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APPENDIXES
QUEENSLAND ART GALLERY ANNUAL REPORT 2007–08 97
REPORT ON THE FINANCIAL REPORT
I have audited the accompanying financial report of the Queensland Art Gallery
Board of Trustees, which comprises the balance sheet as at 30 June 2008 and
the income statement, statement of changes in equity and cash flow statement
for the year ended on that date, a summary of significant accounting policies,
other explanatory notes and the certificate given by the Chairman and the
Director.
The Board's Responsibility for the Financial Report
The Board is responsible for the preparation and fair presentation of the
financial report in accordance with prescribed accounting requirements
identified in the
Financial Administration and Audit Act 1977
and the
Financial
Management Standard 1997
including compliance with applicable Australian
Accounting Standards (including the Australian Accounting Interpretations).
This responsibility includes establishing and maintaining internal controls
relevant to the preparation and fair presentation of the financial report that is
free from material misstatement, whether due to fraud or error; selecting and
applying appropriate accounting policies; and making accounting estimates
that are reasonable in the circumstances.
Auditor's Responsibility
My responsibility is to express an opinion on the financial report based on the
audit. The audit was conducted in accordance with
Auditor-General of
Queensland Auditing Standards
, which incorporate the
Australian Auditing
Standards
. These Auditing Standards require compliance with relevant ethical
requirements relating to audit engagements and that the audit is planned and
performed to obtain reasonable assurance whether the financial report is free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about the
amounts and disclosures in the financial report. The procedures selected
depend on the auditor's judgement, including the assessment of risks of
material misstatement in the financial report, whether due to fraud or error.
In making those risk assessments, the auditor considers internal control
relevant to the entity's preparation and fair presentation of the financial report
in order to design audit procedures that are appropriate in the circumstances,
but not for the purpose of expressing an opinion on the effectiveness of the
entity's internal control, other than in expressing an opinion on compliance
with prescribed requirements. An audit also includes evaluating the
appropriateness of accounting policies and the reasonableness of accounting
estimates made by the Board, as well as evaluating the overall presentation
of the financial report and any mandatory financial reporting requirements as
approved by the Treasurer for application in Queensland.
I believe that the audit evidence obtained is sufficient and appropriate to
provide a basis for my audit opinion.
Independence
The Financial Administration and Audit Act 1977
promotes the independence
of the Auditor-General and QAO authorised auditors. The Auditor-General is
the auditor of all Queensland public sector entities and can only be removed
by Parliament.
The Auditor-General may conduct an audit in any way considered appropriate
and is not subject to direction by any person about the way in which audit
powers are to be exercised. The Auditor-General has, for the purposes of
conducting an audit, access to all documents and property and can report to
Parliament matters which in the Auditor-General's opinion are significant.
Auditor's Opinion
In accordance with s.46G of the
Financial Administration and Audit Act 1977
–
(a) I have received all the information and explanations which I have
required; and
(b) in my opinion -
(i) the prescribed requirements in respect of the establishment and
keeping of accounts have been complied with in all material respects;
and
(ii) the financial report has been drawn up so as to present a true and
fair view, in accordance with the prescribed accounting standards of
the transactions of the Queensland Art Gallery Board of Trustees and
the consolidated entity for the financial year 1 July 2007 to 30 June
2008 and of the financial position as at the end of that year.
D ADAMS CPA
as Delegate of the Auditor-General of Queensland
Queensland Audit Office
Brisbane
INDEPENDENT AUDITOR’S REPORT
To the Queensland Art Gallery Board of Trustees