Territory Stories

February 2008 report to the Legislative Assembly



February 2008 report to the Legislative Assembly


Report to the Legislative Assembly; Reports; PublicationNT




Made available via the Publications (Legal Deposit) Act 2004 (NT).






Northern Territory. Auditor-General's Office -- Periodicals; Finance, Public -- Northern Territory -- Accounting -- Periodicals; Northern Territory -- Appropriations and expenditures -- Periodicals

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Northern Territory Auditor-General's Office

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12 Auditor-General for the Northern Territory February 2008 Report Analysis of the Treasurers Annual Financial Statement Key Issues Audit Opinion My audit opinion on the Treasurers Annual Financial Statement (TAFS), as in previous years, comprises two parts: the extent to which the TAFS complied with reporting formats prescribed by legislation. I issued an unqualified opinion in this regard noting that the TAFS was prepared from proper accounts and records and that the TAFS was presented fairly in accordance with the requirements of the Financial Management Act and the Treasurers prescribed reporting format; and the extent to which the TAFS complied with the Australian Accounting Standard AAS31, Financial Reporting by Governments. I issued a qualified opinion in this regard noting that the prescribed reporting format adopted by the Treasurer for 2006-07 did not satisfy the requirements of AAS31. The Government Finance Statistics (GFS) format adopted for the presentation of the TAFS results in a presentation that is inconsistent with AAS31 notwithstanding that the GFS is more appropriate in a public sector context. I am required to adhere to Australian Auditing and Assurance Standards when conducting my audits and when framing my audit opinions and this required that I issue a qualified opinion on the TAFS because of the absence of a presentation that met the requirements of AAS31. I issued a qualified opinion on TAFS for the 2005-06 year as a result of my inability to satisfy myself about the appropriateness of the carrying amounts of certain utility assets controlled by the Power and Water Corporation. The qualification continued to affect the TAFS for 2006-07 inasmuch as the utility assets that were subject of the qualification form part of the comparative information presented for the year ended 30 June 2007.