Returns to Treasury, Chief Financial and Operations Officer of NSW Treasury, Stewart Walters (pictured) said the Treasury collected the Annual Returns from public sector Agencies to produce the Total State Sector Accounts; Budget Result; Outcomes Report; and Government Finance Statistics (GFS).
“The Total State Sector Accounts produced by Treasury are subject to public scrutiny,” Mr Walters said.
“It is important, therefore, that each Agency’s Annual Returns are complete and accurate,” he said.
“Accurate and timely financial reporting is one aspect of sound financial management.”
Ms Walters said the production of high quality and timely financial statements by Agencies was essential for Government decision making, timely management of public funds and enhanced public sector accountability.
He said Treasury’s focus on improving the quality and timeliness of financial reporting resulted in the Total State Sector Accounts for 2019-20 receiving an unqualified audit opinion.
“The focus going forward will remain on the quality of Agency financial statements by reducing misstatements and the underlying causes,” he said.
Mr Walters said TPP21-04 should be read in conjunction with the Treasurer’s Direction TD21-02 Mandatory Annual Returns to Treasury and provided additional directions to Agencies related to Annual Returns to be submitted to Treasury.
He said Policy Papers also outlined procedures completed at an interim date under the Treasurer’s Direction on Mandatory Early Close as at 31 March each year (TD19-02) and superseded the previous version, issued as TPP20- 05 Agency Direction for the 2019-20 Mandatory Annual Returns to Treasury.
Treasury’s 47-page Policy and Guidelines Paper can be accessed at this PS News link.
