Fraud and corruption risks are pervasive to all organisations, regardless of whether they operate in the public or private sector, or are for-profit or not-for-profit.
Financial loss is something entities clearly work hard to avoid, but if it does happen, entities can learn from their experiences and allow us to share common insights and advice with others.
Financial statements can be difficult to understand for those who don’t have a strong finance or accounting background.
As we finalise the audit of our clients’ financial statements, we will be communicating any misstatements the teams identify with them.
This blog post gives our audit clients some information about how we record material misstatements.
In this blog, we summarise Queensland Treasury’s major changes in its financial reporting requirements (FRRs) for this year.
In October 2023, Queensland Treasury (QT) released its latest audit committee guidelines for departments and statutory bodies.
What is risk appetite?
Risk appetite is used by organisations to drive decision-making, understand the extent of controls needed to manage risks, and assess how to take advantage of opportunities.
Queensland public sector entities, including local governments, occasionally make ex-gratia payments, sometimes called special payments, to terminated employees and third parties.
Each year, the Queensland Audit Office (QAO) holds an in-person and live-streamed event for all our clients’ chief financial officers, finance managers, and other staff involved in financial statement preparation.
The Queensland Audit Office (QAO’s) financial statement maturity model helps entities identify strengths and improvement opportunities in their financial reporting processes.