Areas of focus from 2014
The 2014 audits showed that the quality and timeliness of financial reporting have continued to improve. However, many agencies do not have financial sustainability indicators that provide early warning of management issues, such as an inability to meet financial obligations. Weaknesses were identified in information security, management of leave balances, asset management and internal controls.
Governance issues and gaps in performance information and reporting across the sector suggest Chief Financial Officers should have a stronger role and be more involved in strategy and risk management to maximise performance and add value.