Description

Early Close Procedures have been introduced to both facilitate earlier completion and improve the quality of year-end financial statements. This focus on improving the quality and timeliness of financial reporting is paying dividends. Agency and Audit Office feedback indicates Early Close Procedures have assisted in ensuring a smoother year-end process and more effective resolution of issues. Continued improvements by agencies has resulted in an unqualified Consolidated State Financial Statements audit opinion - a significant achievement. The focus going forward will remain on early identification of emerging issues and reducing misstatements and the underlying causes.