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Insights from our report on prisoner rehabilitation and reintegration
Did you catch our first report to parliament for this financial year, Rehabilitating and reintegrating prisoners (Report 1: 2026–27)? While our audit focused on the correctional system, its findings offer broader lessons for public sector entities on using data to inform decision-making. Whether delivering frontline services, administering programs, or planning future investments, below we summarise 3 key takeaways from our audit.
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Should Australia develop a simpler, and better, reporting framework – particularly for entities that are not listed?
Each year, we publish a 3-year plan containing our proposed audit topics.
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 4 to 2.
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 to as cyber security.