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Public Trustee

Functional responsibility

Public Trustee is a body corporate established pursuant to the provisions of the Public Trustee Act 1995.

The powers and functions of the Public Trustee are established by the Public Trustee Act 1995. Public Trustee administers the estates of deceased and protected people who require asset management assistance, prepares wills, provides investment services and arranges legal representation and advice. For information about Public Trustee’s objectives refer note 1 of the corporate financial report.


Financial statistics
Profit before income tax equivalents: $1.156 million
Fees and charges revenue: $21 million
   
Number of FTEs: 160.32
   
Number of estates under administration: 7626
Total value of trust funds under administration: $1379 million

Financial statement opinion
Unmodified

Financial controls opinion
Modified
Key issues:
  • Control self-assessment process weaknesses
  • Supporting documentation for client transactions not always adequately maintained
  • Segregation of duties for the estates financial system can be enhanced
  • Estates expenditure not always reviewed for appropriate authorisation prior to payment
  • Controls for the Shared Services SA main payroll system did not meet a generally satisfactory standard