The ROC aims to ensure that annual returns and financial reports are assessed in a timely manner, and that elections and auditor registrations are finalised in a timely manner. In 2017-18, all timeliness targets were improved upon.

Financial reports, annual returns and elections were previously regulatory functions of the FWC and transferred to the ROC on 1 May 2017. Consequently, comparisons in the tables below include comparisons with the FWC service standards where relevant.

Financial reports

Our service standard for financial reports is that of those lodged under the RO Act, 95% are assessed for compliance within 40 working days. Assessing a financial report for compliance means that the financial report has been reviewed against a primary review checklist or an advanced review checklist (see How we add value to organisations). The primary and advanced review checklists are published at the ROC website .

Table 16: Performance of financial reports function against timeliness target

Year and agency	Number assessed	Number within KPI	Result
2017-18 ROC	369	369	100%
2016-2017 FWC/ROC	375	375	100%
2015-2016 FWC	391	391	100%

Annual returns

The service standard for annual returns of information required to be lodged under the RO Act is that 95% of those lodged are assessed for compliance within 40 working days. Assessing an annual return for compliance means that the annual return of information lodged by the organisation has been assessed against the ROC checklist for compliance with the RO Act. The annual return checklist is published at the ROC website .

Table 17: Performance of annual returns function against timeliness target

Year and agency	Number assessed	Number within KPI	Result
2017-18 ROC	109	109	100%
2016-2017 FWC/ROC	109	109	100%
2015-2016 FWC	113	109	96%

Elections

The service standard for prescribed information for elections lodged by registered organisations or their branches is that 95% are dealt with within 40 working days. Dealing with prescribed information for elections means that the Commissioner (or Delegate) made arrangements for the conduct of an election, or decided not to make arrangements, or the prescribed information was withdrawn.

Table 18: Performance of election function against timeliness target

Year and agency	Number dealt with	Number within KPI	Result
2017-18 ROC	211	210	99%
2016-2017 FWC/ROC	223	221	99%
2015-2016 FWC	214	211	98%

Registration of auditors

The service standard for applications for registration by auditors is that 95% are dealt with within 40 working days. Dealing with applications for registration means that the Commissioner (or Delegate) registered an auditor, or decided not to register an auditor, or the application was withdrawn.

Table 19: Performance of the registration of auditors function against timeliness target

Year and agency	Number dealt with	Number within KPI	Result
2017-18 ROC	81	80	99%
May-June 2017 ROC	188	188	100%

In addition to surpassing all of our timing targets in 2017-18, comparison with previous years shows continuous improvement in the assessment of annual returns and dealing with elections, plus constant achievement of 100% timeliness for the assessment of financial reports. Dealing with applications for registration of auditors within 40 working days fell from 100% to 99%. This was a result of one application, where a hearing was required to be held under s. 255D of the RO Act and, to ensure due process and a fair hearing for the applicant, the timeline was extended beyond 40 working days. Our ability to meet or improve upon our timing targets means that documents lodged by organisations are promptly assessed and published, ensuring 'real time' transparency of lodged information.