COVID-19 has affected the cash flows of many public sector entities. Their ability to earn revenue may have decreased, potentially permanently, and they are implementing cost reduction strategies.
We have experienced COVID-19 impacts on working arrangements, our community, and the economy. These impacts may result in material changes to the financial performance and position of many public sector entities.
Financial uncertainty, disrupted working arrangements, and health concerns are creating stress within workforces and impacting the future of organisations globally.
COVID-19 has brought volatility to the value of many investments, including those of public sector entities.
COVID-19 has been testing the resilience and agility of entities as they tackle looking after their people and managing sustainable operations. The health crisis also impacts many entities’ internal control environments and financial results.
Security organisations have observed a significant increase in attacks by criminal hackers who are attempting to take advantage of the extraordinary circumstances the COVID-19 crisis presents.
This article considers some of the issues arising from the current COVID-19 (coronavirus) pandemic in determining fair value for financial reporting.
Most entities have recently made changes to their internal controls in response to COVID-19, including expanding work from home arrangements to support social distancing requirements.
Frauds are continuing to occur in the Queensland public sector. Over the last 18 months alone, successful frauds have resulted in losses of over $2.2 million.