Auditor-General's report published, Being accountable to the public

The Auditor-General’s report Being accountable to the public: Timeliness of reporting by public entities was presented to the House of Representatives this afternoon. It can be viewed on our website: http://www.oag.govt.nz/2015/timeliness

This report takes a “snapshot” of how well public entities met their reporting deadlines during 2013/14. It sets out the results of that analysis and discusses why some entities are not meeting their obligations.

Most public entities meet their deadlines for reporting. The entities that don’t meet their reporting deadlines tend to be small entities or subsidiaries. It is clear that some public entities need to give greater priority to meeting their reporting obligations. Some public entities are struggling, sometimes because of limited capability or capacity to prepare financial statements and performance reports that comply with generally accepted accounting practice.

Recent reforms mean that some subsidiaries will not be required to report separately. This, coupled with the introduction of tiered reporting, should reduce the demands on smaller entities.

ENDS

© Scoop Media