Audits must be completed in accordance with the requirements of Australian Auditing and Assurance Standards with audit reports, both the audit opinion and any management letters, issued to the State entities responsible Minister and to the relevant accountable authority.
Whilst not a legislative requirement, when conducting audits of State entity financial statements, regard is had to whether there has been any waste of public resources or any lack of probity or prudence in the management of or application of public resources.
In addition, the Auditor-General has the authority to undertake:
- performance audits examining the efficiency, effectiveness and economy of a State entity, a number of State entities, or a part of a State entity or a subsidiary of a State entity
- examination or investigation into any matter relating to the accounts of the Treasurer, a State entity or a subsidiary of a State entity
- examination or investigation into any matter relating to public money, other money or to public property or other property, and
- compliance audits examining the compliance by a State entity or a subsidiary of a State entity with written laws or its own internal policies.
The results of all audits conducted by the Auditor-General are reported to Parliament for its consideration.
The State entities audited include agencies, local government councils and joint authorities, Government Business Enterprises, State-owned companies, State authorities which are not a Government Business Enterprise and the council, board, trust or trustees, or other governing body of a corporation, body of persons or institution that is or are appointed by the Governor or a Minister of the Crown and a Corporation within the meaning of the Water and Sewerage Corporations Act 2008.
The Audit Act 2008 can be downloaded from www.legislation.tas.gov.au.
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Audit Practice Statement
Click on this link to access our Audit Practice Statement.