Report highlights: Regional NSW 2023

What this report is about

Results of the Regional NSW financial statements audits for the year ended 30 June 2023.

What we found

Unqualified audit opinions were issued on all completed audits in the Regional NSW portfolio agencies.

The number of monetary misstatements identified in our audits increased from 28 in 2021–22 to 30 in 2022–23.

What the key issues were

Effective 1 July 2023, staff employed in the Northern Rivers Reconstruction Corporation Division of the Department of Regional NSW transferred to the NSW Reconstruction Authority Staff Agency.

The Regional NSW portfolio agencies were migrated into a new government wide enterprise resourcing planning system.

The total number of audit management letter findings across the portfolio of agencies decreased from 36 to 23.

A high risk matter was raised for the NSW Food Authority to improve the internal controls in the information technology environment including monitoring and managing privilege user access.

What we recommended

Local Land Services should prioritise completing all mandatory early close procedures.

Portfolio agencies should:

  • ensure any changes to employee entitlements are assessed for their potential financial statements impact under the relevant Australian Accounting Standards
  • prioritise and address internal control deficiencies identified in audit management letters.

Fast facts

The Regional NSW portfolio 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.

  • $4.2b property, plant and equipment as at 30 June 2023
  • $4.3b total expenditure incurred in 2022–23
  • 100% unqualified audit opinions issued on completed agencies’ 30 June 2023 financial statements
  • 1 high-risk finding identified
  • 30 monetary misstatements reported in 2022–23
  • 9% of reported issues were repeat issues

Further information

Please contact Ian Goodwin, Deputy Auditor-General on 9275 7347 or by email.