Audit Objective
This report summarises the results of our financial audits for all entities that the Queensland Government owns or controls.
Overview
We categorise these entities into three sectors. The general government sector provides public services for the collective benefit of the community. Public non-financial corporations provide goods and services that are trading, non-regulatory, or non-financial in nature. And public financial corporations provide financial services.
Each year, the Treasurer prepares the Queensland Government’s consolidated financial statements. These statements provide a complete view of the performance and position of the state government.
In this report, we assess the position, performance and financial sustainability of the Queensland Government. Our analysis helps users of the financial statements to understand and use the statements by clarifying the financial effects of significant transactions and events during the year. Additionally, our analysis alerts users to future challenges, including existing and emerging risks the government faces.
Audit results
As at 31 October 2017, we had issued audit opinions on 224 sets of financial statements prepared by Queensland state public sector entities for the 2016–17 financial year.
We issued unmodified opinions on 96.4 per cent of these financial statements. We do this when the financial statements are prepared in accordance with the relevant legislative requirements and Australian accounting standards. In doing so, we confirm that readers can rely upon the audited financial statements of Queensland state public sector entities.
This is a slight improvement on the 2015–16 financial year, when we issued unmodified opinions on 94.8 per cent of financial statements.
This year, 87.2 per cent of Queensland state public sector entities met their legislative timeframes for financial reporting, which was also a slight improvement on 2015–16 (84 per cent).
We also issued audit opinions on 15 of the 20 outstanding financial statements from previous reporting periods.
Government departments have generally improved their year end financial reporting processes. However, some entities could further improve the timeliness of obtaining valuations of property, plant, and equipment.
