February 2008 report to the Legislative Assembly
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Northern Territory Auditor-General's Office
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Auditor-General for the Northern Territory February 2008 Report 133 NT Build Audit findings and Analysis of the financial statements for the year ended 30 June 2007 Background NT Build is the name of the Board established under the Construction Industry Long Service Leave and Benefits Act 2005 (the Act) which came into force on 1 July 2005. The role of the Board is to administer a scheme also established under the Act to provide for entitlements to long service leave and long service leave benefits for construction workers. Audit Opinion The audit of NT Build for the year ended 30 June 2007 resulted in a qualified independent audit opinion, which was issued on 20 November 2007. Key issues Removal of emphasis of matter Last years audit report included an emphasis of matter regarding the non recognition of the long service leave liability. This year I was able to remove the emphasis of matter paragraph. The actuarial review of the long service benefit liability, performed by NT Builds actuary, Cumpston Sarjeant Pty Limited, estimated that the accrued liability was approximately $5.46 million. In the prior year the actuarys report went on to suggest that the accuracy of this estimation was considered to be quite uncertain and due to this uncertainty the liability was not recognised as a liability in the financial statements. This year, the actuary has advised that there is greater certainty over the outstanding liability and has recommended the recognition of this balance in the financial statements.
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