The NSW Treasury has issued a Policy and Guidelines Paper to Government Agencies revising the Year-end timetable for statutory reporting.
Chief Financial and Operations Officer at NSW Treasury, Stewart 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.
“In the current environment, although it is important to ensure we get quality and timely information, the wellbeing of staff is also very important,” Mr Walters said.
“We do still have a statutory reporting requirement to comply with, but given the current pressure we are all under, we have managed to provide some relief to Agencies by revising the Year-end timetable,” he said.
“If Agencies are able to submit earlier, please can they advise their Audit Office contacts and Treasury contact so that we can plan accordingly.”
Mr Walters said Preliminary Annual Returns, Supplementary Returns and Resolution of Emerging Issues previously advised to Treasury were all due by 5 August; Crown Data Returns due by 24 July; Prime Data Returns by 31 July; and Financial Statement Variance Analysis by 21 August.
He said the focus going forward would remain on the quality of Agency financial statements by reducing misstatements and the underlying causes.
“The continued focus on improving the quality and timeliness of financial reporting resulted in the Total State Sector Accounts for 2018-19 receiving an unqualified audit opinion,” he said.
“The Auditor-General reported that Agency 2018-19 financial statements submitted for audit and used for the whole-of-government reporting, contained a decrease in misstatements exceeding $20 million compared to such misstatements in the prior period,” Mr Walters said.
Treasury’s 50-page Policy and Guidelines Paper can be accessed at this PS News link.
