Application:

This Small Agency Exemption Policy is issued as a direction to those ‘department heads’ and ‘statutory bodies’ listed in Schedule 2 and Schedule 3 of the Public Finance and Audit Act 1983 and amends the Internal Audit and Risk Management Policy for the NSW Public Sector (TPP 15-03) to exempt agencies which meet the requirements set out below from complying with TPP15-03 in respect only of 2017-18.

Requirements for exemption:

The agency:

• does not collect taxes on behalf of the NSW Government
• does not receive a direct appropriation from the Consolidated Fund
• is either not controlled or is an agency listed on the immaterial agencies list approved on an Annual Basis by the Deputy Secretary, Budget and Financial Management
• does not have annual revenue or expenditure exceeding $15m
• does not have financial assets exceeding $15m
• does not have liabilities exceeding $15m which would require compliance with TPP15-03 as an appropriate requirement
• is not a fund manager responsible for the administration and/or management of public monies
• has a risk register that indicates that their risks have been properly identified and that proper measures are in place and being monitored to manage those risks
• has been notified by Treasury that they have meet these requirements.

Key resource:

TPP15-03 Internal Audit and Risk Management Policy for the NSW Public Sector

Stewart Walters
Executive Director, Financial Management, Reporting and Analysis

Further Information:  Financial Management Policy - [email protected]  
NSW Treasury website:  www.treasury.nsw.gov.au/

Related Administrative Requirements:  TPP15-03 Internal Audit and Risk Management Policy for the NSW Public Sector