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    10.2 Reporting requirements

    The FPMS (which is subordinate legislation under the FAA) deals with corporate governance issues and applies to statutory bodies unless a section states that it applies to departments or accountable officers only. Statutory bodies are to comply with this standard, which lists at Section 15(1) the systems for managing resources that they are required to have in place:

    1. revenue management system
    2. expense management system
    3. asset management system
    4. cash management system
    5. liability management system
    6. contingency management system
    7. financial information management system
    8. risk management system.

    The FAA and the FPMS specify that statutory bodies must prepare annual financial statements which must be given to the Auditor-General in sufficient time to allow an audit to be completed and the financial statements certified within a two month period.1 Statutory bodies are also required to furnish to the appropriate Minister an annual report, and the Minister is required to table the report in Parliament within three months of the end of the reporting year. The Minister may extend the three month period by written notice.

    The Department of the Premier and Cabinet's Agency Planning Requirements provides Queensland Government departments and statutory bodies with a detailed overview of the provisions and processes for preparing strategic, operational and specific purpose plans.

    Each financial year the Auditor-General must, under Section 40 of the A-G Act, audit all ‘public sector entities’ except for any public sector entities which are exempted under a specific regulation pursuant to Section 31 of the A-G Act. The A-G Act defines ‘public sector entity’ as a department, local government, statutory body or a Government Owned Corporation, or an entity controlled by one or more other public sector entities. The A-G Act also allows (Section 35) for the Legislative Assembly, by resolution, to request the Auditor-General to conduct an audit of a matter relating to the financial administration of a public sector entity. Further, under Section 36, the Auditor-General may audit an entity that is not a public sector entity at the request of a Minister or a public sector entity however, only if the entity agrees to the audit.

    Under Section 40(3) of the A-G Act, the auditor's report about the financial statements of a statutory body must state whether:

    • the Auditor-General has received all the information and explanations required by him
    • the Auditor-General considers the prescribed requirements in relation to the establishment and keeping of accounts have been complied with in all material respects.

    1. The Treasurer has the power to approve an extension to this timeframe in certain circumstances.

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    Last updated:
    18 May, 2016
    Last reviewed:
    29 July, 2010