Audit Committee to examine Commonwealth Financial Statements

The Joint Committee of Public Accounts and Audit (JCPAA) has commenced an inquiry into the 2021-22 Commonwealth Financial Statements.

The Commonwealth Financial Statements are audited each year by the Australian National Audit Office (ANAO) to provide the Parliament with an independent examination of the Commonwealth’s accounts. The audit identifies financial statement risks, issues with governance arrangements, and any problems with the internal control frameworks of Commonwealth entities.

The Chair of the JCPAA, Mr Julian Hill MP, said that the JCPAA inquiry would examine the ANAO’s findings and engage with agencies mentioned in the audit.

‘This process is an important accountability and transparency mechanism whereby the Parliament can interrogate in detail issues raised by the Auditor-General regarding the financial statements of all Commonwealth entities,’ Mr Hill said. ‘The Committee looks forward to hearing about improvements agencies have made in response to the audit’.

The inquiry will examine Auditor-General Report No. 8 of 2022-23: Audits of the Financial Statements of Australian Government Entities for the Period Ended 30 June 2022.

The Committee invites submissions to the inquiry addressing the terms of reference to be received by Friday, 3 March 2023. Details of the inquiry – including the terms of reference and public hearings – will be made available on the Committee website.

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