February 2008 report to the Legislative Assembly
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Northern Territory. Auditor-General's Office -- Periodicals; Finance, Public -- Northern Territory -- Accounting -- Periodicals; Northern Territory -- Appropriations and expenditures -- Periodicals
Northern Territory Auditor-General's Office
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Auditor-General for the Northern Territory February 2008 Report 159 Territory Motor Sports Board Ltd Audit findings and Analysis of the financial statements for the year ended 30 June 2007 Background The Territory Motor Sports Board Ltd (the Company) is limited by guarantee, with the Minister for Sport and Recreation being the sole guarantor. The Company was established to manage, operate, control and further develop the Hidden Valley motor sports complex for the benefit of motor sports in the Territory. The Company took over the assets of the Northern Territory Motor Sports Council Inc on 1 January 2001. The Auditor-General was first appointed auditor of the Company for 2003-04. The company has ceased to trade from 30 September 2006 with the business of the Company transferred to the Department of Local Government, Housing and Sport. Audit Opinion The audit of Territory Motor Sports Board Ltd for the year ended 30 June 2007 resulted in an unqualified independent audit opinion, which was issued on 27 November 2007. Key issues The audit did not identify any matters of significance and no material weaknesses in controls were identified.
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