Audit committees are typically assigned a broad range of responsibilities under their charters.
The Australian Accounting Standards Board (AASB) is reviewing financial reporting requirements for the public sector.1, 2
Simplifying financial reporting is an ongoing process of change.
Each year financial reporting teams, audit committees and auditors should work together to identify new areas for improvement and focus.
We sometimes assess how effective entities are in monitoring and managing major projects and programs. For example, we may look at how effective an entity is in monitoring progress, and managing situations when things don’t go to plan.
Each year, the Queensland Audit Office (QAO) measures the timeliness and quality of public sector financial statements.
We report on the results of these measures to parliament.
Long-term contracts need to be well managed, so agencies can realise the expected benefits.
A key element of effective audit committees is the existence of a strong and robust relationship with external audit.
This relationship should be built on open, regular and frank communication between the committee and the auditors.
Our audits tell us that many executives lack access to the right information when making decisions.
Regulatory compliance is an entity's adherence to laws, regulations, policies and guidelines relevant to its business processes.
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