tailieunhanh - AUDITOR-GENERAL’S REPORT FINANCIAL AUDITS Volume One 2010 The Legislative Assembly Parliament_part4

Đề án đã vượt trội so với điểm chuẩn mỗi năm. Những tổn thất đầu tư phát sinh trong năm 2008 và 2009 phù hợp với hiệu suất kém trong thị trường tài chính toàn cầu. | Workers Compensation Nominal Insurer trading as The NSW WorkCover Scheme The Scheme has outperformed its benchmark each year. The investment losses incurred in 2008 and 2009 were consistent with the poor performance in global financial markets. Creditworthiness of the Scheme s Investments Cash and interest bearing investments comprise 65 per cent of the Scheme s investments. An investment s credit rating is a key measure of its creditworthiness or likelihood of default . Credit ratings of the Scheme s cash and interest bearing investments at 30 June were At 30 June 2009 2008 RATING AAA aaa 64 82 AA Aa 13 13 A A 20 5 BBB 3 -- TOTAL 100 100 Source WorkCover New South Wales Annual Report. Investments rated BBB- and above are considered investment grade. There has been a decrease in the Scheme s holding of AAA rated investments as a result of the global financial crisis as credit ratings for many financial institutions fell. The Scheme has not incurred any direct losses as a result of entities collapsing since the global financial crisis began in 2007. Lower rated investments are more susceptible to adverse changes in issuer circumstances and economic conditions which may impact the value of the investment. OTHER INFORMATION Inadequate Processes within a Scheme Agent The Scheme operates through seven Scheme Agents who issue policies collect premiums and process claims. Financial information from the Scheme Agents is aggregated and included in the Nominal Insurer s financial report for revenues expenses assets and liabilities. The auditors of one of the Scheme Agents were unable to confirm that exceptions identified during their audit did not have a material impact on some of the Agent s balances provided to the Scheme. The Scheme is monitoring the corrective action taken by the Scheme Agent to address the causes of these exceptions. The exceptions were not material to the Scheme s financial report. Workers Compensation Legislation Amendment Financial Provisions Act .