The Government Sector Finance Act (the Act) introduces a greater focus on performance, transparency, accountability, and efficiency with respect to financial management in the government sector.
The Act was assented in October 2018, with staged commencement its provisions over five key phases. The principles outlined in the Act will be supplemented by regulations and Treasurer’s Directions.
Phase 2 commenced 1 July 2019. Provisions of the Act in Phase 2 include:
WHAT OUR CLIENTS NEED TO DO
Take action to address the requirements of Phase 2, as follows:
All GSF Agencies are also required to keep up to date regarding Treasurer’s Directions and Treasury Policies and Procedures (TPPs).
HOW WE CAN HELP
The Auditor-General identified incorrect application of Phase 1 requirements as the root cause for some errors identified within the State’s 2018-19 consolidated Financial Statements.
Centium can offer fiduciary reviews to assess whether policy frameworks and controls are operating in line with current GSF Act Provisions. Such reviews can also incorporate an assessment of agency policies and controls against future phases to assist our clients with their preparation.
Our team includes several accounting and financial specialists who can provide guidance and advice regarding the application of Australian Accounting Standards, the Acts and TPPs.
For more information regarding Phase 2 requirements, please do not hesitate to contact Penelope Corkill, Director Risk & Assurance.