About 10 per cent of all debts owed to the territory have been at risk of not being collected and there is no evidence a whole-of-government review announced by former ACT chief minister Jon Stanhope in 2007 was ever completed.

The report by Auditor-General Maxine Cooper, released on Wednesday night, found better management was needed after at least $72.4 million in debts went uncollected since 2009-10.

The audit found overdue debts had increased from $60 million in 2009-10 to $75 million in 2013-14.

At the end of the 2014 financial year, the territory was owed $381.3 million in unpaid debt, down from $534 million a year earlier.

Debts can be written-off, waived and impaired, leading to "cash leakages" from government revenue. Last financial year, a total of $39.4 million in debt fell into these categories, but the report found the majority of ACT government entities have not waived any debts since 2009.

The Commerce and Works, Environment and Sustainable Development and Justice and Community Safety directorates waived a combined $5.2 million in debts.

"Overdue debts, particularly those of 60 days or more, warrant consideration in the proposed review as the longer a debt is overdue the higher the risk of it not being recovered," Dr Cooper said.

"While the value of debts of 60 days or more has fluctuated in the last five years, overall there has been a 25 per cent increase. While a review is called for, within the current arrangements, there are sound procedural and administrative processes for debt management for the five ACT government entities subjected to detail analysis."

The report considered government directorates including Commerce and Works, Community Services, Environment and Sustainable Development, Justice and Community Safety and Territory and Municipal Services.

Dr Cooper called for increased use of payment incentives, credit checks and debt collection agencies to recover funds owed to the government by organisations and individuals.

The report also found the ACT's Public Trustee, ACT Public Cemeteries and the Independent Competition and Regulatory Commission had no debt management policies or guidance in place.

Debt collectors are currently used by the Territory and Municipal Services and the Environment and Sustainable Development directorates.

Recommendations from the report include periodic reviews of financial instructions and changes in debt management practices.

Dr Cooper called for a whole-of-government review co-ordinated by the Chief Minister, Treasury and Economic Development directorate to consider consolidation of debt management responsibilities, better co-ordination of collection and recovery efforts and improved information sharing.

No ACT government agencies responded to the draft report.

A spokesman for Chief Minister Andrew Barr said Head of Service Kathy Leigh would be asked to review debt management.

Some debt management practices have been improved including for the Multicultural Festival, waste management and property sales.

"It is important to note that the decision to waive debt is not taken lightly and is also often due to government policy decisions," the spokesman said.

"An example of this is the March 2014 stimulus package to support the building and construction industry in the ACT. This government stimulus package provided waivers for extension of time to build fees and the lease variation charge.

"Another example of the provision of waivers is payroll tax waivers that are provided to local organisations and businesses to reflect the contribution that these entities provide the ACT, through cultural engagement and economic multipliers."

Opposition treasury spokesman Brendan Smyth said Mr Barr was guilty of "taking its eye off the ball" on debt management and a review was needed.

"What we now see is a mish mash of systems. Why would people pay their debts when they know they've got a government that doesn't do the job and doesn't monitor this properly?"