More timely reporting but quality of financial reporting has a way to go

Auditor-General's Report to Parliament

26 February 2013

More timely reporting but quality of financial reporting has a way to go

The Auditor-General, Mr Peter Achterstraat, noted the timeliness of New South Wales government agencies financial reporting improved significantly in 2012. However, the quality of financial reporting needs to improve to be more useful to Parliament, Government decision making and enhanced public sector accountability.

“Accounting misstatements were common in financial reports submitted by NSW Government agencies for audit,” said Mr Achterstraat.

The main causes impacting the quality of financial statements were:

  • insufficient quality reviews in agencies’ financial reporting processes
  • insufficient financial accounting expertise when applying accounting standards
  • delays in identifying and resolving accounting issues arising from significant transactions
  • lack of strategic financial management capability.

“I am looking forward to agencies embedding better processes, aimed at reducing errors,” said Mr Achterstraat.

Further information

Barry Underwood, on 9275 7220 or 0403 073 664 and email

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