Annual Financial Statements

2.4	Introduction The University is required to produce an annual report, which incorporates financial statements comprising: Statement of Financial Performance; Statement of Financial Position; Statement of cashflows; Notes to and forming part of the financial statements; Certificate signed by the Chancellor and the Vice-Chancellor. The format for the statements is prescribed by the Commonwealth Government Department of Education Science and Training (DEST).
	Principles The financial statements are prepared on an accrual basis and on the basis of historical costs except where stated and do not reflect changing money values. The University will prepare annual financial statements for each twelve month period ending 31 December for incorporation in the Annual Report for submission to the appropriate Minister of the State. Draft statements will be submitted to representatives of the Office of the Auditor General by 14 February each year and to the Audit Committee and Resources Committee at their first meeting of the calendar year. The Audit Committee has prime responsibility for reviewing the quality of the financial statements and recommending them to Council for approval. Financial information from controlled entities will be submitted not later than 31 January each year for inclusion in the financial statements of the University.
	Procedure 2.4.1 In November of each year the Director, Financial Services will prepare a timetable for closure of the annual accounts, outlining timelines and responsibilities for completion of tasks. 2.4.2 The timetable will be communicated to personnel identified for completion of tasks not later than 30 November. 2.4.3 Notification will be made by the Director, Financial Services to faculty/divisional personnel not directly related to the year end process to ensure that cut off dates are observed and year end data is available when requested. 2.4.4 Notification will be made by the Director, Financial Services to personnel in controlled entities outlining cut off dates for submission of data. 2.4.5 Progress on tasks allocated will be monitored by the Director, Financial Services to ensure that deadlines are met. 2.4.6 Draft financial statements will be compiled and submitted to a representative of the Office of the Auditor General at the earliest opportunity but not later than 14 February. 2.4.7 Draft financial statements (unaudited) will be submitted to the Audit Committee and the Resources Committee at their first meeting of the calendar year (February/March). 2.4.8 The draft financial statements will be accompanied by - i. .a narrative report, drawing attention to items of interest and foreshadowing any issues which may be contentious from an audit view point. ii. a management representation letter. 2.4.9 Changes arising from review by the Audit Committee and Resources Committee will be reflected by amendment of the statements and notified to the Office of the Auditor General. 2.4.10 Agreed changes arising from review by the Office of the Auditor General will be reflected by amendment of the statements and will be reported to the Audit Committee and Resources Committee. 2.4.11 Copies of the financial statements will be provided to DEST not later than 30 June each year. 2.4.12 Financial statements will be made available in electronic form and sent to the Public Affairs and Alumni Office for incorporation in the Annual Report.