Financial Audit Services

The Financial Audit Services division reports ultimately to the Auditor-General but is managed by the Deputy Auditor-General.

The division, as its name implies, undertakes financial audits.  The division is divided into two sections that are managed by Directors. The sections are divided into teams and these teams are managed by Assistant Directors (refer to organisational chart for more details).

Any audit assignment that relates to forming an opinion on the annual financial statements of a public sector entity is a financial audit. In Tasmania there are approximately 120 public sector entities. These audits provide independent assurances to Parliament and the community that the information presented in the financial statements of public sector entities is presented fairly, in all material respects, in accordance with the Australian Accounting Standards.

Financial audits are conducted using a risk-based methodology that involves designing an audit program to address organisational risks and management controls.  The financial audit methodology requires the extensive use of audit software during the planning, testing and evaluation phases, together with the use of data analysis packages.  These facilities ensure that the audits are conducted in the most efficient manner and that audit opinions formed on financial statements are provided on a timely manner.

The outcome of a financial statement audit is either an "unqualified" audit report or a "qualified" audit report.  The Auditor-General will issue an unqualified audit report when he/she forms the opinion that the financial statements present fairly, in all material respects, the affairs and transactions of the client. In the case of a qualified audit report, the Auditor-General forms the opinion that the client has not complied with one or more applicaable Australian Accounting Standards or some other fundamental accounting principle.

There are 17 staff in the Financial Audit Services division.