18-14 – Auditor General’s report to Parliament on the 2016-17 financial audits of NSW Councils

Category: Circular to Councils Status: Active
Circular Details:  18-14 / 22 May 2018 / A588684 Contact: Performance Team / 02 4428 4100
Previous Circular: Nil Attachments: Nil
Who should read this: General Managers / All Council finance staff Action required: Information
PDF Version: Council Circular 18-14 – PDF

What’s new or changing

  • The Auditor-General for NSW has tabled a report to Parliament commenting on the audit of NSW councils’ 2016-17 financial statements.

What this will mean for your council

  • Councils are encouraged to review the report and continue working towards strengthening governance, financial management and reporting in the local government sector.
  • Councils are also encouraged to engage early and work with their auditors to continue to improve the quality and timeliness of financial reporting.

Key points

  • The report provides an independent assessment of the financial health of the Local Government sector. It identifies the common challenges that councils face and the opportunities to improve financial management and reporting.
  • Key findings and recommendations within the report include the need for the sector to:
    o improve the overall quality and timeliness of financial reporting;
    o improve the accuracy of asset management and accounting practices and conduct asset valuations earlier; and
    o improve its governance and internal control mechanisms.
  • The Office of Local Government has noted the Auditor-General’s findings and recommendations and will continue to work with councils, the Auditor-General and the Audit Office of NSW.

Where to go for further information

Tim Hurst
Acting Chief Executive