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Committee's report

The committee tabled its Report No. 47, 56^th Parliament - Consideration of Auditor-General Report 4: 2019-20—Water: 2018-19 results of financial audits on 30 March 2020.

Overview

Role of the Auditor-General

The role of the Auditor-General is to provide Parliament with independent assurance of public sector accountability and performance. This is achieved through reporting to Parliament on the results of its financial and performance audits.

About the Auditor-General Report

View:    Auditor-General Report 4: 2019-20—Water: 2018-19 results of financial audits

The purpose of the report is to deliver the results of the Auditor-General’s financial audits of five Queensland water entities: Seqwater, Sunwater, Queensland Urban Utilities, Unitywater and Mount Isa Water Board. The Queensland Audit Office assessed the financial reports of the water entities and evaluated the timeliness and quality of their financial reporting. It also provides conclusions on their areas of audit focus, which were:

• Asset valuation and impairment assessments
• Recognition of developer contributions
• Implementation of new accounting standards.

The report made 22 recommendations to strengthen internal controls and identified one significant risk issue relating to employee bank account changes. The report recommended four actions points for each entity to consider:

• Endorse and approve financial statements earlier
• Reflect drought impact in financial statements
• Strengthen processes for asset valuations
• Strengthen processes for changes to employee and supplier details.

Referral to Committee 

Standing Order 194B provides that the Committee of the Legislative Assembly shall as soon as practicable after a report of the Auditor-General is tabled in the Assembly refer that report to the relevant portfolio committee(s) for consideration. 

The committee is responsible under section 94 of the Parliament of Queensland Act 2001 for assessing the integrity, economy, efficiency and effectiveness of government financial management by examining government financial documents and considering reports of the Auditor-General.

The Committee of the Legislative Assembly referred this Auditor-General’s report to the committee on 24 October 2019.

Timeline