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Home News WA Auditor-General slams financial errors by agencies
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TAGS Colin Murphy, Finance, financial management, Western Australia
The WA Auditor-General says errors worth $350 million are “disappointing”, calling for looser reporting standards for small agencies in a damning report.
Western Australian Auditor-General Colin Murphy has slammed the number of errors in agency financial statements in a report released Wednesday, identifying $351 million worth of mistakes.
Net government assets were overstated by $132 million and the surplus by net $69 million. Because agencies failed to note these errors during the year, corrections were only made after the end of the financial year. Murphy stated:
“Unfortunately, because agencies did not identify these during the year, it was not until well after year-end that these errors were recognised and corrected and a more accurate understanding of the State’s financial result could be obtained.”
There were 474 financial and management control weaknesses reported in 2013-14, including an increase in the number considered “significant” to 78.
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David Donaldson is a journalist at The Mandarin based in Melbourne. He's previously written for The Guardian and Crikey and holds a masters in international relations.
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