Report on the Audit of the Financial Report
I have audited the financial statements of The Audit Office of New South Wales (the ‘Audit Office’), which comprises the statement of financial position as at 30 June 2017, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies, and the Auditor-General’s declaration.
In my opinion, the accompanying financial statements of the Audit Office are in accordance with the Public Finance and Audit Act 1983, including:
i) giving a true and fair view of the Audit Office’s financial position as at 30 June 2017 and of its financial performance for the year then ended; and
ii) complying with Australian Accounting Standards and section 41B of the Public Finance and Audit Act 1983 and the Public Finance and Audit Regulation 2015.
Basis for opinion
I conducted my audit in accordance with Australian Auditing Standards. My responsibilities under those standards are further described in the ‘auditor’s responsibilities for the audit of the financial statements’ section of our report. I am independent of the Audit Office in accordance with the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (the Code) that are relevant to my audit of the financial statements in Australia. I have also fulfilled my other ethical responsibilities in accordance with the Code.
I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion.
The Auditor-General is responsible for the other information. The other information comprises the information in The Audit Office of New South Wales’s annual report for the year ended 30 June 2017, but does not include the financial report and the auditor’s report thereon.
My opinion on the financial statements does not cover the other information and I do not express any form of assurance conclusion thereon.
In connection with my audit of the financial statements, my responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or my knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work I have performed, I conclude that there is a material misstatement of the other information I am required to report that fact. I have nothing to report in this regard.
Auditor-General’s responsibility for the financial statements
The Auditor-General of New South Wales is responsible for the preparation of the financial statements that gives a true and fair view in accordance with Australian Accounting Standards and the Public Finance and Audit Act 1983 and for such internal control as the Auditor-General determines is necessary to enable the preparation of the financial statements that gives a true and fair view and is free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Auditor-General is responsible for assessing the Audit Office’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Audit Office will be dissolved by an Act of Parliament or otherwise cease operations. The assessment must disclose, as applicable, matters related to going concern and the appropriateness of using the going concern basis of accounting.
Auditor’s responsibility for the audit of the financial statements
My objective is to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes my opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this financial statements.
A further description of our responsibilities for the audit of the financial statements is located at the Auditing and Assurance Standards Board website at: www.auasb.gov.au/auditors_responsibilities/ar4.pdf.
This description forms part of our auditor’s report.
Chartered Accountant, Registered Company Auditor
Sydney, 5 September 2017