Note 21: Explanation of significant variances against the Main Estimates

Explanations for major variances from the Office's Main Estimates figures in our Annual Report 2013/14 are as follows:

Statement of comprehensive revenue and expense

Actual audit fee revenue was higher than the Main Estimates by $2.7 million. The increase was due to 2013 schools' audit revenue being deferred into 2014/15 as a result of continued delays in audits arising from Novopay, and an allowance for arrears and other work completed by contracted audit service providers.

Statement of financial position

Debtors and other receivables are $2.7 million higher than the Main Estimates, mainly due to timing of billing of fees for audits of Councils' long term plans.

Net assets are $2.3 million higher than the Main Estimates, a reflection of the funds now retained in the memorandum account.