Audit of Journal Entries and Property, Plant and Equipment Using Data Analytic Procedures

Report 13: 19 July, 2017

Background

At 30 June 2016, property, plant and equipment reported in the Annual Report on State Finances, totalled over $97 billion, excluding land. Agency staff and systems process tens of millions … Read more →

What we did

Our objective was to analyse agencies’ accounting general journal entries, and property, plant and equipment transactions, excluding land, to identify potential fraud, errors or omissions, and to identify weak controls … Read more →

Conclusion

We found no evidence of fraud at any of the 6 agencies. However, we did identify minor errors and a need for improved controls in relation to property, plant and … Read more →

What did we find?

Property, plant and equipment From our testing of property, plant and equipment, we found a small number of errors and a need for improved related controls, though we found no … Read more →

Recommendations

All agencies should ensure that they maintain the integrity of their financial control environment and their key financial and operational databases by: a. periodically reviewing and updating policies and procedures, … Read more →

Agency responses

Agencies in our sample generally accepted our findings and, where applicable, agreed to implement our recommendations to avoid recurrence.

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