NSW Audit Office - Awareness - Issue 2004 08 - September 2004

NSW Audit Office - Awareness - Issue 2004 08 - September 2004

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AWARENESSccounting and Auditing Developments ISSUE 8 SEPTEMBER 2004AUDIT OFFICE 1AUDIT OFFICE UPDATEUPDATEACCOUNTING 3NSW Auditor-General appointed to reconstituted AUASBUPDATEThe Financial Reporting Council (FRC) has appointed Bob Sendt to the reconstituted Auditing and Assurance Standards Board (AUASB) on 13 August INTERNATIONAL 42004. The Board replaces the former AuASB of which Mr Sendt was a member UPDATEfor three years. The Treasurer appointed the Chairman of the AUASB, Ms Merran Kelsall, on 10 August 2004. OTHER ISSUES 6The FRC has agreed to appoint the other board members of the former MISCELLANEOUS 7AuASB to the reconstituted AUASB for the remaining term of their PUBLICATIONSappointments to the AuASB as follows:LEGISLATIVE 8CHANGES UPDATEMr Gavin Campbell Mr Graham Ezzy TREASURY UPDATE 9Mr Kevin Neville PREMIER’S 12DEPARTMENT Mr Paul Shannon UPDATEAssociate Professor Grant Gay AUDIT OFFICE 15Mr Clive Mottershead BETTER PRACTICEGUIDESProfessor Keith HoughtonMr Ian McPheeBill Edge Source: Bulletin of the Financial Reporting Council August 2004.August 2004.Performance Audit Report: Transporting and Treating Emergency PatientsEmergency treatment operates within a complex system comprising various various funders funders and and providers. AA complex web web of of factors, factors, of of which which health health interventions including emergency services are just one part, infl uences the Awareness is published by The Audit ...

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AUDIT OFFICE 1 UPDATE ACCOUNTING 3 UPDATE INTERNATIONAL 4 UPDATE OTHER ISSUES 6 MISCELLANEOUS 7 PUBLICATIONS LEGISLATIVE 8 CHANGES UPDATE TREASURY UPDATE 9  PREMIER’S 12 DEPARTMENT UPDATE AUDIT OFFICE 15 BETTER PRACTICE GUIDES
comprising health  the
AWARENESS Accounting and Auditing Developments ISSUE 8 SEPTEMBER 2004
AUDIT OFFICE UPDATE NSW Auditor-General appointed to reconstituted AUASB The Financial Reporting Council (FRC) has appointed Bob Sendt to the reconstituted Auditing and Assurance Standards Board (AUASB) on 13 August The Board replaces the former AuASB of which Mr Sendt was a member three years. The Treasurer appointed the Chairman of the AUASB, Ms Merran Kelsall, on 10 August 2004. The FRC has agreed to appoint the other board members of the former to the reconstituted AUASB for the remaining term of their former appointments to the AuASB as follows: Mr Gavin Campbell Mr Graham Ezzy
Professor Keith Houghton h
rofessor Grant Gay
Performance Audit Report: Transporting and Treating Emergency Patients Emergency treatment o funders and provider interventions including emer
Source: Bulletin of the eporting Council August 2004.
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ndings Since 1996-97, emergency department attendances have increased by 23 per cent and the number of patients being admitted to hospital by 14 per cent, compared to a
NSW Health’s total expenditure, including expenditure on programs such as same-day and Outpatients and on early-intervention programs, has increased in real terms
Despite this, metropolitan hospitals have been unable to cope with the growth in the of emergency patients requiring overnight admission. This has been compounded increases in the proportion of aged patients seeking treatment and in the complexity
Reduction in bed numbers and high occupancy levels have led to a long-term increase in access block. Shortages of medical, nursing and allied health staff restrict the ability to increase the capacity of the public health system. The increasing number of emergency patients requiring inpatient admission has also reduced the ability of public hospitals to provide booked surgery R
e recommended that the Department: that funding addresses the rising demand for emergency care through the most appropriate treatment, whether in hospital or community-based reduce patient flow problems and high bed occupancy levels by improving bed   improve the quality of management information to support better decision making improve quality and consistency of practice in emergency departments that ambulance crews are able to hand over patients as soon as practical after improve plan Ambulance Service on 28 July 2004 and can be accessed at ww. 004-2005/Ambulance-July2004/ambulance-July2004.pd
Contact Stephen H
The Audit Office of New South Wales
.gov.au.
Audit on (02) 9275 7100
      
ACCOUNTING UPDATE
ED 7 Financial Instruments: Disclosures (Australian Equivalent ED 137) The International A Standards Board (IASB) has issued the above exposure to impro about fi  nancial instruments. ED 7 proposes to locate in one Standard all relating to fi  nancial instruments and remove or simplify some of
The pro Di r The proposals in E
 cance of fi  nancial ins
 
would apply to all “Disclosures in the Financial IA “Fin In
 nancial statements
   
s capital. Comments are requested by 22 October 2004 for ED 7 and 1 October 2004 for ED 137.
APRA Outlines Approach to International Accounting Standards The Australian Prudential Regulation Authority (APRA) advised that the adoption of IFRS will require revision of its prudential standards and statistical requirements for authorised deposit-taking institutions and life and general insurance companies. Note
in the next few months, will be releasing a series of discussion papers on the main implications of IFRS for the prudential framework in Australia. The papers will identify potential changes to prudential standards and statistical requirements, categorised into four groups:
expected to be implemented in 2005, but harmonised with the approaches of APRA has had the opportunity of
areas where no change is expected.
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a priority, APRA said it intended to review its prudential approach in the following
cits; and     said it would not make any IFRS related changes to the existing prudential until it has completed relevant consultations, and not before 1 July 2005 at the earliest. In the interim, APRA-regulated institutions would need to continue to
APRA m
International Financial Reporting Standards (IFRSs) - A Briefing for Chief Executives, Audit Committees and Boards of Directors The International Accounting Standards Committee Foundation released concise and to read briefing notes, particularly useful for Chief Executives, Members of Audit Committees, Boards of Directors and others who need a broad overview of IFRSs including
For information on acquiring this publication email IASB website at www.iasb.org.
INTERNATIONAL UPDATE
 
The International Accounting Standards Board Meeting 20-22 July 2004 Matters discussed at the meeting included: Business Combinations (phase 11) Fin
Reven
Source: IASB Update
The Audit Office of New South Wales
      
The International Financial Reporting Interpretations Committee (IFRIC) Meetings Update Meeting 29 July 2004. Matters discussed at the meeting incl Arrang IFRIC members discu D 10A  Servic Arrangements-Determining the Accounting Model D 10B Se Arrangements-The Receivable Model D 10C Arrangements-The Intangible Asset Model The disc intended that further the IFRIC’s September 2004
 new terminol grantor and the pa  signifi  cant issue discussed infrastructure as its own. IFRIC m
the concession is called the
cognise the  ust
  IAS 16 Property Plant and Equipment. In this regard, IAS 16 sp applies the criteria in IAS 18 Revenue, and also that IAS 17 Leases applies and However, in accounting for infrastructure constructed or acquired for the purpose should first recognise the infrastructure as its own and thereafter consider the derecognising requirements have been met. IFRIC members agreed this determination should be based on who controls the right to use the infrastructure, and that control may be separated from ownership. IFRIC members agreed that the scope of the exposure drafts should be limited to public-infrastructure service concessions, but that they should not prohibit a wider application. There should be a specific invitation to comment on whether the scope be extended to cover other kinds of arrangements, including those wholly within
Other Matters discussed at the meeting included SIC-12: Scope exclusion for employee benefit trusts IAS 37: Constitution of an obligating event by future market share IFRIC D5: Comment letter analysis Source: IFRIC Update July 2004.
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OTHER ISSUES
Crown Solicitor’s Advice whether Audit Documents held by Other Government Agencies are FOI Exempt 2 Freedom of Information Act 1989 (“FOI Act”) that the office the Auditor-General is exempt in respect of investigative, audit and report functions.  Section 6(1) provides that a document containing matter “relating to” such exempt
The Audit Office sought advice as to whether Audit Office documents held on Roads and Traffic Authority (“RTA”) files that related to an Audit Office audit are available for access Act The documents concerned relate to a performance audit, “Planning for Road Maintenance” and consist of emails, facsimiles, the scope of the audit, the draft report and the minutes confirming discussions. These documents were either created by the Office and provided to the RTA or were created by the RTA in response to the audit and are held by the RTA. In the Crown Solicitor’s view, all documents held by the RTA (whether created by the RTA or the Audit Office) which relate to the audit or report functions of the Auditor-General are exempt documents to which access be refused by the RTA. This applies the documents are originals or copies. Further, they are all the agency’s (RTA’s) by the agency (RTA). The Crown Solicitor advises that the phrase “relating to” the audit and report functions the Auditor-General should not be read as referring only to the functions themselves in a generic sense. A document that contains matters relating to the exercise of the s audit and report functions in a particular instance must be taken to fall
, as the F A is beneficial legislation to be read in favour of disclosure, there is an alte argument that the exemptions are to be read narrowly and that the “relating to” not be given so broad a construction as to lead to this result.  Nevertheless, the Crown S is inclined to the view that the judicial authorities “relating to” in the circumstances.  The Crown Solicito and somewhat contentious, given the
The Audit Office of New South Wales
      
MISCELLANEOUS PUBLICATIONS
Australian National Audit Office Reports: Performance Audit Managemen Manage Perfor Australian Public Service Taxation Rulings Follow-up audit Mana elations with Selected Agencies rovided to Personnel Leaving the ADF B r Fraud Contr Australian Government Agencies These reports are avail .anao.gov.au.
Victorian Auditor-General’s Office Report: Performance Audit Reports: eport on public sector agencies-Results of special re This report is available at www.audit.vic.gov.au
Queensland Audit Office Reports: eport No.2 for 2004-05: Audit of the Queensland Disaster Management Time Adoption of Australian Equivalents to International Financial eporting Standards-Fact Sheet These reports are available at www.qao.qld.gov.au
ACT Auditor-General’s Office Reports: Data Reliability for Reporting on the ACT “No Waste by 2010 Strategy”
These reports are available at www.audit.act.gov.au.
Tasmanian Audit Office Reports: Special Report-Ex-gratia Payment to the Former Governor Mr R W Butler AC Special Report-Special Purpose and Trust Funds Special Report Internal Audit
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These reports are available at www.audit.tas.gov.au. LEGISLATIVE CHANGES UPDATE
Proclamation under the Public Finance and Audit Act 1983 Thi Pr 2 P Fin A A 1 (Act) by inserting NSW Institute of Teachers in alphabetical order of statutory bodies. roclamation is 21 July 2004, GG No 126 30 July 2004).
Proclamation under the Public Finance and Audit Act 1983 The object of this Proclamation is to amend the list of Departments in Schedule 3 to the P Fin A A 1 as to reflect the changes made by the P and Management (Department for Women) Order 2004  r Department of Women from that schedule. roclamation is 4 August 2004, GG No 134 13 August 2004).
Proclamation under the Public Finance and Audit Act 1983 The object of this Proclamation is to amend Schedule 3 to the P Fin A A
roclamation is 21 July 2004, GG No 134 13 August 2004).
Public Finance and Audit Amendment (NSW Businesslink Pty Limited) Regulation 2004 The object of this Regulation is to prescribe, under section 44 (1) (a) of the Act, NSW Businesslink Pty Limited as a statutory body for the purposes of Division 4 of Part 3 of A
egulation is 13 August 2004, GG No 134 13 August 2004).
The Audit Office of New South Wales
      
TREASURY UPDATE Treasury Circular TC 04/09 Total Asset Management (TAM) Policy-Reconfirmation TAM Policy req agencies to prepare and submit annually to Treasury TAM plans. The comp the Asset Strategy, Statement of Business Intent (as applicable) and/or Corporat Dis response Asset Strategy. TAM Policy have been streamlined and updated. Ke a restructur , with greater   alignment with the R a TAM Template, to assist and supporting TAM Strategic Pl a new Capital Investment Strategic Pla Government’s Procurement Policy reforms for a relocation of the TAM Manual, which includes the det M Guidelines, together Assessment and Decision Making Tools, to the N ebsite. Treasury Policy and Guidelines Paper TPP04-03 (refer article below) has been issued in . This Circular replaces: Premier’s Memorandum PM97-02, Government Property Disposal and Office Accommodation Premier’s Memorandum PM99-06, Government Office Accommodation Reform Program Premier’s Memorandum PM2002-10, Total Asset Management Premier’s Memorandum PM2003-3, Property Disposal Reforms Treasury Circular TC03/13, Total Asset Management (TAM) Policy – Amendment to F TAM Policy rthur Megaloconomos (02) 9228 4402 email Arthur.megaloconomos@mail.treasury.nsw.gov.au Margaret Rodanska (02) 9228 4403 email margaret.rodanska@mail.treasury.nsw.gov.au Th A i ffi f h 9
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Bryan Johnson (02) 4405 email bryanj.johnson@mail.treasury.nsw.gov.au  A Colin Campbell on (02) 9228 4115 (email colin.campbell@mail.treasury.nsw.gov.au Property Disposa Louise Courtney on (02) 9228 4468 (email louise.courtney@mail.treasury.nsw.gov.au )
Treasury Circular TC 04/10 Whole of Government Online Access to ABS Statistics NSW Treasury has funded the provision of whole of Government access for NSW Government agencies to Australian Bureau of Statistics (ABS) statistical information from desktop PCs via the service known as ABS@. This service will be available at no cost agencies. Agencies are expected to cancel any existing individual licenses with the ABS immediately. The State Library of NSW is project managing the acquisition of ABS@ on of NSW Government. Agencies will be contacted by the State Library to sign sub
For further information contact Mathenge Mwangi, from NSW Treasury on 9228 5230 or Greg Porter from State Library of NSW on 9273 1727.
Treasury Policy and Guidelines Paper TPP 04-2 Government Guarantee Fee Policy for Government Businesses The purpose of this Policy is to ensure competitive neutrality between Government and their private sector counterparts, with respect to the cost of debt. This outlines the application of the Government guarantee fee and the methodology
This revised policy modifies the method for deriving the interest differentials used to
Th Government Guarantee Fee Policy for Government Businesses is a component of the s Commercial Policy Framework. The Framework ai replicate within Government businesses the disciplines and incentives that lead private  cient commercial practices. This poli policy document, TPP  O2-6 Guarantee Fe issued in September 2002. For further informa Section of NSW Treasury on
The Audit Office of New South Wales
      
Treasury Policy and Guidelines Paper TPP 04-3 Total Asset Management (TAM) Policy TAM Policy was introduced to achiev planning and management of the State’s assets, both existin be acquired.  This is essential if government services are to be delivered In recogniti of this TAM planning has been more closely integrated into Treasury’s Budget p and also the Department of Infrastructure, Planning and Natural Resource TAM guid align its as
For further inform
by which an agency can service delivery priorities and
Draft Treasury Managed Fund Guide to Risk Management The purpose of the guide is to provide a a unifi  ed fund wide approach applicable to all Managed Fund (TMF) member agencies  draft of the guide and the projects research report can be accessed by age the T Comments on the Paper are requested to be sent to Justin Gordon at mailto: or phone 9249 8236 by 30 September 2004. It is anticipated that a final document will be submitted to the TMF Advisory Board in D
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