Results of 30 June 2005 financial statement and other audits : December 2005
Overview
This report presents the results of financial statement audits conducted on public sector agencies with a 30 June 2005 balance date, which were completed up to 31 October 2005. The report also presents the results of three recently completed special reviews. The report notes an improvement in 2005 in the standard and timeliness of financial reporting. It also identifies those areas where further improvement in financial and annual reporting, and in some aspects of financial management is needed. It further identifies a number of major challenges facing public sector agencies in the next few years, including the implementation of new accounting standards, improved reporting of non-financial performance information by agencies and the development of effective responses to the increasing incidence of fraud.