Many people worked from home on a full-time basis due to the COVID-19 pandemic, and are now able to start returning to their workplaces. However, these workplaces are not the same environments they left.

Queensland Treasury Financial Reporting Requirements (FRRs) for 2019–20 are available on Queensland Treasury’s website: www.treasury

Appointing the right members to a council’s audit committee allows for informed, effective oversight. Effective audit committees have members with the right mix of skills and experience who understand the risks facing the entity.

For many entities, disclosure about the impacts of COVID-19 in this year’s financial report and annual report will be a key point of difference compared to previous years.

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 meant that QAO and most of our clients have had to significantly change the way they operate.

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.