Portfolio departments and associated entities: results of the 2008-09 audits
Overview
This report sets out the results of audits of 208 state entities, comprising 10 portfolio departments and 198 associated entities with 30 June 2009 balance dates. It is the fifth of six reports to be presented to Parliament covering the results of our audits of 2008–09 financial reports.
This report informs Parliament about significant issues arising from the financial audits of the portfolio departments and associated entities, augmenting the assurance provided through audit opinions issued on financial statements that are included in their respective annual reports. The report also comments on financial management and reporting of the entities and better practice initiatives. It provides recommendations for improving financial reporting preparation processes and internal control.
Further, it assesses the financial sustainability of 51 entities that are not budget dependent because they primarily generate their own revenue and also provides a summary of key changes to the financial reporting framework.