One of our concerns in the public sector is the whole matter of environmental obligations, including contaminated sites. Very little work has been done on the accounting aspects of this issue and we've decided to start our consideration in anticipation of an exposure draft. This year our focus is simply on identifying the nature and type of possible environment obligations, so that we can plan future work in this area and respond more constructively to the exposure draft. Our SOE's audit brief referred to a requirement to comply with the OAG general policy on Identification of Environmental Obligations , which we'd planned to issue in February. In An Annual Report We've recently received enquiries relating to additional information contained in an Annual Report, and believe that it would be useful to remind you of our duties as auditors.
Compliance is therefore mandatory.
Follow-up on Unpresented Financial Statements Our data base cleanup has identified audit arrears resulting from entities failing to submit financial statements for audit. All Audit Service Providers are expected to remind entities that they have a statutory obligation to present financial statements for audit within the appropriate time frame. One element of our involvement has been to be part of an international working party tasked with developing audit guidelines on the Audit of Privatisations . That task has now been completed and the booklet is now available. The guidelines follow a simple style and cover Trade Sales, Management Buyouts, Flotations and Auctions, to name some examples of chapter headings.