Territory Stories

February 2008 report to the Legislative Assembly

Details:

Title

February 2008 report to the Legislative Assembly

Collection

Report to the Legislative Assembly; Reports; PublicationNT

Date

2008

Description

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

Notes

Date:2008-02

Language

English

Subject

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

Publisher name

Northern Territory Auditor-General's Office

Place of publication

Darwin

ISSN

1323-7128

Copyright owner

Check within Publication or with content Publisher.

Parent handle

https://hdl.handle.net/10070/223559

Citation address

https://hdl.handle.net/10070/686148

Page content

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.


Aboriginal and Torres Strait Islander people are advised that this website may contain the names, voices and images of people who have died, as well as other culturally sensitive content. Please be aware that some collection items may use outdated phrases or words which reflect the attitude of the creator at the time, and are now considered offensive.

We use temporary cookies on this site to provide functionality.
By continuing to use this site without changing your settings, you consent to our use of cookies.