Auditor-General's foreword
This report analyses the results of our audits of the Regional NSW cluster agencies for the year ended 30 June 2021.
Our preferred approach is to table the ‘Report on State Finances’ in Parliament before any other cluster report. This is because the 'Report on State Finances' focuses on the audit results and observations relating to the Total State Sector Accounts, in effect a consolidation of all government agencies. This year the 'Report on State Finances' has been delayed due to significant accounting issues being considered in the Total State Sector Accounts and which may impact the Treasury and Transport clusters.
As there are no outstanding matters relating to audits in the Regional NSW cluster impacting the Total State Sector Accounts we have decided to break with normal practice and table this cluster report ahead of the ‘Report on State Finances’.
Report highlights
What the report is about
The results of the Regional NSW cluster (the cluster) agencies’ financial statement audits for the year ended 30 June 2021.
What we found
Unmodified audit opinions were issued for all completed 30 June 2021 financial statement audits of cluster agencies. Four audits are ongoing.
The number of misstatements identified in the financial statements of cluster agencies decreased from 27 in 2019–20 to seven in 2020–21.
The Department corrected an understatement of $82.2 million in prepaid income related to the Bushfire Clean-up Program.
What the key issues were
Local Land Services (LLS) undertook a comprehensive revaluation of asset improvements on land reserves used for moving stock (travelling stock reserves).
The revaluation process identified that improvements on land reserves, with a value of $93.0 million, had not been previously recognised in the financial statements. LLS corrected this error by restating the 2019–20 comparative balances in its 2020–21 financial statements.
The Forestry Corporation of NSW revalued its biological assets that comprise approximately 225,000 hectares of softwood plantations and 34,000 hectares of hardwood forests. The current year valuation resulted in $71.4 million decrement in the total biological assets from $824.9 million in 2019–20 to $753.5 million in 2020–21.
The number of matters reported to management decreased from 36 in 2019–20 to 19 in 2020–21. Twelve moderate risk issues were identified and 47 per cent of reported issues were repeat issues.
What we recommended
Cluster agencies should prioritise and action recommendations to address internal control deficiencies.
Fast factsThe Regional NSW cluster plans and delivers regional programs and infrastructure to respond to regional issues, creating and preserving regional jobs, driving regional economy, growing existing and supporting emerging industries. There are 31 agencies in the cluster.
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1. Introduction
This report provides Parliament and other users of the Regional NSW cluster agencies’ financial statements with the results of our audits, our observations, analysis, conclusions and recommendations in the following areas:
- financial reporting
- audit observations.
1.1 Snapshot of the cluster
2. Financial reporting
Financial reporting is an important element of good governance. Confidence and transparency in public sector decision making are enhanced when financial reporting is accurate and timely.
This chapter outlines our audit observations related to the financial reporting of agencies in the Regional NSW cluster for 2021.
Section highlights
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2.1 Cluster financial information 2021
| Agencies listed in Appendix A of TD21-02 | Total assets $m | Total liabilities $m | Total income* $m | Total expenses** $m | ||||
|---|---|---|---|---|---|---|---|---|
| Principal department | ||||||||
| Department of Regional NSW | 924 | 496 | 1,546 | 1,608 | ||||
| Other cluster agencies | ||||||||
| Forestry Corporation of NSW | 2,084 | 732 | 413 | 449 | ||||
| Local Land Services | 1,123 | 89 | 268 | 266 | ||||
| NSW Food Authority | 23 | 3 | 20 | 17 | ||||
| NSW Rural Assistance Authority | 660 | 659 | 161 | 150 | ||||
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* Includes other gains and benefit
** Includes other losses
Source: Agencies' audited 2020–21 financial statements.
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2.2 Quality of financial reporting
Audit opinions
Unqualified audit opinions were issued on agencies' financial statements
Unqualified audit opinions were issued on all completed cluster agencies' 30 June 2021 financial statements audits. Sufficient and appropriate audit evidence was obtained to conclude the financial statements were free of material misstatement.
Audits are ongoing for:
- Agricultural Scientific Collections Trust
- Belgenny Farm Agricultural Heritage Centre Trust
- CB Alexander Foundation
- Fisheries Trust Funds.
The number of identified monetary misstatements decreased in 2020–21
The number of monetary misstatements identified during the audit of the financial statements of cluster agencies decreased from 27 in 2019–20 to seven in 2020–21. A monetary misstatement is an error in amount recognised in the financial statements initially submitted for audit.
Reported corrected misstatements decreased from 21 in 2019–20 to five in 2020–21. Reported uncorrected misstatements decreased from six in 2019–20 to two in 2020–21.
The table below shows the number and quantum of monetary misstatements for the past two years.
| Year ended 30 June | 2021 | 2020 | ||
|---|---|---|---|---|
| Corrected misstatements | Uncorrected misstatements | Corrected misstatements | Uncorrected misstatements | |
| Less than $50,000 | 1 | 1 | 7 | 4 |
| $50,000 to $249,999 | 1 | -- | 5 | 1 |
| $250,000 to $999,999 | 2 | -- | 3 | 1 |
| $1 million to $4,999,999 | -- | 1 | 2 | -- |
| $5 million and greater | 1 | -- | 4 | -- |
| Total number of misstatements | 5 | 2 | 21 | 6 |
Appendix one shows the number of monetary misstatements in the Regional NSW cluster financial statements submitted for audit in 2020–21 and 2019–20.
One corrected misstatement identified in 2020–21 had a value greater than $5.0 million and related to the Department of Regional NSW, which understated prepaid income (liability) by $82.2 million relating to the Bushfire Clean-up Program. The misstatement was due to:
- staff changes resulting in a loss of knowledge when reviewing prepaid income balances
- lack of adequate review of the prepaid income account during the financial year.
New financial reporting provisions became effective from 1 July 2021
The financial reporting provisions in Division 7.2 of the Government Sector Finance Act 2018 (GSF Act) commenced on 1 July 2021. All cluster agencies prepared their annual GSF financial statements for the 2020–21 financial year under these provisions.
Fourteen agencies were exempt from financial reporting in 2020–21
Part 3A Division 2 of the Government Sector Finance Regulation 2018 (GSF Regulation) prescribes certain kinds of GSF agencies not to be a reporting GSF agency. For 2020–21, the following cluster agencies have assessed and determined they met the reporting exemption criteria under the GSF Regulation, and therefore were not required to prepare annual financial statements:
| Exempted agencies | GSF Regulation reference | Basis for reporting exemption |
| Special purpose staff agencies | ||
| Local Land Services Staff Agency (LLSSA) | Part 3A, Division 2, Section 9F of the GSF Regulation |
GSF Regulation prescribes that a GSF agency that comprises solely of persons who are employed to enable another particular GSF agency to exercise its function not to be a reporting GSF agency. LLSSA satisfies this requirement and therefore was not required to prepare financial statements in 2020–21. |
| Small agencies | ||
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Fisheries Administration Ministerial Corporation Local Boards:
Soil Conservation Commission |
Part 3A, Division 2, Section 9D of the GSF Regulation | GSF Regulation prescribes a GSF agency meeting all the following requirements not to be a reporting GSF agency:
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In 2019–20, Local Land Services Staff Agency, Fisheries Administration Ministerial Corporation and Soil Conservation Commission were exempted from financial reporting under Schedule 2 of the Public Finance and Audit Regulation 2015.
2.3 Timeliness of financial reporting
Early close procedures
Early close mandatory procedures were submitted on time for all cluster agencies
NSW Treasury prescribes certain mandatory early close procedures to improve the quality and timeliness of agency year-end financial statements. In March 2021, NSW Treasury reissued Treasurer’s Direction TD19-02 ‘Mandatory Early Close as at 31 March each year’ (TD19-02) and released TPP21-01 ‘Agency Direction for the 2020–21 Mandatory Early Close’. These pronouncements require the GSF agencies listed in Appendix A of TD19-02 to perform the mandatory early close procedures and provide the outcomes to the audit team by 26 April 2021.
The cluster agencies that were subject to the pronouncements performed the mandatory early close procedures and met the statutory deadlines for submitting their 2020–21 early close financial statements.
The table below summarises the agencies' completion of the 16 mandatory early close procedures noting that some procedures are not relevant to all agencies. The mandatory early close procedures and the details of the non-applicable procedures are listed in Appendix two.
| Agency | Completed | Not completed | Not applicable |
| Principal department | |||
| Department of Regional NSW | 14 | 1 | 1 |
| Other cluster agencies listed in Appendix A of Treasury Direction TD19-02 | |||
| Local Land Services | 12 | 3 | 1 |
| New South Wales Rural Assistance Authority | 9 | 1 | 6 |
| NSW Food Authority | 11 | 0 | 5 |
| Forestry Corporation of NSW * | -- | -- | -- |
Agencies can improve their completion of early close procedures
Whilst one cluster agency completed all mandatory early close procedures, the following three agencies did not perform all required procedures.
| Cluster agencies | Description of incomplete early close procedures |
| Principal department | |
| Department of Regional NSW |
Management reviewed lease balances however were not able to finalise the calculation of 'right-of-use' assets and the associated lease liability due to the following outstanding matters with Property NSW: - lease modifications in relation to reduction of office space and reasonably certain holding period for 4 Parramatta Square - rectification of incorrect lease calculations identified by the Department. |
| Other agencies listed in Appendix A of TD19-02 | |
| Local Land Services |
Management did not finalise the fair value assessment of the asset improvements on land used for moving livestock*.
Management did not finalise comprehensive revaluation exercise assessment of the asset improvements on land used for moving livestock*.
Management did not finalise the review of the assumptions and judgements used in the comprehensive revaluation exercise assessment of the asset improvements on land used for moving livestock*. |
| New South Wales Rural Assistance Authority |
Management did not review the assumptions used to estimate the allowance for expected credit losses on loans to clients. The balance at 31 March 2021 was based on 2019–20 assumptions. This was corrected in the financial statements submitted for audit. |
Source: Reports on early close procedures 2021 issued by the Audit Office of New South Wales.
The review of the agencies' early close procedures found more work needs to be done to:
- complete fair value assessments, including revaluation of Local Land Services' asset improvements on land reserves used for moving livestock
- document significant management judgements and assumptions relating to the allowance for expected credit losses on Rural Assistance Authority's loan receivables
- finalise the Department's right of use assets and lease liability balances.
Year-end financial reporting
NSW Treasury extended financial reporting deadlines
Due to the COVID-19 pandemic, NSW Treasury extended the year-end financial reporting deadline for agencies listed in Appendix A of Treasury Direction TD21-02 'Mandatory Annual Returns to Treasury' (TD21-02) to 2 August 2021.
During May and June 2021, NSW Treasury issued a suite of Treasurer's Directions, Treasury Circular and policy papers for 2020–21 financial reporting requirements and timetables:
- Treasurer's Direction TD21-02 and Treasury Policy Paper TPP21-04 'Agency Direction for the 2020–21 Mandatory Annual Returns to Treasury' require agencies listed in the Appendix A of TD21-02 to submit their 2020–21 financial statements to both NSW Treasury and the Audit Office by 26 July 2021
- Treasury Circular TC21-04 '2020–21 Mandatory Annual Returns to Treasury for non-GSF agencies' requires NSW public sector agencies not listed in Appendix A of TD21-02 to submit their draft 2020–21 financial statements to NSW Treasury by 26 July 2021
- Treasurer's Direction TD21-03 'Submission of Annual GSF Financial Statements to the Auditor-General' requires reporting GSF agencies that are not listed in Appendix A of TD21-02 to submit their annual financial statements within six weeks after the year end.
Financial statements were submitted on time for all cluster agencies
Cluster agencies met the revised or approved reporting deadlines for submitting their 2020–21 year-end financial statements.
On 1 July 2021, the Public Finance and Audit Act 1983 (PF&A Act) was renamed the Government Sector Audit Act 1983 (GSA Act). While the PF&A Act required the Auditor-General to audit agencies' financial statements within ten weeks of their receipt, the GSA Act does not specify the statutory deadline for issuing the Independent Auditor's Report.
The table below shows the timeliness of the year-end financial reporting for cluster agencies.
Timeliness of financial reporting
| Cluster agencies | Financial statements submission | Date audit report was issued |
| Principal department | ||
| Department of Regional NSW | Yes1 | 6 October 2021 |
| Other cluster agencies listed in Appendix A of Treasury Direction TD21-02 | ||
| Forestry Corporation of NSW | Yes1 | 16 September 2021 |
| Local Land Services | Yes1 | 16 September 2021 |
| New South Wales Rural Assistance Authority | Yes1 | 5 October 2021 |
| NSW Food Authority | Yes1 | 5 October 2021 |
| Other immaterial cluster agencies | ||
| Agricultural Scientific Collections Trust | Yes1 | * |
| Belgenny Farm Agricultural Heritage Centre Trust | Yes1 | * |
| Border Fence Maintenance Board | Yes1 | 15 March 2021 |
| CB Alexander Foundation | Yes1 | * |
| Coal Innovation NSW | Yes1 | 25 October 2021 |
| Fisheries Trust Funds | Yes1 | * |
| Game and Pest Management Trust Fund | Yes1 | 1 November 2021 |
| Regional growth NSW Development Corporation | Yes1 | 5 October 2021 |
| Rice Marketing Board for the State of New South Wales | Yes1 | 22 October 2021 |
| The Trustee for Farrer Memorial Research Scholarship Fund | Yes1 | 3 August 2021 |
| Veterinary Practitioners Board | Yes1 | 27 October 2021 |
| Wine Grapes Marketing Board | Yes1 | 9 March 2021 |
2.4 Key accounting issues
Asset accounting
Local Land Services disclosed an error relating to the completeness of asset improvements on travelling stock reserves
Local Land Services (LLS) have not performed revaluation of asset improvements on travelling stock reserves for many years. The improvements were last revalued in 2006, which is outside of the maximum five years required by TPP21-09 'Policy and Guidelines paper - Valuation of Physical Non-Current Assets at Fair Value'. Travelling Stock Reserves (TSR) are parcels of Crown lands that are used for grazing or to move livestock around the NSW state.
In 2020–21, Local Land Services (LLS) engaged an independent valuer to perform a comprehensive revaluation of asset improvements on travelling stock reserves. The improvements include dams, water pipes, fencing, windmills, tanks, holding yards and solar pumps. The revaluation process identified that improvements on the travelling stock reserves, with a value of $93.0 million, had not been previously recognised in the financial statements. LLS corrected this error by restating the 2019–20 comparative balances in its 2020–21 financial statements.
Forestry Corporation of NSW revalued its biological assets this year
The Forestry Corporation of NSW's biological assets mainly comprise plantation timber. The Corporation managed approximately 225,000 hectares of softwood plantations and 34,000 hectares of hardwood forests.
The softwood plantation timber is measured at fair value in accordance with Australian Accounting Standards for biological assets. The assets in the hardwood division are carried at nil value as the cash generating unit has not sustained consistently sufficient positive cash flows.
Forestry Corporation's valuations are performed by an independent valuation expert engaged by management and are based on market-based valuation approach using the market sales comparison method and income approach under the discounted cash flow framework. The current year revaluation resulted in $71.4 million decrement in the total biological assets from $824.9 million in 2019–20 to $753.5 million in 2020–21.
2.5 Key financial statement risks
The table below details our specific audit coverage and response over key areas of financial statements risks that had the potential to impact the financial statements of cluster agencies.
Department of Regional NSW
The Department of Regional New South Wales is the central NSW Government agency with responsibility for delivering outcomes for regional economies and communities, strengthening primary industries, managing the use of NSW regional land, and overseeing the state’s mineral and mining resources.
| Key financial statement risk | Audit response | |
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Property, plant and equipment $430.8 million |
The Department's property, plant and equipment assets consist of agricultural and livestock research, laboratory and general administration land and buildings and specialised assets such as artificial reefs and agricultural institutes infrastructure assets, which are measured at fair value based on market and current replacement cost. Our audit risk rating for property, plant and equipment is higher because these assets are financially significant to the Department's statement of financial position and are subject to management judgements and estimates when determining their fair values. These judgements and estimates often require the assistance of qualified external valuers upon revaluation. |
Our audit procedures included testing the accuracy and completeness of the asset register, reviewing the appropriateness of the valuation methods, assumptions and judgements applied; and reviewing the presentation in the financial statements in accordance with Australian Accounting Standards. |
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Grants and subsidies expenditures $668.0 million |
The Department's grants and subsidies expenses consist of payments made to cluster agencies for their normal business operations, payments made to various state and local government agencies and regional communities under the Stronger Country and Regional Communities Development programs and natural disasters recovery packages. Our risk rating for grants and subsidies expenditures is higher because these expenses represent a significant proportion of the Department's total expenditure. The grant management office processed a high volume of grant applications and acquittals which incorporate judgements in reviewing and approving the grants and subsidies payments. |
Our audit procedures included evaluating the design and implementation of key controls over grants and subsidies expenditure processes and systems. In addition, our procedures included testing a sample of grants and subsidies expenses to underlying supporting evidence and approval by the appropriate delegated authorities.
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Forestry Corporation of NSW
The Forestry Corporation of New South Wales is a NSW state owned corporation responsible for managing native forests and plantations for environmental sustainability and renewable timber production. This involves replanting and regeneration operations, planning and managing harvest operations and marketing and delivering timber products.
| Key financial statement risk | Audit response | |
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Biological assets $753.6 million |
The Corporation's biological assets primarily consist of plantation timbers, which were measured at fair value less cost to sell as required by AASB 141 Agriculture and AASB 13 Fair Value Measurement.
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Our audit procedures included assessing the competence and objectivity of management's valuation experts; reviewing the appropriateness of the valuation model, assessment of significant inputs and judgements applied in the valuation such as the wood flow assumptions and selling prices; and reviewing the disclosures on the fair value of the biological assets in the financial statements in accordance with Australian Accounting Standards. |
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Defined benefit superannuation liabilities $63.4 million |
The Corporation's defined benefit net superannuation liability balance was provided to the Corporation by the Administrator of the SAS Trustee (State Super), based on an independent actuarial assessment. Our audit risk rating for the defined benefit superannuation liabilities is higher because these liabilities are financially significant to the Corporation's statement of financial position and the underlying valuation model is complex due to the high degree of judgements and estimates when determining its fair value. The value of these liabilities is also sensitive to minor changes in the valuation inputs. |
Our audit procedures included assessing the competence and objectivity of management's actuarial experts; assessing the completeness and accuracy of the membership data used in the model, reviewing the appropriateness of the valuation model, significant inputs and judgements applied in the valuation; and evaluated the adequacy of the disclosures in the financial statements in accordance with Australian Accounting Standards.
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Local Land Services
The Local Land Services (LLS) is a regional-focused NSW Government agency responsible for delivering quality customer services to farmers, landholders and the wider community.
| Key financial statement risk | Audit response | |
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Property, plant and equipment $990.3 million |
The LLS' property, plant and equipment assets consist of freehold land and buildings, crown land, travelling stock reserve (TSR) land, stock watering places land and improvements on TSR land. Our audit risk rating for property, plant and equipment is higher because these assets are financially significant to the LLS's statement of financial position and are subject to management judgements and estimates when determining their fair values. These judgements and estimates often require the assistance of qualified external valuers upon revaluation. |
Our audit procedures included testing the completeness and accuracy of the asset register; assessing the competence and objectivity of management's valuation experts; reviewing the appropriateness of the valuation methodologies, key assumptions and judgements applied; and reviewing the disclosures on the fair value of the property, plant and equipment assets in the financial statements in accordance with Australian Accounting Standards. |
New South Wales Rural Assistance Authority
The NSW Rural Assistance Authority (the RAA) is a statutory body and is responsible to provide financial assistance programs including loans, grants, rebates and subsidies on behalf of both the NSW and Australian Governments.
| Key financial statement risk | Audit response | |
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Loans to customers $543.9 million |
RAA's loans to customers are largely under the farm innovation program and disaster recovery program. |
Our audit procedures included understanding and reviewing loan agreements to assess the reasonableness of the accounting treatment. In addition, our procedures included testing sample of loans to ensure the approval of the loans were in place and agreed to underlying supporting evidence; and reviewing the reasonableness of the significant judgements and estimates applied on the expected credit loss provision calculation. |
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Grants and subsidies expenses $126.9 million |
RAA's significant grants and subsidies expenses mainly consisted of payments made in response to natural disasters such as bushfires, storms, floods and drought. Our audit risk rating for grants and subsidies expenses is higher because these expenses represent a significant proportion of the RAA's total expenditure. The RAA continued to process a high volume of grant applications which incorporate judgements in reviewing and approving the grants and subsidies payments. |
Our audit procedures included evaluating design and implementation of controls over grant and subsidies program process. In addition, we tested a sample of grants and subsidies and agreed to underlying supporting evidence. |
New South Wales Food Authority
The NSW Food Authority (Authority) is a NSW Government entity and is responsible for ensuring that food safety standards are implemented in an integrated and consistent way at all points in the food supply chain.
| Key financial statement risk | Audit response | |
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Property, plant and equipment $8.8 million |
The Authority's property, plant and equipment assets consist of land and an office building which are measured at fair value based on market and current replacement cost. Our audit risk rating for property, plant and equipment is higher because these assets are financially significant to the Authority's statement of financial position and are subject to management judgements and estimates when determining their fair values. These judgements and estimates often require the assistance of qualified external valuers upon revaluation. |
Our audit procedures included testing the completeness and accuracy of the asset register; reviewing the appropriateness of the valuation methods, assumptions and judgements applied; and reviewing the presentation in the financial statements in accordance with Australian Accounting Standards. |
Regional Growth NSW Development Corporation
The corporation was created under the Growth Centres (Development Corporations) Act 1974 on 28 June 2019. It is responsible to drive economic growth in regional NSW through Special Activation Precincts.
| Key financial statement risk | Audit response | |
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Property, plant and equipment $29.8 million |
As the Corporation was recently created it has only started to spend on infrastructure projects. During the year it has purchased key parcels of land in the Parkes special activation precinct. Corporation also capitalised professional services costs relating to creation of concept designs and site preparation for both Parkes and Wagga Wagga special precincts. Our audit risk rating for property, plant and equipment is higher because going forward the Corporation will grow significantly as more works are carried out at the five regional locations under the special activation precinct. Capitalisation of costs in future years is expected to increase significantly. |
Our audit procedures included testing the process for capitalising work in progress; reviewing the appropriateness of the capitalisation of costs; and reviewing the presentation in the financial statements in accordance with the Australian Accounting Standards. |
3. Audit observations
Appropriate financial controls help ensure the efficient and effective use of resources and administration of agency policies. They are essential for quality and timely decision making.
This chapter outlines our observations and insights from our financial statement audits of agencies in the Regional NSW cluster.
Section highlights
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3.1 Findings reported to management
The number of findings reported to management has decreased, and 47 per cent of all issues were repeat issues
Breakdowns and weaknesses in internal controls increase the risk of fraud and error. Deficiencies in internal controls, matters of governance interest and unresolved issues were reported to management and those charged with governance of agencies. The Audit Office does this through management letters, which include observations, related implications, recommendations and risk ratings.
In 2020–21, there were 19 findings raised across the cluster (36 in 2019–20). Forty-seven per cent of all issues were repeat issues (47 per cent in 2019–20).
Four of the repeat issues were moderate risk and three were relating to Local Land Services:
- for the fair value assessment of asset improvements on travelling stock reserves
- the absence of a contract register; and
- the disaster recovery arrangements not being included in the corporate service agreement with Department of Planning, Industry and Environment (DPIE).
One moderate risk issue related to NSW Rural Assistance Authority for the lack of formal grant funding agreements between the NSW Rural Assistance Authority and its funding providers.
A delay in implementing audit recommendations increases the risk of intentional and accidental errors in processing information, producing management reports and generating financial statements. This can impair decision-making, affect service delivery and expose agencies to fraud, financial loss and reputational damage. Poor controls may also mean agency staff are less likely to follow internal policies, inadvertently causing the agency not to comply with legislation, regulation and central agency policies.
RecommendationCluster agencies should prioritise and action recommendations to address internal control weaknesses and deficiencies. |
The table below describes the common issues identified across the cluster by category and risk rating.
| Risk rating | Issue | |
| Internal control deficiencies or improvements | ||
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Moderate2 Low1 |
The financial audits identified internal control weaknesses across key business processes, including:
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| Financial reporting | ||
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Moderate2 Low1
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The financial audits identified internal control weaknesses in financial reporting process, including:
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| Governance and oversight | ||
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Moderate2 Low1 |
The financial audits identified internal control weaknesses and deficiencies in governance and oversight processes, including:
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3 High risk from the consequence and/or likelihood of an event that has had, or may have a negative impact on the entity.
2 Moderate risk from the consequence and/or likelihood of an event that has had, or may have a negative impact on the entity.
1 Low risk from the consequence and/or likelihood of an event that has had, or may have a negative impact on the entity.
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Appendices
Appendix one - Misstatements in financial statements submitted for audit
Appendix two - Early close procedures
Appendix three - Financial data
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