Victorian Consolidated Legislation

Audit Act 1994 - SECT 16B

PART 3A REVIEW OF ESTIMATED FINANCIAL STATEMENTS

Review and report to Parliament on estimated financial statements

16B. Review and report to Parliament on estimated financial statements





(1) The Auditor-General must review each set of estimated financial statements
and make a report to the Parliament as to whether it appears that-

   (a)  the statements have been prepared on a basis consistent with the
        accounting policies on which they are stated to be based;

   (b)  the statements are consistent with the targets specified in the
        current financial policy objectives and strategies statement for each
        key financial measure specified in that statement;

   (c)  the statements have been properly prepared on the basis of the
        assumptions contained in the accompanying statement prepared in
        association with the statements under section 23K of the
        Financial Management Act 1994;

   (d)  the methodologies used to determine those assumptions are reasonable.

(2) The Auditor-General must give each report under this section to the
Minister a reasonable time before it is required to be laid before each House
of the Parliament under subsection (3).





(3) The Minister must cause each report under this section to be laid before
each House of the Parliament with the estimated financial statements to which
it relates1.

(4) For the purposes of a review and report under this section, the Minister
must provide the Auditor-General with access to any documents requested by the
Auditor-General, including any drafts of the estimated financial statements.

(5) Nothing in this section entitles the Auditor-General to question the
merits of policy objectives of the Government.

(6) In this section-

current financial policy objectives and strategies statement, in relation to a
set of estimated financial statements for a financial year, means the
financial policy objectives and strategies statement prepared under
section 23E of the Financial Management Act 1994 in association with the
budget for that financial year;

Minister means the Minister who prepares the estimated financial statements;

policy objectives has the same meaning as in section 16(6).

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