Rest Assured- November 2002

This newsletter comes midway through clearance of local authority annual reports. Implementation of FRS-3 "Accounting for Property, Plant & Equipment" has provided some challenges. The sector generally has coped well with the changes, with any issues along the lines discussed prior to the reporting round. This issue does "mop up" one of the areas that has received some media coverage - heritage assets. With the completion of the 2002 reporting round by end of November, focus will fall on implementation of the Rating Act. Many authorities are already anticipating the LG Bill's passage and we note some of the feedback received from and given to the sector. We also offer a "heads up" on new consultation techniques and Deputy Auditor-General Kevin Simpkins notes a new initiative in progressing verification of sustainable development reports. With the impending implementation of two significant new pieces of local government legislation, authorities and their auditors have much to discuss. We would welcome the opportunity to talk these issues over as the current audits are wrapped up and we meet for our annual exit discussions.

auditnz-lg-2002-11.pdf — PDF document, 295Kb