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
Northern Territory Auditor-General's Office
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8 Auditor-General for the Northern Territory February 2008 Report Auditor-Generals Overview cont I issued three audit qualifications for 2006-07; one in respect of the TAFS, one in respect of the financial statements of the Power and Water Corporation and one in respect of NT Build. The issue of the qualification of the TAFS is discussed, above. It is a technical qualification which should be resolved within a reasonable period following the issue of an accounting standard that harmonises two quite different reporting frameworks. The qualification issued in respect of the Power and Water Corporations financial statements related to the 2005-06 operating result and closing balances. The 2006-07 closing balances were unqualified, however, the qualification of the 2005-06 closing balances, effectively the opening balances for 2006-07, have an effect on the operating result for 2006-07 and as such, the operating result for 2006-07 was also qualified. As the qualification event in 2005-06 was cleared in 2006-07 the financial effects will take another year to eventually wash out of the reporting cycle with the operating result comparatives for the 2007-08 financial statements also requiring qualification. In the case of NT Build, I was unable to satisfy myself that all revenues due to NT Build were included in its financial statements due to the nature of the building approval processes that currently apply in the Territory. The issue of a qualification in these circumstances is not a reflection on the performance of the Board. The issue that confronted the Board during the year was one in which the processes that govern building approvals did not enable the Board to have assurance that all prescribed building work could be identified so that the appropriate amount could be levied. Flowing from that, I could not be assured that all revenues due to the Board were included in its financial statements. The Board was well aware of the problem and was taking appropriate action to rectify the matter.