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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Auditor-General for the Northern Territory February 2008 Report 7 Auditor-Generals Overview Audits included in this report This Report outlines the results of audits conducted during the period 1 July 2007 to 31 December 2007. It contains 33 separate reports most of which deal with the outcomes of audits and financial analyses of Agencies and Entities that were required to prepare financial reports as at 30 June 2007. Agencies have been directed by the Treasurer, through Treasurers Directions issued pursuant to the Financial Management Act, to prepare financial statements that comply with the requirements of Australian Accounting Standards. Agencies financial statements are not audited separately, but are reviewed as part of the audit of the Public Account and of the Treasurers Annual Financial Statement. Government Business Divisions, statutory bodies and Government owned corporations are required by various Acts of Parliament to prepare annual financial statements. These statements are audited and an audit opinion is issued accordingly. The Treasurer prepares a separate annual financial statement pursuant to the provisions of the Financial Management Act. Successive Auditors-General have issued qualified audit opinions on these statements over a period of years on the grounds that the statements do not comply with the relevant accounting standard. The Treasurer has chosen, quite appropriately in my view, to base the statement upon Government Finance Statistics, a model that is used widely by governments. The Australian Accounting Standards Board, the body that is charged by the Commonwealth with the drafting and issue of accounting standards, has made considerable progress towards harmonising Government Finance Statistics with the principles set out in accounting standards and I anticipate that the need to continue to issue a qualified audit opinion on the Treasurers Annual Financial Statement (TAFS) will be resolved within two years. I have included a separate section in this report to provide some discussion and analysis on the TAFS which was tabled during the October 2007 sitting of the Legislative Assembly.

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