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This report focuses on key observations and common issues identified from our financial, performance and compliance audits in 2016, and identifies examples of good practice. It also looks forward to where we will focus our efforts in 2017.

We have summarised our observations and findings for 2016 in four chapters:

• Financial Performance and Reporting

• Financial Controls

• Governance

• Service Delivery

Key observations and common issues identified across several agencies will often apply more broadly across the NSW public sector. For this reason, we hope this report is a useful tool for agency management and Audit and Risk Committees to assess our observations and common issues and consider the impact on their agencies. The report provides links to other reports and refers to other useful reference material. Our financial audits provide independent opinions on NSW agencies’ financial statements. They consider whether agencies have complied with accounting standards, relevant laws, regulations and government directions. They also identify and report internal control weaknesses and matters of governance interest, and make recommendations to address deficiencies.

Our performance and compliance audits build on the financial audits by reviewing and concluding on whether taxpayers’ money is being spent efficiently, effectively, economically and in accordance with the law.

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