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This month's featured article
Why audit committee independence matters more than ever
The Queensland Audit Office reports to parliament reinforce a clear and consistent message: independence is a key driver of effective audit committees.
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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.
Classifications will be reduced from 4 to 2.
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.
AASB 15 applies to both for-profit and not-for-profit entities. For-profit entities must apply AASB 15 for financial years beginning on, or after, 1 January 2018.
Impairment (the provision for doubtful debts) aims to ensure the carrying amount of loans/other financial assets aren't overstated.