Financial statements are reliable, but some internal controls can be improved
All financial reports in the transport sector are reliable and comply with relevant laws and standards.
The systems and processes (internal controls) used by transport entities to prepare financial systems are generally effective. However, the entities need to strengthen their controls over procurement (documenting conflict of interest declarations) and expenditure, payroll processes, the security of their information systems, and supplier and employee information.
The most common internal control weakness we continue to identify across the public sector relates to security of information systems and controls over supplier and employee information. Transport entities must put strong controls in place to protect their information and assets.