Media release: Regional NSW 2022
What the report is about
Result of the Regional NSW cluster agencies' financial statement audits for the year ended 30 June 2022.
What we found
Unmodified audit opinions were issued for Regional NSW cluster agencies. Two audits are ongoing.
What the key issues were
The Department of Regional NSW (the department) and Local Land Services (LLS) accepted changes to their office leasing arrangements managed by Property NSW.
These changes resulted in the collective derecognition of $100.6 million of rights-of-use-assets and $110.4 million of lease liabilities.
In 2021–22, the cluster agencies continued to assist communities in their recovery from recent weather emergencies, including significant flooding in New South Wales.
The Northern Rivers Reconstruction Corporation was established in May 2022 to rebuild communities in the Lismore and Northern Rivers region impacted by floods.
The number of matters reported to management decreased from 36 in 2020–21 to 14 in 2021–22.
Five moderate risk issues were identified and 14% of reported issues were repeat issues.
One moderate risk issue was a repeat issue related to Local Land Services' annual fair value assessment of the asset improvements on land reserves used for moving stock.
The Regional NSW cluster focuses on building regional economies and communities, growing primary industries, and managing the sustainable use of regional land and the State's mineral and mining resources.
- $3.1b property, plant and equipment as at 30 June 2022
- 100% unqualified audit opinions issued for all completed 30 June 2022 financial statements
- 16 monetary misstatements reported in 2021–22
- $2.7b total expenditure incurred in 2021–22
- 5 moderate risk findings identified
- 14% of reported issues were repeat issues
Please contact Ian Goodwin, Deputy Auditor-General on 9275 7347 or by email.