Silvore Fox
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Financial Audit

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Financial Audit

Under the PMFL the OAG is responsible for the audit of the:

 

  • Entire Public Sector (EPS) consolidated financial statements;
  • the twelve ministries, portfolios and offices; and
  • 26 statutory authorities and government companies

 

The audits are carried out by the OAG directly, with the exception of 8 statutory authorities and government companies, whose audits are carried out under contract by private audit firms. However, the Auditor General is ultimately responsible for all the financial statements audits, whether they are delivered in house or by a private audit firm, and reporting their results to the Legislative Assembly.

 

International Standards on Auditing

 

Our audit of financial statements is carried out in accordance with International Standards on Auditing. Our staff are professionally qualified or are under training and, with a range of experience.

 

We are presently updating our approach to the audit of financial statements to adopt the latest risk based auditing practices, which use a range of techniques to obtain audit evidence and assurance based on a thorough understanding of the client's business. This understanding will allow us to develop an audit strategy which focuses on addressing specific risks whilst providing an acceptable level of assurance across the financial statements as a whole. Through this we will be able to tailor our work to meet the needs of, and risks faced by, individual clients and the approach will be designed to add value to the client.

 

Our understanding of the business, risk assessment and controls review processes will provide the opportunity for positive and constructive feedback through sharing our analysis of risk, and the effectiveness of risk management and control systems. This will enable the OAG to contribute more effectively towards improving financial reporting, financial management and corporate governance processes not only at entity level but across the public sector.

 

Independence, objectivity and integrity

 

The OAG has strict policies procedures in place to ensure our independence, objectivity and integrity including an annual declaration by staff which identifies any potential conflicts of interest or other similar matters arising. For further information please see our Code of Conduct, and policies on Register of Interests and Ethics and Independence.

 

Relationships with clients

 

We aim to maintain and build on the existing good relationships which we have with our audit clients. We aim to provide clients with appropriate advice and access to relevant guidance which enable them to ensure that their financial statements are prepared in accordance the appropriate financial reporting and accounting standards.

 

Quality

 

Quality is fundamental to the culture and processes within the OAG and we have well established review procedures to ensure that audit work is undertaken efficiently and in accordance with International Standards on Auditing. To ensure that we are complying with best practice and in particular all the requirements of  "ISQC1: Quality Control for firms that perform audits and reviews of historical financial information, and other assurance and related service engagements", the OAG has developed a new Quality Assurance Framework and we are currently in the process of implementing it.

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