❓ A parliamentary question regarding the Housing Authority's late financial statement submission, attributed to delays in receiving audited financial statements from joint venture partners. The response indicates better planning will address the issue.
AnsweredQoN 3284Legislative Council
QuestionView source ↗
I refer to the WA Auditor General Audit Results Report Annual 2009-10 Assurance Audits Report 10 Nov 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 portfolios listed as being received later than the date agreed with Audit in appendix one, Summary of Audit Opinions is the Housing Authority, 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
21 March 2011
Responded by
Minister for Finance representing the Minister for Housing
Response time
34 days
The
Department of Housing
advises:
(1) The Housing Authority was not able to provide a set of completed financial statements before the first week of August due to the fact that the Department has 14 joint venture partners from whom it requires information. The joint venture partners are required to present Audited financial statements to the Authority by the end of July so as to enable the Authority to consolidate them into its own financial reports. This is not a new situation and has been occurring similarly for the past 15 years.
(2) Better planning should ensure that realistic and achievable dates are set and met in future.
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
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Department of Housing
advises:
(1) The Housing Authority was not able to provide a set of completed financial statements before the first week of August due to the fact that the Department has 14 joint venture partners from whom it requires information. The joint venture partners are required to present Audited financial statements to the Authority by the end of July so as to enable the Authority to consolidate them into its own financial reports. This is not a new situation and has been occurring similarly for the past 15 years.
(2) Better planning should ensure that realistic and achievable dates are set and met in future.
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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