Financial Statements:Independent Auditor's Report

Independent Auditor's Report

To the Minister for Finance and Deregulation
Scope

I have audited the accompanying financial statements for the Department of Finance and Deregulation for the year ended 30 June 2010, which comprise: the Statement by the Chief Executive Officer and Chief Financial Officer; Statement of Comprehensive Income; Balance Sheet; Statement of Changes in Equity; Cash Flow Statement; Schedule of Commitments; Schedule of Contingencies; Schedule of Asset Additions; Schedule of Administered Items; and Notes to and forming part of the Financial Statements, including a Summary of significant accounting policies.

The Responsibility of the Secretary for the Financial Statements

The Department of Finance and Deregulation’s Secretary is responsible for the preparation and fair presentation of the financial statements in accordance with the Finance Minister’s Orders made under the Financial Management and Accountability Act 1997, including the Australian Accounting Standards (which include the Australian Accounting Interpretations).   This responsibility includes establishing and maintaining internal controls relevant to the preparation and fair presentation of the financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.

Auditor’s Responsibility

My responsibility is to express an opinion on the financial statements based on my audit.  I have conducted my audit in accordance with the Australian National Audit Office Auditing Standards, which incorporate the Australian Auditing Standards.  These auditing standards require that I comply with relevant ethical requirements relating to audit engagements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain evidence about the amounts and disclosures in the financial statements.  The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.  In making those risk assessments, the auditor considers internal control relevant to the Department of Finance and Deregulation’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Department of Finance and Deregulation’s internal control.  An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Department of Finance and Deregulation’s Secretary as well as evaluating the overall presentation of the financial statements.

I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my audit opinion.

Independence

In conducting the audit, I have followed the independence requirements of the Australian National Audit Office, which incorporate the requirements of the Australian accounting profession.

Auditor’s Opinion

In my opinion, the financial statements of the Department of Finance and Deregulation:

  1. have been prepared in accordance with the Finance Minister’s Orders made under the Financial Management and Accountability Act 1997, including the Australian Accounting Standards; and
  2. give a true and fair view of the matters required by the Finance Minister’s Orders including the Department of Finance and Deregulation’s financial position as at
    30 June 2010 and its financial performance and cash flows for the year then ended.

Australian National Audit Office

Ian Goodwin's signature

Ian Goodwin
Principal Advisor
Delegate of the Auditor-General
Canberra
28 August 2010

Independent Auditor's Report PDF version [PDF Document 772 KB]

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