| AASB | Australian Accounting Standards Board |
| ANAO | Australian National Audit Office |
| CEO | Chief executive officer |
| CFO | Chief financial officer |
| DPCD | Department of Planning and Community Development |
| DRP | Disaster recovery plan |
| KPI | Key performance indicator |
| KSAs | Key strategic activities |
| The Act | Local Government Act 1989 |
Entity |
Audit types |
Financial statements(a) |
Timeliness of audited financial statement completion | |||
|---|---|---|---|---|---|---|
Figure A1
VAGO reports on the results of the 2010–11 financial audits
Report |
Description |
|---|---|
Auditor-General's Report on the Annual Financial Report of the State of Victoria, 2010–11 |
This Part presents the results of our assessment of internal audit and internal controls over procurement and asset management in local government.
Most councils had implemented elements of better practice across internal audit, procurement and asset management, however, opportunities for improvement were identified. It was disappointing that five councils had not established internal audit functions.
All councils are required to report their actual performance against measures and targets associated with the Key Strategic Activities (KSAs) set out in their four year council plans. This requirement was introduced into the Local Government Act 1989 in 2003.
The financial sustainability of the 79 councils and 12 regional library corporations (RLCs) can be assessed by analysing their capacity to meet current and future expenditure as it falls due. The entities must also be able to absorb the effect of financial risks materialising, without significantly changing their revenue and expenditure policies.
This Part provides our insight into the financial sustainability using six indicators for councils and five indicators for RLCs.
This Part analyses the financial results of Victoria’s 79 local councils and 12 regional library corporations (RLCs).
This Part deals with the results of the audits of 79 local councils, 12 regional library corporations and 14 associated entities. The timeliness and accuracy of an entity's financial report is integral to the quality of financial reporting. This part compares financial reporting practices in 2010–11 against better practice and time lines, and with 2009–10 performance.
This report covers the results of the audits of 105 local government sector entities, comprising councils, regional library corporations, companies, trusts and joint ventures, as set out in Figure 1A. The 105 entities are named in Appendix B of this report.
Figure 1A
Local government reporting entities
Type of entity |
2010 |
2011 |
|---|---|---|
Councils |
This report covers the results of our financial audits of 105 entities within the local government sector, consisting 79 councils, 12 regional library corporations (RLCs) and 14 companies, trusts and joint ventures. It informs Parliament about significant issues arising from the audits of financial, standard and performance statements for 2010–11, and augments the assurance provided through audit opinions included in the entities' annual reports.