Note 21: Memorandum account
| Actual 2015/16 $000 | Actual 2014/15 $000 | Main Estimates* 2015/16 $000 | |
|---|---|---|---|
| Audit and assurance services | |||
| Balance at 1 July | 2,345 | 534 | 2,380 |
| Revenue | 78,335 | 78,314 | 75,222 |
| Expenses | (77,436) | (76,503) | (75,346) |
| Surplus for the year | 899 | 1,811 | (124) |
| Balance at 30 June | 3,244 | 2,345 | 2,256 |
* All Estimates information is unaudited.
The memorandum account summarises the accumulated surpluses and deficits incurred in the provision of audit and assurance services by the Office on a full cost recovery basis. These transactions are included as part of the Office's operating income and expenses in the surplus/deficit, but are excluded from the calculation of the Office's repayment of surplus (see Note 13). The cumulative balance of the surplus/deficit of the memorandum account is recognised as a component of equity (see Note 15).
The memorandum account assists the Office to manage fluctuating revenue flows and assist with keeping audit fees at reasonable levels over time. The memorandum account balance will be taken into account when setting audit fees in future years.