Section 16(3) of the Financial and Performance Management Standard 2019 requires the accountable officer or statutory body to notify the Auditor-General of a material loss. Material loss is defined in the schedule as:
- for property that is money—a loss of more than $500
- for other property—a loss valued by the accountable officer of the department or the statutory body at more than $5,000.
Section 307A of the Local Government Regulation 2012 requires the chief executive officer to notify the Auditor-General of a material loss that is a reportable loss. Material loss and reportable loss are defined as:
Material loss, for an asset belonging to a local government, means:
(a) for money—a loss of more than $500
(b) for any other asset—a loss valued by the chief executive officer at more than $1,000.
Reportable loss, for an asset belonging to the local government, means a loss resulting from:
(a) the commission of an offence under the Criminal Code or another Act
(b) the corrupt conduct of a councillor, local government employee or local government worker
(c) conduct of a contractor of the local government that would be corrupt conduct if the contractor were a councillor, local government employee or local government worker.