Our Commitment
Queensland Rail is committed to ensuring that its financial activities are undertaken in a manner that is appropriate, defensible and consistent with all statutory requirements, applicable accounting standards and Queensland Government requirements. Within these parameters, the Board determines the limits and requirements for financial activities within Queensland Rail and its subsidiary Queensland Rail Limited.
What we will do
To ensure Queensland Rail operates within the prescribed limits and requirements, we will:
satisfy the requirements prescribed in the Queensland Rail Transit Authority Act 2013 (Qld), Financial Accountability Act 2009 (Qld), Statutory Bodies Financial Arrangements Act 1982 (Qld), Corporations Act 2001 (Cth), the applicable Australian Accounting Standards, and Queensland Treasury Financial Reporting Requirements (FRRs)
ensure decisions relating to financial and accounting matters are prudent, well-informed, and compliant with all fiduciary responsibilities and statutory obligations
ensure the annual financial reports submitted to responsible Ministers are a fair, accurate and complete representation of the financial affairs of Queensland Rail (and its related entities) and have been audited by the Auditor-General of Queensland (Queensland Audit Office)
establish, maintain and comply with approved strategic and operational (operating) plans in accordance with the Queensland Rail Transit Authority Act 2013 (Qld) and Queensland Government requirements
provide appropriate guidance to all Queensland Rail employees, contractors and consultants about the broad financial disciplines that Queensland Rail is subjected to and the issues it encounters every day, including the imposition of limits where applicable
require personnel to observe all Board-imposed constraints on financial activities and the limits of financial delegations
undertake procurement activities with integrity using the most efficient business practices to achieve the best value outcomes, and
ensure all expenditure is reasonable, achieves optimum value-for-money outcomes and is able to withstand public scrutiny at all times.