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arrangements for the conduct of an election, or decided not to make arrangements, or the prescribed information was withdrawn.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.