Statement of contingent liabilities and contingent assets

This statement discloses situations that existed at 30 June 2008, the ultimate outcome of which is uncertain and will be confirmed only on the occurrence of one or more future events after the date of approval of the financial statements.

Contingent liabilities

The Office did not have any contingent liabilities as at 30 June 2008 (nil as at 30 June 2007).

There is potential for claims to arise against the Office because of defalcations and other losses within entities of which the Auditor-General is the auditor. No demands for compensation have been made by any party as at the date of these financial statements. It is therefore impracticable to estimate any potential financial effect. The Office has professional indemnity insurance.

Contingent assets

There were no contingent assets as at 30 June 2008 (nil as at 30 June 2007).

The accompanying notes form part of these financial statements.