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Report of the Auditor-General Financial Statements of State entities Volume 4 Audit Summary 2017-18 Presentation to Members of Parliament 29 November 2018

Tasmanian Audit Office - Report of the Auditor …...Audit Summary 2017-18 Presentation to Members of Parliament 29 November 2018 1 Report Contents •2018 Audit Cycle •Submission

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Page 1: Tasmanian Audit Office - Report of the Auditor …...Audit Summary 2017-18 Presentation to Members of Parliament 29 November 2018 1 Report Contents •2018 Audit Cycle •Submission

Report of the Auditor-General Financial Statements of State entities

Volume 4Audit Summary 2017-18

Presentation to Members of Parliament

29 November 2018

Page 2: Tasmanian Audit Office - Report of the Auditor …...Audit Summary 2017-18 Presentation to Members of Parliament 29 November 2018 1 Report Contents •2018 Audit Cycle •Submission

1

Report Contents

• 2018 Audit Cycle• Submission of Financial Statements (30 June Audits)• Audit opinions• Findings from 2018 Audits• Prior Period Errors• Reporting by Tasmanian Public Sector entities - Entity vs

Subsidiary• Audits dispensed with• Setting of audit fees

Page 3: Tasmanian Audit Office - Report of the Auditor …...Audit Summary 2017-18 Presentation to Members of Parliament 29 November 2018 1 Report Contents •2018 Audit Cycle •Submission

2018 Audit Cycle

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Our financial audit clients

Page 4: Tasmanian Audit Office - Report of the Auditor …...Audit Summary 2017-18 Presentation to Members of Parliament 29 November 2018 1 Report Contents •2018 Audit Cycle •Submission

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Submission of Financial Statements(30 June Audits)

Page 5: Tasmanian Audit Office - Report of the Auditor …...Audit Summary 2017-18 Presentation to Members of Parliament 29 November 2018 1 Report Contents •2018 Audit Cycle •Submission

Audit Opinions

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Page 6: Tasmanian Audit Office - Report of the Auditor …...Audit Summary 2017-18 Presentation to Members of Parliament 29 November 2018 1 Report Contents •2018 Audit Cycle •Submission

Findings from 2018 Audits

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Page 7: Tasmanian Audit Office - Report of the Auditor …...Audit Summary 2017-18 Presentation to Members of Parliament 29 November 2018 1 Report Contents •2018 Audit Cycle •Submission

Audit findings by risk rating/sector

6

11High risk

1 13 14

3 16 14

7 35 27Other 0 2 4

66Moderate

risk59Low risk

General Government

GovernmentBusinesses

Local Government

Page 8: Tasmanian Audit Office - Report of the Auditor …...Audit Summary 2017-18 Presentation to Members of Parliament 29 November 2018 1 Report Contents •2018 Audit Cycle •Submission

Audit findings by area

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Page 9: Tasmanian Audit Office - Report of the Auditor …...Audit Summary 2017-18 Presentation to Members of Parliament 29 November 2018 1 Report Contents •2018 Audit Cycle •Submission

Previously reported findings (Yet to be resolved)

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Page 10: Tasmanian Audit Office - Report of the Auditor …...Audit Summary 2017-18 Presentation to Members of Parliament 29 November 2018 1 Report Contents •2018 Audit Cycle •Submission

Prior Period Errors

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Page 11: Tasmanian Audit Office - Report of the Auditor …...Audit Summary 2017-18 Presentation to Members of Parliament 29 November 2018 1 Report Contents •2018 Audit Cycle •Submission

Reporting by Tasmanian Public Sector Entities - Entity vs Subsidiary

• The Audit Act defines a State entity and subsidiary of a State Entity

• Review during 2017-18 established definition of a State entity quite wide

• Majority of entities audited considered State entities• Impacts submission requirements and ability to

dispense with audits

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Page 12: Tasmanian Audit Office - Report of the Auditor …...Audit Summary 2017-18 Presentation to Members of Parliament 29 November 2018 1 Report Contents •2018 Audit Cycle •Submission

Audits dispensed with

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Page 13: Tasmanian Audit Office - Report of the Auditor …...Audit Summary 2017-18 Presentation to Members of Parliament 29 November 2018 1 Report Contents •2018 Audit Cycle •Submission

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Questions

Thank you