AASB | Australian Accounting Standards Board |
AG Act | Auditor General Act 2006 |
ARSF | Annual Report on State Finances |
AUASB | Auditing and Assurance Standards Board |
Clear opinion (or unqualified opinion) |
Auditor General’s opinion expressed when an audit concludes that in all material respects the financial statements, controls and KPIs are presented fairly in accordance with the enabling legislation of the entity, Australian Accounting Standards (including Australian Accounting Interpretations) and the Treasurer’s Instructions. |
Contract audit | Audit of an entity undertaken by an appropriately qualified individual or firm, on behalf of the Auditor General, appointed under a contract. |
Entity | Term used to describe entities audited by the Auditor General, including departments, statutory authorities, corporations, subsidiaries, request audits and cemetery boards. |
Financial audit | Work performed to enable an opinion to be expressed regarding a report about financial or performance matters prepared by the party who is accountable for the financial transactions or the performance summary. |
FM Act | Financial Management Act 2006 |
IS | Information systems, primarily computerised systems |
KPI | Key performance indicator – information about critical or material aspects of service performance or outcome achievement. |
Management letter | Letter to entity management that conveys significant audit findings and results of the audit. A copy is also sent to the responsible Minister. |
Materiality | The characteristic based on the size and/or nature of an omission or misstatement of accounting, performance or compliance information that, in the light of context or circumstances, has the potential to adversely affect the economic decisions of users of the information or the discharge of accountability by senior management. |
Matter of Significance | An item of concern in relation to an entity’s financial statements, key performance indicators or controls which does not warrant a qualified opinion. |
MOG | Machinery of Government, refers to 1 July 2017 amalgamations of government departments and statutory authorities |
OAG | Office of the Auditor General, Western Australia |
Qualified opinion | Auditor General’s opinion expressed when an audit identifies that the financial statements or KPIs are likely to be misleading to users, controls were inadequate, there was material conflict with applicable financial reporting frameworks or a limitation of scope on audit work. |
SCI | Statement of Corporate Intent |
Significance | Relative importance in the circumstances, in relation to audit objectives, of an item, event or information, or problem the auditor identifies. |
TI | Treasurer’s Instructions – prescribed requirements for financial administration at a minimum level that have the force of law and must be observed by public sector entities under the FM Act. |
Treasury | Department of Treasury |