AUDIT ACT 1994 - SECT 19 Assurance reviews of estimated financial statements

AUDIT ACT 1994 - SECT 19

    (1)     The Auditor-General must conduct an assurance review of 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; and

        (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; and

        (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 ; and

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

    (2)     The Auditor-General must give each report under subsection (1) 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 subsection (1) to be laid before each House of the Parliament with the estimated financial statements to which it relates.

Note

Section 27E of the Financial Management Act 1994 requires the Minister to cause the estimated financial statements for a financial year to be laid before the Legislative Assembly on or before the day that the second readings of the annual appropriation Bills for that year are moved and the Legislative Council on that day or the next sitting day.

    (4)     For the purposes of an assurance review and report under subsection (1), 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)     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.

S. 20 substituted by No. 12/2019 s. 9.