Audit of council and WBW to take about three months
AN audit into the finances of Fraser Coast Regional Council and Wide Bay Water is likely to take about three months, acting Local Government Minister Ian Walker said.
Mr Walker told the Chronicle the Queensland Treasury Corporation had already started gathering information for the credit reviews.
The Queensland Government announced the two audits last month after the council's bungled attempt to bring WBW back under its control as a commercial business unit and the departure of five members of the WBW board. It is understood the reviews are done annually on chosen councils.
Two other separate investigations are also expected to be carried out into finances of the two corporations.
The Queensland Audit Office will review a $73.5 million debt, created between the council and WBW, during its annual audit after a request from former WBW board member Geoff Skerritt.
The debt was created in 2011 by cancelling $73.5 million worth of shares held by the council and transferring their value as debt onto WBW's books.
Premier Campbell Newman has also ordered the Minister for Local Government to investigate state funding used to raise Lenthalls Dam.