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Inquiry Details

Follow-Ups of Auditor-General's Reports to Parliament 2001: Omnibus Volume

Revenues of the Building and Construction Industry Long Service Payments Corporation Introduction Under its powers to follow-up reports of the Auditor-General in section 57(1) of the Public Finance and Audit Act 1983, the Committee resolved to inquire into the matter of the Corporation recognising net increases in the value of its non-current investments as revenue. This practice arose from the Corporation applying the Australian Accounting Standard for superannuation entities. Technically, the Corporation was not managing a superannuation plan and should have applied a different standard and recognised increases in value in a revaluation reserve (similar to a holding account). This practice has resulted in a qualified Independent Audit Report for several years. The matter was raised in the Auditor-General’s Report to Parliament for 2001 – Volume 7.1 Cash Position of the Department of Public Works and Services Introduction Under its powers to follow-up reports of the Auditor-General in section 57(1) of the Public Finance and Audit Act 1983, the Committee resolved to inquire into the matter of the Department of Public Works and Services’ cash position remaining in overdraft for most of the financial year. The matter was raised in the Auditor- General’s Report to Parliament for 2001 – Volume 7.2 The Committee wished to be informed about: the reasons for the Department’s cash position generally remaining in overdraft except when customers pay their bills just before year-end; and why this situation has only started to occur since the Department commenced operating on a commercial basis. Sydney Catchment Authority’s Cash Position and Fundamental Accounting Procedures Introduction Under its powers to follow-up reports of the Auditor-General in section 57(1) of the Public Finance and Audit Act 1983, the Committee resolved to inquire into the matter of the Sydney Catchment Authority’s short term liquidity position and the critical need for it to improve its fundamental accounting procedures. The matter was raised in the Auditor-General’s Report to Parliament for 2001 – Volume 7.3 The Committee wished to inform itself about the Authority’s: liquidity position and ability to effectively manage its cash requirements; and significant deficiencies in its accounting processes and internal controls.


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