INTRODUCTION | SCOPE OF ACTIVITIES | ORGANISATIONAL STRUCTURE | LEGISLATION ADMINISTERED AND MAJOR DOCUMENTS PRODUCED | HUMAN RESOURCE MANAGEMENT | ASSET MANAGEMENT, RISK MANAGEMENT AND PRICING POLICIES | EXTERNAL AND INTERNAL SCRUTINY | COMPLIANCE INDEX TO DISCLOSURE REQUIREMENTS: 1993/1994
This Annual Report describes the functions and operations of the Tasmanian Audit Office and includes the audited financial statements of the Office for the year ended 30 June 1994. The Report focuses on matters relating to the organisation and management of resources available to the Auditor-General during the year, and is submitted to Parliament in accordance with the annual reporting requirements of the Financial Management and Audit Act 1990 and the Tasmanian State Service Act 1984.
The system of democratic government which Australia enjoys grew in part from a demand by the people that they have some form of control over funds they provide to those who govern them. Our parliamentary form of government requires that the Government of the day, before it collects or spends public moneys, must have the express approval of Parliament, the representatives of the people. Just as importantly, the Government must also account for its handling of the funds entrusted to it.
To assist Parliament in holding the Government to account, the Auditor-General is empowered to examine the accounts of the Treasurer, Government departments, and public bodies. As a result of the audits undertaken, and the subsequent reporting process, Members of Parliament are provided with information which assists them to judge whether the Government has spent public funds for the purposes authorised by Parliament and that public resources are used economically and efficiently.
The Auditor-General, therefore, plays an important role in the process by which Tasmanians are governed.
The responsibilities, duties and powers of the Auditor-General are outlined in the Financial Management and Audit Act 1990.
The activities of the public sector are divided into two main areas, generally referred to as the budget and non-budget sectors:-
The budget sector includes most Government departments. These departments are funded by way of annual appropriations and their financial operations are processed through the central accounting system operated by the Department of Treasury and Finance.
The non-budget sector includes the remaining Government departments and a large number of public bodies, many of which are established by special legislation. These bodies have greater financial autonomy and are not generally funded by parliamentary appropriations, but are required in the main to individually report on their activities to Parliament.
As at 30 June 1994, the Auditor-General had specific responsibility for the audit of auditees as follows:-
Appropriations from the Public Account to the Governor, Legislative Council, House of Assembly and Legislature-General.
14 Departments including branch offices, schools, technical and further education colleges and courts located throughout Tasmania.
7 Marine Boards
29 Local Government Authorities
3 Regional Health Boards which control public hospitals, State nursing homes, nursing homes, mental health services, community health centres, domiciliary care and other health support services throughout the State, and
70 other public bodies including water, trading, registration, superannuation, marketing and other authorities.
The reduction in the in-house audit time for Local Government relates to the inclusion of a number of local government audits in contracting out arrangements in the 1993/94 audit cycle.
In respect of some of the auditees listed above more than one audit report has been issued in cases where other activities were undertaken or different bases of accounting were adopted.
Audit reports issued for the 1992/93 audit cycle totalled 196 (1991/92, 194). In addition 7 (1991/92, 10) reports were issued to the Commonwealth in respect to special purpose grants to the State and 6 (1991/92, 8) reports to the Insurance and Superannuation Commission. Of the total reports issued in the 1992/93 audit cycle 40 (1991/92, 31) were qualified.
The qualifications in the main referred to departures from accounting standards.
Number Of Qualified Audit Reports Issued Expressed
As A Percentage Of Total Audit Reports Issued
Fees for audits contracted out in the 1993/94 audit cycle represent 7.03% of fees raised for that year (1992/93 4.9%, 1991/92 2.2%). These contracted audits require the auditors to undertake all facets of the audit, subject to periodic and final review by the Auditor-General. Draft audit reports and draft management letters are prepared by the contract auditor, the final reports are issued by the Auditor-General. The hours allocated to these audits in 1993/94 represented 7% of the total financial audit work load of the Office.
Mix Between In-House Effort And Contracts Expressed As A Percentage Based On Hours
1993 1994
Section 85 of Local Government Act 1993 provides:-
"(1) The accounts and financial reports of a Council are subject to the Financial Management and Audit Act 1990.
(2) The accounts and financial reports of the Council may be audited by private auditors with the approval of, and subject to any terms and conditions determined by the Auditor-General".
In consultation with the Minister for Local Government, terms and conditions were developed for Councils to use private sector auditors. Those terms and conditions included provision for:-
the establishment of a register of interested firms wishing to provide auditing services to councils. To be included in the register, auditors were required to establish that they were:-
registered under the Corporations Law to provide audit services and
possessed a public practice certificate issued by the Australian Society of Certified Practising Accountants or the Institute of Chartered Accountants.
entering into a tripartite contract between Council, the private sector auditor and the Auditor-General. One of the provisions of this contact is that the Council agree to pay to the Auditor-General an amount equal to 15% of the agreed audit fee by way of a supervision and regulatory fee; and
a contract period of 3 years.
A transitional arrangement has been implemented whereby in the three years commencing 1 July 1994, one third of Councils throughout the State will be given the opportunity to engage private sector auditors.
At the date of writing this Report (28 July) the position in respect to the 1st year of the transitional period (i.e. audits of 1994/95 financial statements) is:-
Number of Councils involved in the 1st year 10
Audits awarded to the private sector 5
Audits to be conducted by the Auditor-General 3
Not yet decided 2
The audits of a further 10 Councils will be put out to tender in June 1995 for the financial year 1995/96.
Due to reductions in staffing levels, changes were made to the structure of the Office. At 30 June the Office operated with 3 field audit sections, each with 2 teams. Each of these sections undertakes a portfolio of financial audits. Performance audits in 1993/94 were allocated to specific staff who were provided with resources from field audit sections.
The responsibility for EDP audits was transferred to the field audit sections and the Director who previously had responsibility for these audits took control of the Administration function of the Office.
Sections A, B, and D are responsible for the sub-programs financial audits and reporting to Parliament whilst a number of staff have the responsibility for specific projects of the performance audit sub-program.
Some of the significant events of the Office in 1993/94 are as follows:-
Negotiations were completed to fund the Office from an Operating Account in the Special Deposit and Trust Fund within the Public Account from 1 July 1993.
Tabling of the following Reports:-
Report on the audit of the Public Account due
30 September 1993 - dated 30 September 1993,
Report on the audit of Government departments and public bodies due 31 May 1994 - dated 30 November 1993,
Annual Report due 30 November 1993 - dated
30 August 1993, and
Performance (VFM) Audit Report on Municipal Solid Waste Management.
Introduction of a risk-based audit methodology for the 1992/93 audit cycle.
Rationalisation and completion of refurbishment of Head Office accommodation.
Five staff participated in the Government's Employment Rationalisation Program.
CORPORATE PLAN 1993/94
The following objectives and tasks were included in the 1993/94 Corporate Plan. Performance indicators or the status of those tasks are as detailed below.
OBJECTIVE
Continuously improve the quality, efficiency and timeliness of our audits and Reports to Parliament.
TASKS
Undertake a cost benefit analysis as to whether to refine the Office's audit methodology or to purchase financial audit methodology for implementation in respect of audits for the 1994/95 financial year or sooner if practicable.
Status:- It is proposed to commence this review shortly.
Adapt the Australian National Audit Office's performance audit methodology to suit our circumstances.
Status:- Complete
Improve the auditing of DP systems.
Performance Indicator
EDP Audit input to the planning and/or execution of all audits with allocated
hours of 300 or more has been undertaken.
For the 1993/94 audit cycle there were 55 audits where the hours allocated to complete these audits exceeded 300. Two of these audits were contracted out and coverage was given to the remainder as follows:-
EDP audit input at the planning stage, 5;
A review of controls, 9;
Computer Assisted Audit Techniques (CAATS) have been utilised in the substantive testing phase of the audit, 40;
Provide adequate information technology resources (equipment and software) to assist in the audit process.
Status:- New computer hardware and software was acquired in 1993/94 at a cost of
$143 400.
Ensure that the efficiency of and approach to audits is assessed against best practice in the private sector by contracting out some audit work while continuing to keep control of the management and review of these audits and the issue of those audit opinions.
Performance Indicator:-
Goal Actual
Audits contracted out in the 1993/94 5% of 6.6% of
audit cycle allocate allocated
d hours hours
Improve the Record Management and Management Information Systems.
Status:- The Records Management System has been computerised and the Management Information System further developed.
Assess audit fees based on individual costs rather than office-wide averages.
Status:- Audit fees for the 1993/94 audit cycle were determined on the basis of risk and the estimated cost of the level of staff required for each audit.
Obtain close conformity between the Sections' actual audit hours and allocated hours and between the Sections' audit fees and the cost of performing the audits.
Status:- A computer model has been established to indicate the staff mix required for each section on the basis of allocated hours and audit risk for those section's audits.
Resource Sections in accordance with the assessed quantum (allocated hours), audit fees and risk of audits performed.
Status:- The staff mix indicated in the computer model has been used to resource sections.
Adopt Office standards for Auditors, Senior Auditors, Managers, Senior Audit Managers and Directors for times to be charged to audits in each year.
Performance Indicator:-
Productive hours per employee per classification for the audit cycle
1990/1991 1991/1992 1992/1993 1992/1993
Actual Actual Goal Actual
Audit Field Staff 1377 1330 1400 1404
Audit Managers N/A N/A 1000 1150
Senior Audit N/A N/A 700 732
Managers
Directors N/A N/A 300 235
N/A - Not measured in these financial years
Productive hours per employee refers to the average audit field staff hours
costed to auditees after allowing for leave, administration and training.
Complete audits and the reporting function in a timely manner.
Performance Indicators:-
Completion of financial audits by 31 October
1991/92 1992/93
Goal (Completion Date) 31 October 31 October
1992 1993
Audits not completed by
Goal
Represented as a 36% 35%
percentage of the total
number of audits
Represented as a 54% 40%
percentage of the total
allocated hours
Audits not completed
one month after Goal
Represented as a 11% 7.8%
percentage of the total
number of audits
Represented as a 13% 8%
percentage of the
total allocated hours
Date the last audit 13 August 1993 16 June 1994
report was issued in
respect of the audit
cycle
Reasons for 1. unresolved 1. unresolved
non-completion of issues issues
audits 2. late 2. late
submission submission
of of
financial financial
statements
statements
Complete financial audits within percentage of allocated hours
Goal Actual Performance
1991/92 105% 112%
1992/93 105% 109%
Timeliness standards for the completion of the final phases of audits.
The standards set are:-
Auditors Report Goal Actual
Days Days
Reviewed by Managers 7 N/A
Reviewed by Director 2 N/A
Audit Report signed by 2 N/A
Auditor-General
Total time from the date of Auditors 11 17
Report to the
issue of the Audit Report on
financial statements.
Statutory Goal Actual
Dates
Departmental 30 30 14 September
Annual Report September September 1993
1993 1993
Reports on
Financial Audits
Public 30 30 30 September
Account September September 1993
1993 1993
Government 31 May 30 November 30 November
departments 1994 1993 1993
and
public
bodies
Report on
Performance
Audit
Municipal Nil 31 July 28 September
Solid 1993 1993
Waste
Management
Formulate a system to assess the performance of Directors, Senior Audit Managers Audit Managers and Auditors.
Status:- A Performance Evaluation System has not yet been developed.
Enhance the professionalism of the Office and our staff.
TASKS
Provide staff training that is adequate, timely and equitable across Sections.
Performance Indicators:-
Goal Actual
Expenditure on staff training in 3% 3.03%
1993/94 in relation to salary costs
Average days training per employee
Auditors, Managers and Directors 8 days 6.7
days
Administration staff 3 days 6.7
days
Requirement Actual
Eligible expenditure under the $42 100 $ 63
Training Guarantee (Administration 800
Act) 1990 2%
All audit staff received training on new accounting
standards and audit standards and practice statements
within 3 months of their publication date.
A training plan for 1993/94 was prepared.
Encourage staff exchanges with other Audit Offices.
Performance Indicator: -
Staff exchanges amount to at least 1 officer for 6 months in a calendar year.
Goal Actual
1993 1 officer for 6 1 officer for 12
months months
1994 1 officer for 6 1 officer for 5
months months
Improve office accommodation having regard to cost and other constraints.
Status:- Head Office accommodation has been upgraded. Launceston Office accommodation is being rationalised.
OBJECTIVE
Increase the proportion of resources devoted to performance audits.
TASKS
Transfer resources from financial audits to performance audits to the extent that budgetary funding permits.
Performance Indicator:-
An amount of $240 000 was provided from the Consolidated Fund for the conduct of Performance Audits in the financial year 1993/94. Costs incurred for the year amounted to $246 140.
Transfer resources released by improvements in efficiency and availability in non-peak periods to performance audits.
Performance Indicators
Performance audits account for 7.5% of the total annual allocated hours for the twelve months July 1993 - June 1994.
Total Allocated hours Goal Actual
1992/93
50812 3800 hours 4144
hours*
*Includes time taken to complete performance audits for which reports have been issued or are in progress.
Performance Audit completed during the year:
In respect to Reports to Parliament on Performance Audits, no statutory limits exist, however the Office has adopted a policy of completing audits within seven months of commencement and tabling the resultant Reports before 30 September in any year to complement the financial statement audit cycle. The following table reflects the goals set for the project in the planning phase within the policy framework of the Office.
Goal Actual
Municipal Solid 31 July 1993 28 September
Waste Management 1993
Performance Audits in progress at 30 June 1994:-
Administration and Accountability of Grants - Special Report No 6 - Tabled on
26 July 1994
Regional Health Medical Review
Standard of Annual Reporting by Authorities
Waste Water Management in Local Government
Hobart Institute of TAFE - Benchmarking exercise with the Canberra Institute of Technology
Mix Between Financial Audits And Performance Audits
1993 1994
OBJECTIVE
Ensure that the principles of Equal Employment Opportunity (EEO) and Occupational Health and Safety (OHS) are observed.
TASK
Adopt an annual EEO and OHS plan.
Status:-
All employees have an understanding of EEO principles
An annual plan to address EEO issues was prepared. A survey of staff indicated that there is a greater awareness of EEO issues since the last survey was conducted in 1991. In respect to OHS the Office has not had any industrial accidents.
Financial Management and Audit Act 1990 in so far as it relates to audit except for the office of Auditor-General and the appointment of an auditor to perform an audit of the financial statements relating to the Tasmanian Audit Office.
MAJOR DOCUMENTS PRODUCED Copies
Printed
Report No 1 of 1993 - September 1993
Report on the audit of the Public Account 145
Report No 2 of 1993 - November 1993
Report on the audit of Government departments and public 300
bodies.
Annual Report on the Operations of the Office in 1992/93 110
Performance (VFM) Audit
Special Report No. 5 - September 1993 - Municipal Solid 200
Waste
Management
The Office participated in the Government's ERP program in 1993/94.
Redundancies were offered on the basis of:-
the position occupied was no longer required as a result of restructuring and would be abolished; and
the need to replace employees who did not possess the necessary specialist skills.
The net reduction in the number of employees within the Office was required to place the Office in a more commercial footing during 1993/94.
Expressions of interest were sought from staff to participate in the Program and criteria were established for the various levels of staff within the Office to assist in the selection of those staff who were to be offered a payment from the Program.
Offers were made to five staff on 31 August 1993. All five accepted by 9 September 1993 and separations were effected over a period up to 24 December 1993.
All separations met the objectives set for ERP.
Separations in accordance with ERP were finalised by 9 September 1993. In addition to those leaving the Office under ERP, in the period 9 September 1993 - 30 June 1994, 11 staff retired, were promoted within the State Service or resigned to take up employment in the private sector. Consequently it was essential to recruit staff.
Appointments were made to 8 permanent vacant positions from 66 applications during 1993/94, details are as follows:
Total Male Female State Non-State
Service Service
Appointments 8 6 2 3 5
Applications 66 51 15 7 59
All field audit staff appointed to positions in the Office during the year possessed accounting qualifications.
The rate of staff turnover in the Office is always of concern. However, it is recognised that if employees leave the Office and remain in the State Service the benefit of their experience is not lost to the Government. Auditors-General of other States and the Commonwealth have also expressed similar concerns at their high staff turnover rate.
Permanent employment statistics are as follows:-
1989/90 1990/91 1991/92 1992/93 1993/94
Number employed 1 July 60.5 66.5 63.5 58 59
Losses
Redundancy .5 5
Retirements 2 2 3 2 4
Resignations 5 5 4 3 4
Promotions (Other 3 2 2 2 6
Agencies)
Deaths 1 1
-10 -10 -9.5 -8 -19
Gains
State Service 1
Non-State Service 15 7 4 9 7.5
16 7 4 9 7.5
Number Employed 30 June 66.5 63.5 58 59 47.5
In addition, 2 temporary staff were employed at 30 June 1994 (30 June 1993 - 3.5)
Permanent Staff by Category
30 June 30 June 30 June 30 June 30 June
1990 1991 1992 1993 1994
Executive Management 8 8 7 7 6
Managers 7 7 7 5 5
Audit Staff 44 42 37 31 31
DP Support Staff 1 1 2 2 2
Administration Staff 6.5 5.5 5 5 3.5
66.5 63.5 58 59 47.5
Staff Exchange
The following objectives have been developed in consultation with the staff and Offices concerned. The officer should:-
Gain a theoretical and practical understanding of the Audit Methodology of the Office.
Assist in the planning, execution and reporting phases of financial audits relevant to the experience of the staff member.
Assist in the conduct of a Performance Audit.
Gain an understanding of the operation of the Office.
This program is viewed as a means of providing opportunities for staff to gain wider experience. It also enables each Office to benefit from practices and procedures adopted in other Offices.
Arrangements were made with the Auditors-General of New Zealand and Victoria to participate in a staff exchange program.
One staff member of this Office was working with the New Zealand Audit Office for the period 1 January 1993 - 31 December 1993.
One staff member of this Office was working in the Victorian Audit Office for the period 6 December 1993 - 13 May 1994.
Reciprocal arrangements have been negotiated with both offices.
In the case of my staff I have received a report on the:-
achievement of the objectives of the program, and
recommendations to improve the function of the Office in respect of each of the matters outlined in the objectives.
Sick leave taken by staff during 1993/94 totalled 1915 (full pay 1621, half pay 162, no pay 132) hours, which averaged 30.1 hours (or 4.1 days) per employee.
Total Full Half Pay No Pay
Average Per Employee Sick Pay Sick Sick
Leave Sick Leave Leave
(hours) Leave
1993/94 30.1 hrs(4.1 1915 1621 162 132
days)
1992/93 61.9 hrs (8.4 3788 3472 316 0
days
1991/92 27.8 hrs (3.8 1691 1682 7.5 1.5
days)
1990/91 41.5 hrs (6.0 2674 2667 6 0
days)
Three officers took leave in excess of 100 hours, totalling 950 hours (130 days) representing 90 full pay days, 44 half pay days (equivalent to 22 full pay days) and 18 without pay days.
The staff profile of the Office is depicted in the following diagrams. Permanent staff employed at
30 June 1994 totalled 47.5 and temporary staff employed totalled 2. Average staff for the year was 54.25 FTE's.
% Total Staff By Gender For The Period June 91 To June 94
Number Of Staff By Gender By Salary Range - 30 June 1994
Breakdown Of Staff By Age And Gender - 30 June 1994
Length Of Employment With The Office As At 30 June 1994
Details of the statistics on training are provided below.
Training provided to staff in the year comprised:-
specialist in-house courses on the implementation of new methodology, changes to accounting concepts and standards and audit standards and practice statements, introduction to general EDP Controls and in the use of specific audit techniques.
external courses sponsored by the accounting profession and other training institutions.
1993/94 External Internal Total
Courses Courses Hours
Auditing, Accounting and Finance 823 282 1105
EDP Auditing 55 0 55
Management and Public 43 81 124
Administration
Human Resource Management 19 0 19
Communications and Personal 358 0 358
Development
Information Technology 1032 22 1054
TOTAL 2329 385 2714
Workers Compensation
No claims were lodged in 1993/94.
Annual and Long Service Leave
Details of certain employees accrued leave credits as at 30 June 1994 are as follows:-
Annual Leave credits in excess of 40 working days, 7 employees
Long Service Leave credits in excess of 100 working days, 9 employees
The Office is committed to employment policies and practices which do not discriminate against individuals on the basis of sex, ethnic origin, marital status, disability, religion, political opinion or other characteristics. The Office's policy statement reflects these policies and practices. A committee of staff have the responsibility to oversight the implementation of the policy, prepare annual plans of issues to be addressed and to act as contact persons if staff have any grievances to raise.
Human Rights And Equal Opportunity Commission
An action was taken against the Office by a former employee in the Human Rights and Equal Opportunity Commission claiming discrimination in employment on the grounds of a disability.
The employee's probationary appointment was not confirmed. In this first instance, this led to the employee lodging an appeal with the Commissioner for Review in respect of his performance evaluation (S66(1)(d)), together with matters raised under unfair and inequitable treatment under Section 66(2) of the Tasmanian State Service Act 1984. The appeal was dismissed. The decision included the following paragraph:-
"The matter of alleged discrimination by the Agency on medical grounds was explored and the Appeal board was of the view that the medical material available to the agency was limited and not sufficiently definitive and, despite the opportunity for the appellant to present further information to help clarify the situation, this was not provided. The issue was properly considered and weighted accordingly".
The matter was then referred to the Human Rights and Equal Opportunity Commission. As the result of a hearing the President of the Commission determined that the termination of employment constituted direct discrimination under the Act and ordered that the Office should pay damages of $20 000 by way of compensation for this discrimination.
A Consultative Committee was established in October 1992, with the aim of providing a forum for management and staff to exchange ideas and information, and consult on issues concerning both parties.
Membership of the Committee at 30 June 1994 was:-
Auditor-General;
Deputy Auditor-General;
Staff of the Office (7); and
Representatives of the State Public Services Federation Tasmania
Nine meetings were held to 30 June 1994.
Issues discussed at these meetings included:
Accommodation Hobart Office
Implementation of a Performance Appraisal Scheme
An Enterprise Agreement and the formation of a Agency Negotiation Team
Employee Redundancy Program
Revisions to the Office's Code of Conduct
Adequate office equipment for staff
Impact of the commercialisation of the Office on the direction of the Office
Occupational Health and Safety matters
The Freedom of Information Contact Officer for the Office is Mr David Darby telephone 33 2879.
The following information is held by the Office:-
Audit Working Papers and Files
This information is confidential to the Auditor-General. Any information in respect to an auditee should be sought directly from that auditee.
Reports of the Auditor-General
Details are shown on page 19 of this Report of Reports issued by the Auditor-General. Copies of these Reports can be purchased from the Tasmanian Audit Office.
Committees on which staff of the Office have served during the year either as members or in an advisory capacity were as follows:-
Public Sector Accounting Standards Board (1 member)
University of Tasmania - Faculty of Business (1 member)
Health Accounting Committee (3 members)
Management Improvement Program - Program Review Task Force (1 member)
Australian Society of Certified Practising Accountants
Divisional Council (2 members)
Branch Council (2 members)
Accountants in Government Committee (3 members)
Membership Committee (1 member)
Computervision Users Group (1 member)
Tasmanian Ingres Users Association Committee (1 member)
Audit Committees (nine)
In addition, some staff members have participated in a review of the Treasurer's Instructions of the Financial Management and Audit.
The Office occupies Government owned or leased properties (Hobart and Launceston).
One of the Corporate objectives of the Office in 1993/94 was to review staff accommodation. As a result of this review the following action has been taken.
Head Office
Accommodation has been rationalised with a reduction of Office space from 1½ floors to 1 floor and the refurbishment of the occupied floor. The cost of this project as at 21 July 1994 was
$230 500 which will be written off over a period of 5 years. After 3½ years, savings in rent will mean the project is cost-neutral.
Launceston Branch Office
As a result of a request for additional space by another tenant at Henty House in Launceston, a certain amount of space was relinquished by the Office. Minor works are proposed to the remaining space to ensure the office is functional. The cost is estimated at $10 000.
The Office Information Technology (IT) Strategy Plan specifies that the Office will continue to upgrade and improve it's IT facilities and equipment. Information technology is an integral component of the Office's administrative and audit activities.
During the year the Office replaced 32 personal computers with 31 personal computers which included notebooks at a cost of $143 400. In addition, a payroll/personnel system and network and communications equipment was purchased.
The Office has successfully implemented the new financial system. The new payroll/personnel system will be operational from 1 October 1994. This system together with the financial system and the Management Information and Planning System (MIPS) will reduce the Office's dependence on systems controlled outside the Office.
It is planned to replace the notebooks which are three years old during 1994/1995. MIPS will be further enhanced to provide resource scheduling and better audit planning and monitoring tools. The three systems will interfaced to provide accurate information especially in relation to time and cost. The staffing mix model will be continually updated to ensure the Office's staffing requirements are accurately predicted.
The major risk exposures for the Office are associated with the conduct of audits. To minimise such risks, audits are conducted in accordance with Australian Auditing Standards and Practice Statements which are issued jointly by the Australian Society of Certified Practising Accountants and the Institute of Chartered Accountants in Australia. These standards and practice statements provide the fundamental benchmarks and quality assurance guidelines which are mandatory for members of the accounting profession to follow.
To facilitate the minimisation of this risk, a revised audit methodology was introduced into the
1992/93 audit cycle. An evaluation of commercially developed and automated audit methodologies is planned in the future.
Other risks such as workers compensation are covered by contributions to the State's compensation arrangements administered by the Department of Treasury and Finance, and, where appropriate, computer systems components and other equipment are covered for damage and maintenance.
For many years the Office has been funded by annual appropriation from Parliament, a component of which, as determined by the Treasurer in consultation with the Auditor-General, is recouped through the imposition of audit fees. Such fees have been determined on the basis of the full cost (funded and unfunded excluding certain long service leave costs and depreciation) of running the Office. Individual fees are determined on a number of criteria which include size, history, risk/complexity, systems in place including internal controls, organisational and accounting changes and location.
Following recent reviews of Office operations and funding mechanisms, (involving outside consultants, an inter-departmental committee and senior Office personnel) approval was received to fund future operations (as from 1 July 1993) through a Treasury Trust Account. Under this arrangement, the State has contributed a minor component to fund Performance Audits and "Whole of Government" type obligations. The full cost of the other activities which form the Financial Audit sub-program are charged against all auditees, including inner budget Departments (from 1 July 1993).
Details of audit fees received over the past four years compared to recurrent expenditure (cash basis) are as follows:
1990/91 1991/92 1992/93 1993/94
$'000 $'000 $'000 $'000
Audit Fees $1 644 $2 131 $2 112 $3 451
Recurrent Expenditure $2 895 $2 878 $2 986 $3 009
Recurrent Costs 56.7% 74.0% 70.1% 114.7%
Recovered
Audit Fees And Recurrent Expenditure Costs (Cash Basis)
The fees payable in respect of the 1992/93 audits were raised on completion of those audits and in the main are reflected in the revenue received in 1993/94. The same collection cycle relates to prior years. The increase in fees recovered since 1992/93 is principally due to charging auditees who were previously exempt and the introduction of interim billing.
An Efficiency Audit was conducted by a firm of Chartered Accountants, and a formal report was issued on 26 November 1992. The review was initiated by the Budget Review Committee and focused primarily on audit methodology, organisational structure, EDP audit , management information systems, resource utilisation and funding arrangements.
I am pleased to report that all major recommendations have been implemented.
No internal audit has been undertaken this year due to staffing constraints.
Under Section 45 of the Financial Management and Audit Act 1990, the Governor may appoint an independent Registered Company Auditor to perform an audit of the financial statements of the Tasmanian Audit Office. Deloitte Touche Tohmatsu, Chartered Accountants, Hobart, were appointed for a term of three years expiring on 30 June 1994. Their Audit Report is attached to the financial statements contained in this Report.
TASMANIAN AUDIT OFFICE
Consolidated Fund
Summary of Expenditure and Receipts for the year ended 30 June 1994
Expenditure
1992/93 1993/94
Actual Notes Estimate Actual
Variation
$'000 $'000 $'000 $'000
PROGRAM: 1 AUDIT
Recurrent Services:
Operating Expenses (A100) -
2 Total Operating Expenses
873
Tasmanian Audit
Office-
- Contributions (C225) 1(f),4 549 535 (14)
113 Salary and Travelling Allowance
Auditor-General (R007) 109 110 1
$2 Total Recurrent Services $ $ ($
986 658 645 13)
Works and Services
Other Works and Purposes (H100)
17 Purchase of Motor Vehicles - - -
17 Total Works and Purposes - - -
$3 Total Expenditure $ $ $(13)
003 658 645
Receipts
2 Audit Fees (Y327) - 1(a) - - -
112
$2 Total Receipts $ 0 $ 0 $ 0
112
SPECIAL DEPOSITS AND TRUST FUND
T577 - TASMANIAN AUDIT OFFICE ASSET MANAGEMENT ACCOUNT
STATEMENTS OF RECEIPTS AND EXPENDITURE FOR YEAR ENDED 30 JUNE 1994
Function and Purpose of Account
To record:-
a) the receipts and proceeds from the sale of motor vehicles and the disbursement of these proceeds to assist in purchasing replacement vehicles; and
b) contributions from the Consolidated Fund to fund shortfalls between the sale proceeds of motor vehicles and replacement costs; and
c) the receipt of proceeds from the sale of equipment with a value of up to $2 000 per item and the disbursement of the proceeds for any purpose at the discretion of the Office.
1992/93 1993/94
Note
Actual Actual
$'000 $'000
1 Opening Balance 1
1 Plus Receipts - Asset Sales 0
2 1
1 Less Expenditure - 1
Transfer Balance to Operating Account T644
2
$1 Closing Balance $0
T644 - TASMANIAN AUDIT OFFICE OPERATING ACCOUNT
STATEMENTS OF RECEIPTS AND EXPENDITURE FOR YEAR ENDED 30 JUNE 1994
Function and Purpose of Account
To record:-
transactions associated with the receipt and disbursement of funds for activities undertaken by the Tasmanian Audit Office.
1992/93 1993/94
Actual Actual
$'000 $'000
Opening Balance 0
Plus Receipts
Audit Fees 3451
Parliamentary - Transfers from 645
Appropriations Consolidated Fund
Interest 21
Balance from Asset Account - T577 1
Management
Sale of Equipment 7
$0 $4125
Less Expenditure
Salaries 2130
Superannuation Payments 104
Pay-roll Tax 142
Fringe Benefits Tax 5
Purchase of Equipment & 345
Furniture
Purchase of other Goods & 628
Services
Purchase of Motor 11
Vehicles
0 3365
$0 Closing Balance $ 760
STATEMENT OF ASSETS
AS AT 30 JUNE 1994
Plant Equipment, Furniture and Vehicles
Note 1994 1993
$ $
Computer Equipment 3 609 623
178 805
Accumulated Depreciation (381 (458
422) 982)
227 164
756 823
Office Equipment & Furniture 3 152 15 184
959
Accumulated Depreciation (8 (6
837) 907)
144 8 277
122
Motor Vehicles 3 80 141 63 686
Accumulated Depreciation (3 (7
662) 520)
76 479 56 166
TOTAL $448 $229
357 266
Supplementary Information and Statement of Balances as at 30 June 1994
Cash and Investment Balances
An advance was held of $2 500 for Salaries, Travelling and Petty Cash. The unexpended balance of the advance at 30 June 1994 was $2 210 (30 June 1993, $ 593).
Summary of Debts Due, Doubtful Debts and Write-offs
30 June
1994 1993
$ $
Outstanding Audit Fees * 504 520 28 497
Sundry Debtors 7 544 ....
Allowance for Doubtful Debts .... ....
Amount Written-Off .... ....
* Includes $498 100 in respect to interim invoices for 1993/94 audits.
These invoices were dated 13 June 1994.
Creditors
30 June
1994 1993
$ $
Operating Expenses 78 124 1 821
Employee Entitlements
30 June
1994 1993
$ $
Accrued - Recreation Leave 215 153 243
639
- Long Service 439 498 464
Leave 525
- Leave Other 3 732 5 851
- Salary 7 680 -
- RBF 292 570 -
Notes to the Financial Statements
1. a) Cash Basis of Accounting
The financial statements have been prepared on a cash basis for
those expenditure Items met from Division 14 of the Consolidated
Fund Appropriation Act 1993/94, and the Special Deposits and Trust
Fund. From 1 July 1993 the Office became operational as a
commercial entity and under the commercialisation agreement received
from the Consolidated Fund a contribution towards the operations of
the Office as detailed in note 1(f) and reimbursement for the
Auditor-General's Salary and Travelling Allowances paid. All audit
fees were credited to an operating account in the Special Deposits
and Trust Fund and costs of operating the Office were met from those
funds.
b) The Statements are consistent with the requirements of the Financial
Management and Audit Act 1990.
c) Fees payable in respect of the audit of 1992/93 accounts were raised
in accordance with the provisions of Section 56 of the Financial
Management and Audit Act 1990 and are reflected in these accounts.
This year interim bills were raised and funds were received in
respect of work completed in relation to the audit of 1993/94
accounts.
d) The basis of calculation for the liability in respect of
long-service leave represents the Office's liability in respect of
employees with greater than 5 years of service, and the liability
calculation does not include a discount factor.
e) All amounts have been rounded off to the nearest thousand dollars.
f) Contributions from Consolidated Fund
Estimate Actual
$ $
Performance Audits 246 000 246 000
Auditor's General Report 75 000 75 000
Pay-roll Tax 156 000 141 852
Wage Rises 41 000 41 000
Special Investigations in the Public 31 000 31 000
Interest
$ 549 000 $ 534 852
2. Closure of T577 Account
The T557 Tasmanian Audit Office Asset Management Account was closed,
and the balance transferred to the new operating account.
3. Statement of Assets
Asset Registers are maintained to record assets controlled by the
Office. Assets recorded include motor vehicles, computer equipment
of value greater than $1 000 (revised from $300 at the 1st July
1993), and all office equipment of value greater than $1 000.
In addition , the Office leases two vehicles , and computer
equipment. These leases are operating leases and are cancellable at
the option of the Office.
All non-current assets having a limited useful life are
systematically depreciated over their useful lives in a manner which
reflects the consumption of their service potential. Some items of
computer equipment were written down to reflect their written down
current cost at 30 June 1994. All other items are recorded at
historical cost less an allowance for depreciation.
4. Variations
The Parliamentary Contribution was $ 14 148 less than the estimate
due to the reduced amount paid by the Office in respect to Pay-roll
Tax.
Certification
The accompanying financial statements of the Tasmanian Audit Office have been prepared in compliance with the provisions of the Financial Management and Audit Act 1990 and are in agreement with the relevant accounts and records so as to present fairly the financial transactions for the year ending 30 June 1994 and such components of financial position which are required in the Treasurer's Instructions to be disclosed in the financial statements.
At the date of signing I am not aware of any circumstances which would render the particulars included in the financial statements misleading or inaccurate.
A J McHugh
AUDITOR-GENERAL
28 July 1994
TASMANIAN AUDIT OFFICE
SUPPLEMENTARY ACCRUAL FINANCIAL STATEMENTS
STATEMENT OF OPERATIONS FOR THE YEAR ENDED 30 JUNE 1994
ITEM NOTES 1993/94 1992/93
$'000 $'000
REVENUE
Audit Fees
Audit Fees 6 2 898
Total Audit Fees $2 898
Government Appropriations
Recurrent Appropriations 8 645 2 986
Capital Appropriations 17
Total Government Appropriations $645 $3 003
Other Revenue
Assumption of Liabilities 298
Sundry Debtors 8
Interest 21
Sale of Equipment and Motor Vehicles 9
Total Other Revenue $38 $298
TOTAL REVENUE $3 581 $3 301
OPERATING EXPENSES
Salaries and Related Expenses 3(c),3(d) 2 664 2 505
Accommodation Expenses 223 279
Materials and Supplies 35 23
Communications 31 33
Travel 92 94
Transport 10 12
Office Machines and Equipment 6 5
Automatic Data Processing 108 92
Recruitment and Other Personnel 42 41
Miscellaneous 7 30
Contract Auditors 108 24
Depreciation 3(b),11,1 121 128
2
Asset Decrements 19
TOTAL OPERATING EXPENSES $3 447 $3 285
OPERATING SURPLUS (DEFICIT) $134 $16
TASMANIAN AUDIT OFFICE
STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 1994
ITEM NOTES 1993/94 1992/93
$'000 $'000 $'000 $'000
Current Assets
Cash on Hand and Deposit 2 1
Bank Account (Trust A/c) 760
Work In Progress 6 597
Prepayments 23 1
Debtors 6 512 2
1 894 4
Non-Current Assets
Computer Equipment 3(b),10,11, 609 624
12
Accumulated Depreciation (381) 228 (459) 165
Office Equipment & Furniture 3(b),10,11 153 15
Accumulated Depreciation (9) 144 (7) 8
Motor Vehicles 3(b),5,10,1 80 63
1
Accumulated Depreciation (4) 76 (8) 55
TOTAL ASSETS $2 342 $232
Current Liabilities
Accrued salaries/related 11 6
payment
Revenue Received in Advance 3
Creditors 78 2
Provision for R.B.F. 4 293
Provision for Annual Leave 3(d) 215 244
Provision for Long Service 3(d) 432 430
Leave
$1 032 $682
Non-Current Liabilities
Provision for Long Service 3(d) 8 34
Leave
TOTAL LIABILITIES $1 040 $716
NET ASSETS $1 302 ($484)
EQUITY
Accumulated Profits (Losses) 7 $1 302 ($484)
TASMANIAN AUDIT OFFICE
STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 30 JUNE 1994
ITEM NOTES 1993/94 1992/93
$'000 $'000
Cash Flows from Operating Activities
Receipts from Auditees
Audit Fees 6 3 451
Interest Received 21
Receipts from Appropriation
Recurrent 8 645 2 986
Capital 17
Advance Account Reimbursement 2 1
Total Receipts 4 119 $3 004
Payments
Salaries and Related Expenses 2 381 2 600
Goods and Services 628 356
Unreimbursed Payments from Advance 2
Account
Total Payments $3 009 $2 958
Net Cash from Operating Activities 9 1 110 46
Cash Flows from Investing Activities
Receipts from Sale of Non-Current Assets 7
Payments for Purchase of Non-Current 10 (356) (47)
Assets
Net Cash from Investing Activities (349) (47)
Net Increase(Decrease) in Cash Held 761 ($1)
Cash at the beginning of the reporting 1 2
period
Cash at the end of the reporting period $ 762 $1
NOTES TO THE FINANCIAL STATEMENTS
1. Change in Accounting Policy
Under the commercialisation agreement the Office was substantially removed from the appropriation process, but is required to report to Parliament on a cash basis as prescribed by the Financial Management and Audit Act. Supplementary accrual financial statements were also prepared.
On the 1 July 1993, opening adjustments were made totalling $ 1 651 648
Works in Progress 1 622 595
Debtors 28 497
Revenue in Advance (612)
Adjustments to Hardware/Software Balances 1 168
$ 1 651 648
2. Funding
The Office is funded both by Parliamentary appropriations and revenue earned from the Office performing its mandate. Appropriations are recognised as revenue in the period the Office gains control of the funds. Audit fees were credited to an operating account in the Special Deposits and Trust Fund and costs of operating the Office were met from those funds.
3. Significant Accounting Policies
a) Basis of Accounting
The 1993/94 Supplementary Financial Statements have been prepared on the accrual basis of accounting in accordance with applicable Australian Accounting Standards.
The 1992/93 Supplementary Financial Statements were prepared in accordance with AAS29 Accounting for Government Departments.
b) Depreciation of Non-Current Assets
All non-current assets having a limited useful life are systematically depreciated over their useful lives in a manner which reflects the consumption of their service potential. All computer equipment of value greater than $1 000 (revised from $300 since 1 July 1993) has been brought to account. All office equipment of value greater than $1 000 has been brought to account.
Major depreciation rates are:
Basis of Depreciation
Motor Vehicles 7.5% Reducing balance
Office Equipment 25% Reducing balance
Computer Equipment 33%-50% Straight line
The depreciation rate on Computer Equipment was varied from 25% to 33% and to 50% in relation to some items.
c) Salaries and Related Payments
Salaries and Related payments include entitlements to wages, salaries and leave loading.
d) Employee Entitlements
Employee entitlements are included in Salaries and Related Payments.
Long Service Leave is recognised on a pro-rata basis in respect of services provided by employees up to the reporting date. Liabilities in respect of these entitlements are assessed having regard to period of service.
The basis of calculation for the liability in respect of long-service leave represents the Office's liability in respect of employees with greater than five years of service, and the calculation of the liability does not include a discount factor.
The classification of the liability for long service leave has been completed on the basis that entitlements in respect of services greater than ten years are shown as a current liability whilst the remainder are shown as a non-current liability.
Amounts shown for recreation and long-service leave are based on the provisions of the Tasmanian State Service Act and Regulations, and the General Conditions of Service Award S085.
Obligations to employees in respect of accumulated leave credits in lieu of overtime are included with employee entitlements.
It was agreed at the time of commercialisation that where the Office incurs additional cost in respect of the accrued liabilities for employee entitlements as at 30 June 1993, the Consolidated Fund would meet a pro-rata proportion of the amount based on the number of years pre and post 30 June 1993 to which the amount relates. The accrued liability for employee entitlements assumes no contribution from the Consolidated Fund in relation to the liability for years prior to 1 July 1993.
4. Superannuation
Employees of the Office contribute to the Retirement Benefits Fund (RBF) Scheme.
The new RBF Scheme is a superannuation scheme which took effect from 1 July 1994 for employees in the Tasmanian public sector. The Office funds the employer contribution of the Scheme as agreed under the terms of the commercialisation agreement from the
1 July 1993. Under the agreement the employer's liability for superannuation prior to
1 July 1993 is unfunded, with the State contributing to this component on an emerging cost basis.
5. Motor Vehicles
In addition to the motor vehicles which have been depreciated, the Office leases two vehicles from the Government Car Pool. These leases are operating leases and are cancellable at the option of the Audit Office.
6. Audit Fees
Fees payable in respect of the audit of 1992/93 accounts were raised in the 1993/94 financial year in accordance with the provisions of Section 56 of the Financial Management and Audit Act 1990. This year interim bills were raised , and funds were received in respect of work completed in relation to the audit of 1993/94 accounts. Audit fees are paid directly to the Office's Account in the Special Deposit and Trust Fund.
1993/94 1992/93
$'000 $'000
Audit Fees raised 3 865 2 159
Miscellaneous Charges raised 59 3
$3 924 $2 162
Collection of audit fees and charges for 1993/94
1993/94 1992/93
$'000 $'000
Audit Fees and Charges 3 448 2 111
Fees paid in advance 3 1
$3 451 $2 112
Since the commercialisation of the Office (1 July 1993), all government agencies have been charged an audit fee.
Additional Information
30 June-94 30 June-93
$'000 $'000
Audit Fees and Charges Outstanding 505 28
Other Sundry Debtors 7
512
Work In Progress * 597 1 137
* The Work in Progress as at 30 June 1993 ($1 137 000) is in respect of only fee paying auditees. Under the commercialisation agreement all non-fee paying auditees are required to pay for audit services, therefore Work in Progress was adjusted from $1 137 000 to
$1 622 595 (refer Note 1).
$ 000
Audit Fees Raised (93/94) 3 924
Less Work in Progress (1 July 1993) 1 623
2 301
Add Work in Progress (30 June 1994) 597
Audit Fees Revenue $2 898
Amounts are based on allocated hours and the rate charged to auditees.
7. Equity
Equity represents the residual interest in the net assets of the Office.
Changes in Equity
1993/94 1992/93
$ 000 $ 000
Balance at beginning (484) (500)
Change during the period 134 16
Change due to Accounting Policy change 1652 0
(refer Note 1)
Balance at end 1 302 (484)
8. Appropriations
Appropriation Summary
1993/94 1992/93
Estimate Expenditure Estimate Expenditure
$'000 $'000 $'000 $'000
Recurrent
Program 1 Audit
Contributions 549 535 2 751 2 873
Salary & Allowance, 109 110 109 113
Auditor-General
Works and Services 17 17
Total Appropriations $ 658 $ 645 $2 877 $3 003
9. Reconciliation of Net Cash provided by Operating Activities to Operating Surplus.
For the purposes of the statement of cash flows, "cash" includes cash on hand and in deposit accounts.
1993/94 1992/93
$'000 $'000
Net cash provided by operating 1110 46
activities
Depreciation (121) (128)
Asset Decrement (19)
Salaries capitalised 13
Increase in Works in Progress 597
Expenses paid by Government (298)
Assumption of Liabilities 298
Decrease (Increase) in accrued salaries (5)
and related payments 77
Decrease (Increase) in Creditors (76) 1
Decrease (Increase) in provisions (239) 24
Increase in Prepayments 22 1
Increase in Debtors 510 1
Gain on the Sale of Equipment & Motor (9)
Vehicles
Change in Accounting Policy (1652)
Increase in Revenue Received in Advance (3)
Operating Surplus (Deficit) $ 134 $ 16
10. Purchases of Non-Current Assets
1993/94 1992/93
$'000 $'000
Payments for acquisition of Motor 11 17
Vehicle
Payments for acquisition of Computer 207 30
Equipment
Payments for acquisition of Office 138
Equipment
$356 $47
11. Depreciation
Depreciation expense for the reporting period was charged in respect of:
1993/94 1992/93
$'000 $'000
Computer Equipment 114 121
Motor Vehicles 5 4
Office Equipment 2 3
$121 $128
12. Non-Current Assets
Some items of Computer Equipment and Software ($609) were written down during the reporting period to reflect their written down current cost at 30 June 1994. All other items are recorded at historical cost less an allowance for depreciation.
13. Employee Rationalisation Program (ERP)
Under this program five employees were paid $353 264 from the funds provided by the Government for this purpose. These costs are not reflected in the financial statements of the Office.
CERTIFICATION OF SUPPLEMENTARY ACCRUAL FINANCIAL STATEMENTS
The accompanying supplementary accrual financial statements of the Tasmanian Audit Office have been prepared in accordance with applicable Australian Accounting Standards so as to present fairly the financial operations of the Office during 1993/94 and the financial position of the Office as at
30 June 1994.
At the date of signing I am not aware of any circumstances which would render the particulars included in the financial statements misleading or inaccurate.
A J McHugh
AUDITOR-GENERAL
28 July 1994
This index has been prepared to facilitate identification of compliance with statutory disclosure requirements: Financial Management and Audit Act 1990 (FMAA) and Treasurer's Instructions (TI), the Tasmanian State Service Act 1984 (TSS) including Statutory Rule No. 123 of 1990 Tasmanian State Service (Agency Reporting) Regulations (TSS(AR)R) and other contemporary reporting practices.
REFERENCE DESCRIPTION PAGE
AIDS TO ACCESS
Table of Contents
Alphabetical index N/A
Glossary of abbreviations and acronyms N/A
OVERVIEW
TSS(AR)R3(a)(i) Overall mission and objectives of the 3 & 13
Office.
FMAAs.27(1)(a) A report on the performance of the functions
TSSs.33AB(1)(a) and powers of the Auditor-General under any 5
written law.
FMAAs.27(1)(b)subject A report by any statutory office holder N/A
to employed in or attached to the Office.
S.27(2)TSSs.33AB(1)(b)
TSS(AR)r3(a)(v) Major initiatives taken to develop and give N/A
effect to Government policy
TI701(1)(b) Details of major changes affecting programs, 5 & 9
TSS(AR)R3(a)(iv) objectives or organisational structure
STATUTORY/NON-STATUTORY BODIES AND COMPANIES
A list of statutory and non-statutory bodies N/A
A list of names of companies N/A
LEGISLATION ADMINISTERED AND MAJOR DOCUMENTS PRODUCED
TSS(AR)R3(e) A list of legislation administered by the 19
Office
TSS(AR)R3(d)(i) A list of major documents or publications 19
produced
ORGANISATIONAL STRUCTURE
TSS(AR)R3(a)(ii) Organisation Chart as at the end of the 9
reporting year
TSS(AR)R3(a)(iii) Details of relationship between corporate 9
and program structure
PERFORMANCE INFORMATION
TI701(1)(a) & (e) Performance information of the Office 13
HUMAN RESOURCE MANAGEMENT
TSS(AR)Re(c)(i) Staffing information as at 30 June. 21
TSS(AR)R3(c)(ii) Eligible training courses and staff 16 & 26
development activities
TSS(AR)R3(c)(iii) Equal Employment Opportunity 26
TSS(AR)R3(c)(iv) Industrial democracy 27
TSS(AR)R3(d)(iii)
TSS(AR)R3(c)(v) Occupational health and safety strategies 28
ASSET MANAGEMENT, RISK MANAGEMENT AND PRICING POLICIES
TI 701(1)(d)(i) & Major capital projects 29
(ii)
TI 701(1)(g) Asset management policies, strategies and 29
initiatives
TI 701(1)(c) Pricing policies of goods and services 30
TI 701(1)(f) Risk management policies, activities or 30
initiatives
EXTERNAL/INTERNAL SCRUTINY
Consultants engaged during the period 33
PUBLIC ACCESS AND AWARENESS OF SERVICES PROVIDED
TSS(AR)R3(d)(ii) A list of contact officers 1
Points of public access 1
TSS(AR)R3(d)(i) Activities undertaken to develop community 19
awareness of the services the Office provides
TSS(AR) Freedom of Information details 28
FINANCIAL STATEMENTS
TI701(1)(h) & (j) Financial statements of the Office. 35
N/A not
applicable