Published on Friday, 8 September 2023 at 12:38:22 PM
Each year the Office of the Auditor General (OAG) releases a “Financial Audit Results” report that summarises the results of 146 local government annual audits completed in the 2021/22 financial year. For the first time, the OAG are recognizing entities who have demonstrated best practice in financial reporting in the sector. This recognition is consistent with what the OAG report for the State and tertiary sectors. The best practice assessment criteria included:
- good quality financial reports submitted for audit within the agreed timeframe and supported by reliable working papers
- management resolution of accounting standards and presentation issues
- availability of key staff during the audit process
The quality of financial reporting is measured against five criteria:
- timeliness of financial statements
- quality of financial statements and notes
- quality of working papers
- resolution of accounting issues
- availability of key staff.
We are very pleased to note that the Shire of Waroona has made the Best Practice Top 20 Entities list. This is a great achievement for our finance team and the shire as a whole. We are extremely pleased to see the team recognized for best practice financial management of the Shires assets. It is also noted that of the 20 local governments recognized, 17 of them were rural local governments.
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