❓ I refer to the WA Auditor General Audit Results Report Annual 2009-10 Assurance Audits Report 10 November 2010 in section five, ‘Quality and Timeliness of Financial Reporting’, on page 31 where it ref
AnsweredQoN 3496Legislative Council
QuestionView source ↗
I refer to the WA Auditor General Audit Results Report Annual 2009-10 Assurance Audits Report 10 November 2010 in section five, ‘Quality and Timeliness of Financial Reporting’, on page 31 where it refers to concern that many Agencies with non-complex financial reporting obligations had not prepared their financial statements in a timely manner. An Agency under the Minister’s portfolio listed as being received later than the date agreed with Audit in appendix one, Summary of Audit Opinions is the Pilbara Development Commission, and I ask -
(1) What is the reason for the financial statements not being prepared in a timely manner?
(2) What action is being taken to rectify current practices, in order that satisfactory processes are put in place to ensure financial statements are received by the date agreed?
(1) What is the reason for the financial statements not being prepared in a timely manner?
(2) What action is being taken to rectify current practices, in order that satisfactory processes are put in place to ensure financial statements are received by the date agreed?
AnswerView source ↗
Answered
5 April 2011
Responded by
Parliamentary Secretary representing the Minister for Regional Development
Response time
42 days
(1) The audit was delayed due to the time it took to finalise the audit process with the auditors. The specific causes of this were:
· The Pilbara Development Commission (PDC) had been qualified the previous year and the auditors, in late August, insisted that in order to be sufficiently confident with the data to remove the qualification, a manual/excel worksheet be completed on all cash transactions with the main purpose being to separate and ultimately prove the movement in grant receipts and payments.
· The PDC was without a full time Chief Financial Officer for the first eight months of the financial year 2009/10 in Port Hedland and had to rely on the services of a Public Sector accountant working out of Perth and visiting Port Hedland.
· The 2009/10 external auditors worked closely with the PDC A/Chief Financial Officer ensuring that all financial transactions of a reasonable material value were closely scrutinised and the grant cash movement examination was taken back into the 2008/09 year to ensure accuracy.
(2) The position of the Chief Financial Officer has been stabilised. PDC will be conducting a dry run of the 2010/11 annual report at the end of March to ensure that non-financial material for the report is ready and that a financial set of accounts be drawn up in accordance with the 2010/11 requirements with all balance sheet reconciliations signed off.
The Board and executive of the PDC have scheduled an interim audit and an internal audit prior to the external audit in order to be fully and appropriately prepared in a timely manner for the Office of Auditor General.
In addition, the PDC is establishing an Audit and Risk Committee to ensure that risk and finance policies and procedures are regularly reviewed and appropriately implemented. The committee will consist of the PDC executive and Board members.
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· The Pilbara Development Commission (PDC) had been qualified the previous year and the auditors, in late August, insisted that in order to be sufficiently confident with the data to remove the qualification, a manual/excel worksheet be completed on all cash transactions with the main purpose being to separate and ultimately prove the movement in grant receipts and payments.
· The PDC was without a full time Chief Financial Officer for the first eight months of the financial year 2009/10 in Port Hedland and had to rely on the services of a Public Sector accountant working out of Perth and visiting Port Hedland.
· The 2009/10 external auditors worked closely with the PDC A/Chief Financial Officer ensuring that all financial transactions of a reasonable material value were closely scrutinised and the grant cash movement examination was taken back into the 2008/09 year to ensure accuracy.
(2) The position of the Chief Financial Officer has been stabilised. PDC will be conducting a dry run of the 2010/11 annual report at the end of March to ensure that non-financial material for the report is ready and that a financial set of accounts be drawn up in accordance with the 2010/11 requirements with all balance sheet reconciliations signed off.
The Board and executive of the PDC have scheduled an interim audit and an internal audit prior to the external audit in order to be fully and appropriately prepared in a timely manner for the Office of Auditor General.
In addition, the PDC is establishing an Audit and Risk Committee to ensure that risk and finance policies and procedures are regularly reviewed and appropriately implemented. The committee will consist of the PDC executive and Board members.
Notice: This document is created or edited using unregistered or evaluation copy of rtLib valid for testing or development purposes only. To use it for productive or any other purposes please register it. You may purchase the license on
http://www.rtlib.com
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