The ROC aims to ensure that financial reports and annual returns are assessed, and elections and auditor registrations are finalised, in a timely manner. In 2016–17 all timeliness targets were met or exceeded. In particular, the target for the assessment of annual reports has significantly improved over recent years.
Financial reports, annual returns and elections were previously functions of the FWC and transferred to the ROC on 1 May 2017. Performance for these activities is reported for the full 12 months. Performance by the FWC and the ROC in 2016–17 is compared against the previous two years performance by the FWC. The registration of auditors is a new function, not previously performed by the FWC. This activity is reported for the two month period of May–June 2017 only.
Financial reports
The service standard for this is 95% of financial reports required to be lodged under the RO Act are assessed for compliance within 40 working days.
A financial report assessed for compliance means that the financial report has been reviewed against a primary review checklist or an advanced review checklist. The primary and advanced review checklists are published on the ROC website
.
Table 14: Performance of financial reports function against
timeliness targets
Year and agency |
Number assessed |
Number within KPI |
Result |
2016–17 FWC/ROC |
375 |
375 |
100% |
2015–16 FWC |
391 |
391 |
100% |
2014–15 FWC |
392 |
377 |
96% |
Annual returns
The service standard for this is 95% of annual returns are assessed for compliance within 40 working days.
An annual return assessed for compliance means that an annual return of information lodged by an organisation has been assessed against the checklist for compliance with the RO Act. The annual return checklist is published on the ROC website
.
Table 15: Performance of annual returns function against timeliness
targets
Year and agency |
Number finalised |
Number within KPI |
Result |
2016–17 FWC/ROC |
109 |
109 |
100% |
2015–16 FWC |
113 |
109 |
96% |
2014–15 FWC |
101 |
90 |
89% |
Elections
The service standard for this is 95% of prescribed information for elections are finalised within 40 working days.
Finalisation of prescribed information for elections means that the Commissioner (or delegate) has made arrangements for the conduct of an election, or has decided not to make arrangements, or the prescribed information has been withdrawn.
Table 16: Performance of elections function against timeliness
targets
Year and agency |
Number finalised |
Number within KPI |
Result |
2016–17 FWC/ROC |
223 |
221 |
99% |
2015–16 FWC |
214 |
211 |
98% |
2014–15 FWC |
234 |
227 |
97% |
Registration of auditors
The service standard for this is 95% of applications for registration by auditors are finalised within 40 working days.
Finalisation of applications for registration by auditors means that the Commissioner (or delegate) has registered an auditor, or has decided not to register an auditor, or the application has been withdrawn.
Table 17: Performance of Registration of auditors function against
timeliness targets
Year and agency |
Number finalised |
Number within KPI |
Result |
2016–17 ROC |
188 |
188 |
100% |