Volume Four 2015 Treasury and State Finances

NSW public sector financial reporting continues to improve 

For the third consecutive year, the General Government and Total State Sector Accounts received an unqualified auditor’s opinion following more than a decade of qualifications.

‘The quality and timeliness of financial reporting across the NSW public sector continues to improve. The number of errors greater than $50 million in agencies’ 2014-15 financial statements submitted for audit and used for whole-of-government financial reporting continues to decrease’, said Acting Auditor-General, Tony Whitfield.

Errors in agencies’ financial statements and the Total State Sector Accounts were corrected as necessary to ensure compliance with Australian Accounting Standards and the requirements of the Public Finance and Audit Act 1983.

Improvements to year-end financial reporting processes have enabled the Audit Office to issue 229 audit opinions by 2 October 2015, compared to only 67 by the same time in 2011.
Disaster Recovery Planning could be improved

There are opportunities for some agencies to improve their disaster recovery planning processes for financial systems and for better monitoring.

‘Of 30 agencies reviewed, four agencies did not have a disaster recovery plan, three agencies’ plans were not tested in accordance with the plans and one agency had no disaster recovery plan for one of its four financially significant systems’, the Acting Auditor-General said.
Further Information

Please contact Barry Underwood, Executive Officer, on 9275 7220 or 0403 073 664; email: barry.underwood@audit.nsw.gov.au.