The following report focuses on key observations and findings from the most recent financial statement audits of agencies in the Transport cluster.
Unqualified audit opinions were issued for all agencies' financial statements. However, the report notes the agencies can improve their asset revaluation processes.
1. Financial reporting and controls
Total State Sector Accounts received an unqualified audit opinion for the fifth consecutive year.
There was a $5.7 billion State budget surplus and continued investment in new infrastructure, in part funded by the long-term leases of Ausgrid and Endeavour Energy assets. This report also comments on key accounting matters, including the correction of some previously reported balances and the first time reporting of combined Cabinet members’ compensation
This report focuses on key observations and findings from 2016 audits and highlights key areas of focus for financial and performance audits in 2017.
The quality and timeliness of financial reporting continued to improve across the NSW public sector in 2016. Only one qualified audit opinion was issued and most agencies signed their financial statements on time.
We found the Government’s cluster governance arrangements were unclear and inconsistently i