Effective audit committees are integral to good governance over public sector entities. While many public sector entities now have audit committees in place, how effective are they?
Do you have a peppercorn lease? Peppercorn leases are leases with nominal rent. This might be $1, or even as low as a peppercorn.
Impairment (the provision for doubtful debts) aims to ensure the carrying amount of loans/other financial assets aren't overstated.
Classifications will be reduced from four to two.
Not-for-profit entities were given an extra year to get ready for these new standards. Don’t waste the benefit, as you will need to deal with both these standards, and at the same time deal with the new leasing standard AASB 16.
This checklist covers some key questions you should consider.
Regarding your entity and the transition to AASB 15 Revenue and AASB 1058 Income of Not-For-Profit Entities:
As technology opens doors for increased efficiency, connectivity and sharing, it opens our work and home to cyber risk. The controls we implement to address these cyber risks are often referred as cyber security.
We have a fraud risk susceptibility framework that can help with conducting fraud risk assessments.
