Periods of uncertainty can affect how public sector entities prepare and present their financial statements. To help entities navigate this, we recently published the fact sheet Financial reporting considerations in uncertain times. This blog highlights the main guidance it provides.
This blog is for preparers of financial statements for whole-of-government reporting entities, those charged with governance at those entities, and users of their financial statements.
Public sector entities must disclose the total remuneration they pay to key management personnel (KMP). Here are some practical tips to help you understand what to include and how to classify it in your disclosures.
The Queensland Audit Office reports to parliament reinforce a clear and consistent message: independence is a key driver of effective audit committees.
In September 2020, the Queensland Audit Office (QAO) tabled a report to parliament on Delivering successful technology projects (Report 7: 2020–21). Years have since passed, however our insights remain highly relevant.
Climate change is no longer a distant or emerging issue for the public sector. Extreme weather events, rising insurance costs, infrastructure damage, and increasing demand pressures are changing how public sector entities operate today.
Conflicts of interest are not uncommon on government boards. In fact, they are often a by‑product of appointing directors with the skills, experience, and sector knowledge needed to govern complex public entities. However, the same experience that adds value can also give rise to competing interests – actual, potential, or perceived. The risk for boards is not whether conflicts exist, but how they are managed.
Through our audits of major capital projects, the Queensland Audit Office (QAO) has developed insights to assist our auditors and clients in determining when to start capitalising project costs. This blog shares these insights as a guide and outlines how we will engage with our clients.
As the end of the year draws closer, now is the time to think about the fundamentals of your internal control environment and ensure staff working over the holiday break are fraud aware.
Major infrastructure projects are increasingly complex, relying on contractors with specialised skills to deliver on time and within budget.