Inquiry to Financial Audit of VAGO 2012

Report

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The Committee tabled its Report on the Appointment of a Person to Conduct the Financial Audit of the Victorian Auditor-General's Office under Section 17 of the Audit Act 1994 in Parliament today, 23 May 2012.

You can find the report pdf here 432.35 Kb .

Financial Audit

Victorian Auditor-General's Office - Financial Audit 2012

 

Access the Tender Brief and Conditions  here (pdf191.97 Kb) .

Questions and Answers

Clarification Point No. 1 - Date: 20 April 2012

Question:

Page 3 of the Tender Brief refers to one of the roles of the financial auditor as: "meet on a regular basis with the VAGO Audit Committee to discuss, clarify and resolve issues and findings."

  1. What is meant/expected by "on a regular basis", how often or how many times each year?
  2. Would meeting say up to three times a year meet this expectation i.e at the Planning stage, then on completion of the interim audit and then a final meeting at the end of the audit?

Answer:

  1. As an indication, based on the past two financial years' attendances, a financial auditor is expected to attend at least two formal VAGO audit committee meetings.
  2. An allocation of up to three formal meetings a year with VAGO's Audit Committee will meet this expectation, however, as a matter of good practice, the financial auditor should make provision for accessing the Audit Committee on an as needs basis also, outside formal meetings.