Legislative Council Fifty-First Parliament, Third Session (51-3) 51 3 Parliament of South Australia Legislative Council published Answers to Questions Auditor-General's Report AUDITOR-GENERAL'S REPORT The Hon. D.W. RIDGWAY Legislative Council Leader of the Opposition AUDITOR-GENERAL'S REPORT In reply to the Hon. D.W. RIDGWAY (Leader of the Opposition) (20 November 2007). The Hon. P. HOLLOWAY Legislative Council Minister for Mineral Resources Development, Minister for Urban Development and Planning, Minister for Small Business AUDITOR-GENERAL'S REPORT The Hon. P. HOLLOWAY (Minister for Mineral Resources Development, Minister for Urban Development and Planning, Minister for Small Business): The Auditor-General's comments relate to the observation that a reconciliation of the fixed asset system balance to the cumulative year to date and period end balance in the general ledger had not been prepared for the period following November 2006. I advise that over the same period monthly reconciliations were performed on transactions into the general ledger relating to fixed assets and appropriate and timely recognition of those assets was made to the fixed assets system. Accordingly, there has been no material misstatement in the financial reports prepared by the Department. Audit acknowledged that the cumulative year to date reconciliation substantiating the balances in the end of year financial statements was completed prior to finalisation of the annual audit of the financial statements. The timeliness of all reconciliations has now been addressed and processes are in place for the year to date and period end reconciliations to the general ledger to be conducted on a monthly basis.