Please find the following submissions for the above inquiry in pdf version.
PUBLIC ACCOUNTS COMMITTEE
Review of Reporting and Audit Requirements for Small Agencies.
Terms of Reference
The Public Accounts Committee of the New South Wales Parliament has determined
that it will review the effectiveness and efficiency of the requirements for
financial reporting and auditing for small agencies under the Public Finance
and Audit Act 1983.
The 2000 review of the Audit Office identified the requirement to audit small
agencies as a potential source of inefficiency.
The committee will examine the requirements for reporting and auditing in the
relevant legislation and accounting standards and report on:
a) The appropriate balance for small agencies between the costs of reporting
and auditing and accountability for public money and assets;
b) Relevant issues, such as size, mission and risk profile, for establishing
whether agencies should be separate entities required to prepare reports and be
c) Alternative arrangements for agencies where the cost of reporting is
disproportionate to their size, including differential reporting requirements
or concise financial reports;
d) Appropriate criteria for reviewing whether organisations not otherwise
covered by the requirements for auditing should be continue to be on the
“invited audit” list; and
e) Any other relevant issue.
The Committee welcomes submissions addressing the terms of reference. They
should be forwarded by Friday14 October 2005 to:
Public Accounts Committee
SYDNEY NSW 2000