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AASB and AUASB joint publication: The Impact of COVID-19 on Going Concern and Related Assessments
The AASB and the AUASB have released a joint publication ‘The Impact of COVID-19 on Going Concern and Related Assessments’. It provides an overview of directors’ and management’s:
- duties in relation to assessments of solvency and going concern, how these concepts interact, and how these may be impacted by COVID-19; and
- responsibilities to assess whether the going concern basis of preparation is appropriate and how this impacts the preparation of and the disclosures in their financial statements.
While the publication was prepared in response to the economic impact of COVID-19 and the associated additional solvency and going concern issues that entities may be facing, it is also relevant for other circumstances where solvency and/or going concern issues arise.
The publication should be read in conjunction with the previously released IAASB Staff Audit Practice Alert ‘Going Concern in the Current Environment – Audit Considerations for the impact of COVID-19’.
The AASB’s Coronavirus (COVID-19) Guidance page includes helpful links to relevant publications to support entities assess the impact of COVID0-19 on their financial statements.
Publications by the NSW Independent Commission Against Corruption
Supplier due diligence: a guidance for NSW public sector agencies
The NSW Independent Commission Against Corruption (ICAC) has recently released a new guide ‘Supplier due diligence: a guide for NSW public sector agencies’ (the Guide). The Guide examines what due diligence is, why it is important, when and how it should be performed, and by whom.
The Guide notes that supplier due diligence is important for ensuring value for money, preventing corrupt conduct, maintaining trust in public administration, and complying with legal and regulatory expectations. It also advises that checks may need to occur further along the supply chain if it extends into countries where dishonest and illegal business practices are common.
The Guide suggests agencies adopt a flexible, tiered, risk-based approach, rather than prescribing specific due diligence activities that ought to be carried out for each type of procurement such as:
- tier 1 baseline checks – applies to any supplier regardless of the value or nature of procurement and the check is performed prior to being added as a vendor
- tier 2 intermediate checks – includes tier 1 checks and additional checks based on risks of supplier and procurement type
- tier 3 advanced checks – includes tier 1 and 2 and is aimed at high-risk suppliers and procurement types.
It also provides guidance on practical issues that will arise during the due diligence process including:
- who should carry out the checks
- whether to outsource the due diligence process
- use of prequalification schemes and panels
- use of watchlists and do-not-engage lists
- monitoring subcontractors and supply chains
- post-engagement due diligence
- monitoring procurement by credit card.
While the guide is not mandatory for the NSW public sector, ICAC encourages agencies to have procedures in place for conducting supplier due diligence to ensure public money is put to its best use.
Managing Corrupt Conduct During the COVID-19 Outbreak
ICAC has released guidance on Managing corrupt conduct during the COVID-19 outbreak (the Guidance). The Guidance includes:
- information on corruption trends during periods of disruption and economic downturn
- risks associated with working from home
- risks associated with procurement and purchasing
- risks associated with cyber fraud and online hoaxes
- risks associated with stimulus funding and new programs.
The Guidance has been issued to draw attention to the fraud and corruption risks that arise during periods of disruption and economic downturn and identify potential measures that may assist agencies in protecting government funds.
COVID-19 Legislation Amendment (Emergency Measures) Act 2020
The COVID-19 Legislation Amendment (Emergency Measures - Treasurer) Act 2020 was assented on 14 May 2020 to amend legislation administered by the Treasurer to implement emergency measures as a result of the COVID-19 pandemic.
The amendments, included in the newly added Schedule 2 ‘Provisions for COVID-19 pandemic’ to the Government Sector Finance Act 2018 (GSF Act), include:
- modifying the operation of the GSF Act, the Public Finance and Audit Act 1983 (PF&A Act), and the two Annual Reports Acts to extend certain budgetary and financial and annual reporting time frames. These requirements include:
- the Treasurer to table the 2020-21 budget papers before 31 December 2020
- the Treasurer can authorise payments out of the Consolidated Fund (up to 75% of the amount appropriated in the Appropriations Act 2019 – adjusted for CPI) up until the Budget presentation day (which can be no later than 31 December 2020) or the enactment of the 2020-21 annual Appropriation Act – whichever occurs first
- allowing the Treasurer (with the Governor’s approval) to pay money out of the Consolidated Fund that is required to meet exigencies of Government resulting from the effects of the COVID-19 pandemic
- the Treasurer to give the Total State Sector Financial Statements for the year ended 30 June 2020 to the Auditor-General by 15 March 2021
- statutory bodies and departments, for periods commencing 1 July 2019, must submit financial reports for audit within 6 weeks after 31 December 2020 (being 11 February 2021, noting that the Treasurer may direct relevant agencies to submit their financial reports before this date) and within six weeks of the date directed by the Treasurer for financial reporting periods commencing any other day in 2019.
- providing for certain kinds of statutory bodies and departments to be exempt from preparing financial statements under Divisions 2 and 4A of the PF&A Act. Agencies should perform an analysis of the criteria in the Public Finance and Audit Regulations 2015 to determine if they satisfy the exemption criteria and therefore not required to prepare financial statements for the years ending 30 June 2020 and 31 December 2020.
NSW Treasury pronouncements
NSW Treasury have created a ‘COVID-19 Related Accounting Guidance’ page to assist agencies assess the impact of COVID-19 on estimates and disclosures when preparing financial statements for the year ended 30 June 2020.
The page includes guidance on:
- potential accounting impacts of COVID-19
- financial statement disclosures
- onerous contracts
- post-balance date events
- valuation of property, plant and equipment (PPE)
- practical considerations for timing of PPE valuations
- inventories
- expected credit losses assessments.
TPP 20-05 ‘Agency Direction for the 2019-20 Mandatory Annual Returns to Treasury’
NSW Treasury has released TPP 20-05 ‘Agency Direction for the 2019-20 Mandatory Annual Returns to Treasury’ (TPP 20-05) detailing the year end requirements and timetable for submitting Annual Returns to NSW Treasury.
TPP 20-05, which supersedes TC 19-05, applies to all NSW public sector agencies including State-Owned Corporations that are required to submit Prime returns. Appendix A to TPP 20-05 contains the year-end timetable for the Annual Return procedures and submission of financial statements.
TC 20-02 ‘AASB 16 Leases – subsequent measurement of Right-Of-Use Assets’
NSW Treasury have recently issued TC 20-02 ‘AASB 16 Leases Subsequent Measurement of Right of Use Assets’. This circular provides guidance on the subsequent measurement of right of use assets (ROUA), which are to be recorded at cost, subject to impairment.
Agencies are required to assess at the end of each reporting period whether there are indications of impairment in accordance with AASB 136 ‘Impairment of Assets’. If any such indications exist, the entity is required to estimate the recoverable amount of the ROUA. Where there is an indication of impairment, or indication of reversal of a previous impairment, the circular provides practical expedients agencies may apply, by asset type.
The circular also includes an outline of the AASB 16 transition considerations.
This circular is issued as a Treasurer’s Direction under section 9 of the Public Finance and Audit Act 1983 (PF&A Act) and therefore applies to all entities that are required to prepare general purpose financial statements under the PF&A Act.
TC 20-03 ‘Accounting Policy – Transition requirements for AASB 1059 Service Concession Arrangements: Grantors’
NSW Treasury released TC 20-03 ‘Accounting Policy – Transition requirements for AASB 1059 Service Concession Arrangements: Grantors’ requiring agencies to adopt the modified retrospective method in accordance with AASB 1059 para C3(b) by recognising and measuring service concession assets and related liabilities at the date of initial application.
The date of initial application is the beginning of the earliest reporting period for which comparative information is presented in the financial statements. For financial years ending 30 June, the date of initial application is 1 July 2019, being the earliest comparative period of agencies’ financial statements ending 30 June 2021.
TC 20-04 ‘Accounting Policy – Public Sector Operators in a Service Concession Arrangement – mandatory accounting policy and guidance’
NSW Treasury released TC 20-04 ‘Accounting Policy – Public Sector Operators in a Service Concession Arrangement - mandatory accounting policy and guidance’.
TC 20-04 mandates:
- the accounting policy for public sector operators in a service concession arrangement.
- that public sector operators in a public-to-public service concession arrangement should apply AASB Interpretation 12 ‘Service Concession Arrangements’ (Interpretation 12) after having assessed it is not within the scope of other Australian accounting standards.
Agencies are required to form an accounting position for consultation with Treasury, if:
- the agency is a public sector operator in a public-to-public service concession arrangement, and the counterparty to the arrangement is a public sector grantor applying AASB 1059; and
- the agency has reached a conclusion that it should not apply AASB Interpretation 12 because it determines that another Australian accounting standard is more relevant.
TC 20-03 and TC 20-04 applies to all NSW public sector entities required to prepare general purpose financial statements under the Public Finance and Audit Act 1983, including Statutory State-Owned Corporations, for annual financial reporting periods beginning or after 1 January 2020.
Office of Local Government pronouncements
Council Circular 20-12 ‘Modification of statutory requirements in response to COVID-19 pandemic’
The Office of Local Government released Council Circular 20-12 'Modification of statutory requirements in response to COVID-19 pandemic' to advise councils that regulations have been made under section 747B of the Local Government Act 1993 (LG Act) to temporarily modify the application of the LG Act in response to the COVID 19 pandemic.
The amendments include:
- providing councils with a one-month extension:
- to adopt their 2020-21 Operational Plan (including Revenue Policy, Statement of Fees and Charges and annual budget) before 31 July 2020
- to submit audited financial reports by 30 November 2020; and
- for the preparation and publishing of annual reports by 31 December 2020
- providing councils with the option to delay issuing rates notices to ratepayers until 1 September 2020, and the collection of the first quarter rates instalment until 30 September 2020
- enabling councils to immediately waive or reduce fees for services such as food premise inspections and footpath usage for COVID-19 affected businesses, without the need to provide 28 days public notice
- modifying the requirement to allow access to certain documents to be provided remotely rather than for physical inspection at council offices
- removing the requirement in the Local Government (General) Regulation 2005 (the Regulation) for council notices to be advertised in newspapers and instead allow the relevant notice to be published on the council’s website. This is not a temporary measure and will be ongoing.
Regulations made under section 747B of the LG Act automatically expire after 6 months or earlier if decided by the Parliament.
A full summary of the changes to the statutory deadlines is available on the OLG website.
Council Circular 20-18 ‘Important changes for all councils made by the COVID-19 Legislative Amendment (Emergency Measures-Miscellaneous) Act No. 2’
The Office of Local Government (OLG) issued Circular 20-18 ‘Important changes for all councils made by the COVID-19 Legislative Amendment (Emergency Measures-Miscellaneous) Act No.2’ outlining:
- the amendments made to the Local Government Act 1993 to support councils and ratepayers during the COVID-19 pandemic including:
- enabling a council that does not apply the full percentage increase of the rate page (or any applicable Special Variation) this year or any future year to set rates in any one or more of the next 10 years to return it to the original rating trajectory
- preventing councils from commencing legal action to recover rates and charges for six months unless certain specific matters have been considered
- certain amendments made to the Annual Holidays Act 1944 including allowing:
- annual leave to accrue while employees are stood down
- annual leave can be taken at double or half pay
- payment in lieu of annual leave under certain conditions.
The legislative amendments were effective from 14 May 2020.
Audit Office of New South Wales
Margaret Crawford, Auditor-General for New South Wales – presentations, attendances and interviews
Organisation | Event | Involvement | Date |
The Australasian Council of Auditors-General (ACAG) | ACAG Business Meeting | Attendance* | 26 June 2020 |
Australian Reporting Awards | Awards presentation | Attendance* | 24 June 2020 |
Parliament - Legislative Assembly | Public Accounts Committee Briefing | Briefing to discuss audit reports tabled since 7 May 2020 | 4 June 2020 |
Parliament - Legislative Assembly | Public Accounts Committee Briefing | Briefing to discuss audit reports tabled since 27 February 2020* | 7 May 2020 |
Institute of Public Administration Australia (IPAA) | Massive Transformation Purpose - workshop 3 of 3 | Attendance* | 24 April 2020 |
IPAA | Massive Transformation Purpose - workshop 2 of 3 | Attendance* | 22 April 2020 |
ACAG | ACAG Special Meeting | Attendance* | 22 April 2020 |
IPAA | Massive Transformation Purpose - workshop 1 of 3 | Attendance* | 15 April 2020 |
Auditor-General’s reports to Parliament
Report | Type of report | Report date |
Water conservation in Greater Sydney | Performance Audit | 23 June 2020 |
CBD and South East Light Rail: follow-up performance audit | Performance Audit | 11 June 2020 |
Universities 2019 audits | Financial Audit | 4 June 2020 |
Funding enhancements for police technology | Performance Audit | 2 June 2020 |
Train station crowding | Performance Audit | 30 April 2020 |
Destination NSW's support for major events | Performance Audit | 9 April 2020 |
Local Schools, Local Decisions: needs-based equity funding | Performance Audit | 8 April 2020 |
Integrity of data in the Births, Deaths and Marriages Register | Performance Audit | 7 April 2020 |
Accounting update
Australian update – Australian Accounting Standards Board (AASB)
Topics discussed included:
AASB Meeting Highlights – 11 June 2020
- COVID-19 financial reporting issues
- primary financial statements
- fair value measurement for not-for-profit entities
- conceptual framework – not-for-profit entities
- for-profit entity standard-setting framework
- other business.
AASB Meeting Highlights – 30 April 2020
- minimum disclosures for SPFS referring to Australian Accounting Standards for for-profit private sector entities
- primary financial statements
- coronavirus impact on financial reporting – additional guidance
- not-for-profit entity definition and guidance
- IBOR phase 2 exposure draft
- fair value measurement for not-for-profit entities
- international documents open for comment.
Latest news, accounting standards and work-in-progress documents from the AASB included:
Name | Type of document | Publication date |
---|---|---|
AASB 2020-4 ‘Amendments to Australian Accounting Standards – Covid-19-Related Rent Concessions’ | Accounting standard | 18 June 2020 |
AASB 2020-3 ‘Amendments to Australian Accounting Standards – Annual Improvements 2018-2020 and Other Amendments’ | Accounting standard | 17 June 2020 |
Exposure Draft – ED 302 ‘Amendments to Australian Accounting Standards – Disclosures in Special Purpose Financial Statements of Certain For-Profit Private Sector Entities’ – June 2020 – Open for comment until 11 September 2020 | Exposure draft | 10 June 2020 |
The Impact of COVID-19 on Going Concern and Related Assessments – Joint Publication by the AASB and AUASB* |
Guidance | 21 May 2020 |
Exposure Draft – ED 301 ‘Classification of Liabilities as Current or Non-current – Deferral of Effective Date’ – Comments closed 22 May | Exposure draft | 6 May 2020 |
Staff Paper updated: Modifications to Australian Accounting Standards for Not-for-Profit Entities | Staff Paper | 29 April 2020 |
Exposure Draft – ED 300 ‘Amendment to Australian Accounting Standards - Covid-19-Related Rent Concessions’ – Comments closed 8 May 2020** | Exposure draft | 27 April 2020 |
Exposure Draft – ED 299 'Interest Rate Benchmark Reform – Phase 2’ Comments closed 15 May 2020 | Exposure draft | 14 April 2020 |
International Update – International Accounting Standards Board (IASB)
Topics discussed included:
IASB Meeting Highlights – 23-25 June 2020
- classification of liabilities as current or non-current
- disclosure initiative – accounting policies
- disclosure initiative – targeted standards-level review of disclosures
- extractive activities
- IBOR reform and the effects on financial reporting – phase 2
- maintenance and consistent application.
IASB Meeting Highlights – 20-21 May 2020
- amendments to IFRS 17 ‘Insurance Contracts’
- management commentary
- research programme update
- maintenance and consistent application
- IBOR reform and the effects on financial reporting – phase 2
- disclosure initiative – accounting policies.
IASB Meeting Highlights – 15 May 2020
- COVID-19-related rent concessions.
IASB Meeting Highlights – 21-23 April 2020
- amendments to IFRS 17 ‘Insurance Contracts’
- financial instruments with characteristics of equity
- post-implementation reviews of IFRS 10, IFRS 11 and IFRS 12
- maintenance and consistent application
- management commentary
- review of the IFRS for SMEs standard
- disclosure Initiative – subsidiaries that are SMEs.
IASB Meeting Highlights – 17 April 2020
- impact of COVID-19 on timelines for consultation documents and final amendments
- Classification of liabilities as current or non-current – effective date delay
- Leases and COVID-19.
International Update – International Financial Reporting Standards (IFRS) Foundation
Latest news from the IFRS Foundation included:
Name | Publication date |
Combinations of businesses under common control – one size does not fit all | 29 June 2020 |
IFRS Interpretations Committee June meeting papers and agenda available | 5 June 2020 |
IASB issues package of narrow-scope amendments to IFRS Standards | 14 May 2020 |
IASB proposes deferring IAS 1 amendments’ effective date due to COVID-19 | 4 May 2020 |
IFRS 17 Insurance Contracts – why annual cohorts? | 28 April 2020 |
Application of IFRS 16 in the light of the COVID-19 uncertainty | 10 April 2020 |
IASB proposes further amendments to IFRS Standards in response to interest rate benchmark reform | 9 April 2020 |
Compilation of IFRIC Agenda Decisions – Volume 2 published | 7 April 2020 |
International Update – International Public Sector Accounting Standards Board (IPSASB)
Topics discussed included:
IPSASB Meeting Highlights – 23-26 June 2020
- ED 74 and 75 measurement – co-ordination of cross cutting issues
- conceptual framework – limited scope update
- measurement
- ED 76, IPSAS 17 update – co-ordination of cross cutting issues
- infrastructure
- heritage
- accounting for non-current assets held for sale
- leases – IFRS 16 alignment.
IPSASB Meeting Highlights – 4 June 2020
- leases – initial review of strategic decision
Recent news from the IPSASB included:
Name | Publication date |
---|---|
New IPSASB staff Q&A addresses climate change | 22 June 2020 |
How accounting transparency can help with the tough decisions ahead after COVID-19 | 24 April 2020 |
IPSASB extends comment period on exposure drafts addressing revenue & transfer expenses | 22 April 2020 |
COVID-19: IPSASB guidance, resources to maintain strong public financial management | 6 April 2020 |
Auditing update
Australian Update – Auditing and Assurance Standards Board (AUASB)
Topics discussed included:
AUASB Meeting Highlights – 9-10 June 2020
- GS 009 ‘Auditing Self-Managed Superannuation Funds’
- ISA 600 ‘Special Considerations – Audits of Group Financial Statements (Including the Work of Component Auditors)’ ED Consultation Paper
- ASRE 2410 ‘Review of a Financial Report Performed by the Independent Auditor of the Entity’
- review of ASRS 4400 ‘Agreed-Upon Procedures Engagements’
- IAASB matters
- other business – feedback on additional COVID-19 guidance.
AUASB Meeting Highlights – 26 May 2020
- revised AUASB Framework for Assurance Engagements approved
- AUASB framework and process update
- review of AUASB due process for standards and exposure draft based on an equivalent IAASB standard
- ASA 600 ‘Group Audits’ project plan
- coronavirus guidance – update and matters for AUASB discussion.
AUASB Meeting Highlights – 21 April 2020
- coronavirus guidance
- ASRE 2410 ‘Review of a Financial Report Performed by the Independent Auditor of the Entity’
- GS 009 ‘Auditing Self-managed Superannuation Funds’
- assurance framework publications.
Name | Publication date |
---|---|
AUASB issues revised ASRE 2410 ‘Review of a Financial Report Performed by the Independent Auditor of the Entity’ | 26 June 2020 |
Revised AUASB Guidance Statement GS 009 ‘Auditing Self-Managed Superannuation Funds’ released | 11 June 2020 |
AUASB Consultation Paper on Proposed Group Audit Standard (ISA 600) released for comment | 11 June 2020 |
The Impact of COVID-19 on Going Concern and Related Assessments - Joint Publication by the AASB and AUASB* | 21 May 2020 |
New AUASB frequently asked questions (FAQs) on auditing accounting estimates and related disclosures in response to COVID-19 event | 19 May 2020 |
AUASB webinar on Proposed ASRS 4400 ‘Agreed-Upon Procedures Engagements’ | 28 April 2020 |
International Update – International Auditing and Assurance Standards Board (IAASB)
Topics discussed included:
IAASB Meeting Highlights – 15-19 June 2020
- COVID-19 guidance for auditors
- technology
- audits of less complex entities
- proposed ISQM 1 and proposed ISA 220 (revised)
- audit evidence
- quality management coordination issues.
IAASB Meeting Highlights (videoconferences) – 14 April 2020
- audits of less complex entities.
IAASB Meeting Highlights (videoconferences) – 8 April 2020
- quality management (firm level).
IAASB Meeting Highlights (videoconferences) – 1 April 2020
- quality management (engagement level)
- engagement quality reviews.
Latest news and publications from the IAASB included:
Name | Publication date |
---|---|
IAASB publishes COVID-19 related guidance on auditing accounting estimates and related disclosures | 26 June 2020 |
IAASB releases two webinars providing guidance on ISA 600 and Extended External Reporting (EER) Assurance | 15 June 2020 |
ISA 540 (Revised) implementation: illustrative examples for auditing simple and complex accounting estimates | 29 May 2020 |
IAASB releases COVID-19 related guidance for auditor reporting | 22 May 2020 |
IAASB publishes COVID-19 related guidance on audit considerations for subsequent events | 15 May 2020 |
IAASB publishes COVID-19 related guidance on audit considerations for going concern | 29 April 2020 |
IAASB issues support material for audit documentation when using automated tools and techniques | 23 April 2020 |
IAASB’s new strategy and work plan focuses on increased agility, enhanced coordination, and a priority on responding to emerging challenges | 15 April 2020 |
Conforming amendments to the IAASB International Standards as a result of the revised IESBA Code | 8 April 2020 |
IAASB enhances ISRS 4400 to respond to evolving needs of stakeholders | 3 April 2020 |
Ethics Update
Australian Update – Accounting Professional and Ethical Standards Board (APESB)
Topics discussed included:
APESB Meeting Highlights – 25 June 2020
- proposed revisions to APES 305 ‘Terms of Engagement’
- Independence Guide and input to AUASB projects
- revised APES 110 Prohibitions
- proposed revisions to Part 4B of the Code
- international and other activities
- update on artificial intelligence and digital technologies project
- update on whistleblowing project
- update on consultation regarding APES 230 ‘Financial Planning Services’
- update on the Parliamentary Inquiry into Audit Regulation.
Latest news from the APESB included:
Name | Publication date |
---|---|
Proposed revision of the Independence Standards relating to Other Assurance Engagements (Part 4B) | 26 June 2020 |
APESB issues submissions to the IESBA on non-assurance services and fees | 10 June 2020 |
New Independence Guide – an essential tool for auditors | 27 May 2020 |
International Update – International Ethics Standards Board for Accountants (IESBA)
Topics discussed included:
IESBA Meeting Highlights – 8-12 and 15 June 2020
- role and mindset
- tax planning and related services
- IAASB-IESBA co-ordination
- engagement quality reviewer objectivity
- IESBA communications plan
- engagement team group audit independence
- definitions of listed entity and PIE
- technology
- eCode phase 2.
Latest news and publications from the IESBA included:
Name | Publication date |
---|---|
Basis-for-conclusions-inducements appendix 1,2 and 3 | 29 June 2020 |
COVID-19: Ethics and Independence Considerations | 8 May 2020 |
IESBA extends comment period on proposals to strengthen International Independence Standards | 7 April 2020 |
NSW Treasury
NSW Treasury documents and resources
Treasury’s recent releases included:
Name | Publication date |
TPP 20-05 ‘Agency Direction for the 2019-20 Mandatory Annual Returns to Treasury’* | 1 July 2020 |
Guidance on the impact of COVID-19 (various)* | 10 June 2020** |
TC 20-04 ‘Accounting Policy – Public Sector Operators in a Service Concession Arrangement – mandatory accounting policy and guidance’* | 28 April 2020 |
TC 20-03 ‘Accounting Policy – Transition Requirements for AASB 1059 Service Concession Arrangements Grantor’* | 27 April 2020 |
TC 20-02 ‘AASB 16 Leases – subsequent measurement of right-of-use assets (ROUA)’* | 2 April 2020 |
Department of Premier and Cabinet (DPC)
Ministerial Memoranda and Department Circulars
DPC recent memos and circulars included:
Name | Type of document | Publication date |
C2020-18 ‘Dispute Resolution’* | Circular | 15 April 2020 |
C2020-17 ‘NSW Public Sector Wages Policy 2011’* | Circular | 15 April 2020 |
C2020-16 ‘Military Leave – Defence Reserve Service (Protection) Act 2001 and Extension of Military Leave through 'Top Up' Pay’* | Circular | 15 April 2020 |
C2020-15 ‘Deductions for Rent Directive’* | Circular | 15 April 2020 |
C2020-14 ‘Superannuation Retrenchment Benefits’* | Circular | 15 April 2020 |
C2020-13 ‘Notional Salary 2019-20’* | Circular | 15 April 2020 |
C2020-12 ‘Managing Accrued Recreation Leave Balances’* | Circular | 9 April 2020 |
C2020-11 ‘Purchased Leave Policy’* | Circular | 9 April 2020 |
C2020-10 ‘Managing Sick Leave Policy’* | Circular | 9 April 2020 |
C2020-09 ‘Accessing Leave Entitlements and Flexible Work Hours Arrangements to Observe Days of Religious Significance’* | Circular | 9 April 2020 |
C2020-05 ‘Manual of Delegations 2014’* | Circular | 9 April 2020 |
C2020-04 ‘Privacy Guidelines on Disclosure of Information during Industrial Consultations’* | Circular | 9 April 2020 |
C2020-03 ‘Consultative Arrangements Policy and Guidelines 2012’* | Circular | 9 April 2020 |
NSW Procurement Board
Directions and Procurement Alerts
NSW Procurement Board’s recent Directions and Procurement alerts included:
Name | Type of document | Publication date |
PBD 2020-02 ‘Use of Procure IT Framework and increase of the threshold in Core & Contracts’ | Board direction | 15 June 2020 |
New Emergency Cleaning Stimulus Scheme to support employment opportunities for cleaners | Procurement alert | 20 April 2020 |
COVID-19 Emergency procurement procedure | Procurement alert | 2 April 2020 |
Public Accounts Committee (PAC)
Inquiries and Reports
Inquiries referred and Reports tabled in NSW Parliament included:
Name | Type of document | Publication date |
Examination of the Auditor-Generals performance audit reports August 2018 - January 2019 | Inquiry | 4 June 2020 |
Examination of Auditor-General's performance audit reports February 2018 - July 2018 | Report | 12 May 2020 |
Office of Local Government (OLG)
Recent circulars released included:
Name | Publication date |
20-25 The date of the next ordinary local government elections is 4 September 2021 | 29 June 2020 |
20-24 Extension of increased tendering exemption threshold for contracts for bushfire response and recovery to 31 December 2020 | 26 June 2020 |
20-23 ‘2020/21 Determination of the Local Government Remuneration Tribunal’ | 22 June 2020 |
20-22 ‘Supporting local businesses to comply with COVID-19 restrictions’ | 19 June 2020 |
20-21 ‘Further relaxation of restrictions on attendance at council and committee meetings during the COVID-19 pandemic’ | 16 June 2020 |
20-20 ‘Clarification for issuing and collecting 2020-21 single and first quarter rates instalments’ | 3 June 2020 |
GC-149 2020-21 ‘Financial Assistance Grants (FAGs) – advance payment’ | 27 May 2020 |
20-19 ‘Information about Ratings 2020-21’ | 26 May 2020 |
20-18 ‘Important changes for all councils made by the COVID-19 Legislative Amendment (Emergency Measures-Miscellaneous) Act No.2’* | 19 May 2020 |
20-16 ‘COVID-19 Economic Stimulus Package’ | 13 May 2020 |
20-15 ‘New Integrated Planning and Reporting requirements for NSW councils’ | 1 May 2020 |
20-13 ‘Managing fraud and corruption risks during the COVID-19 pandemic’ | 22 April 2020 |
20-12 ‘Modification of statutory requirements in response to the COVID-19 pandemic’* | 17 April 2020 |
Australian Securities and Investments Commission (ASIC)
Recent speeches and media releases included:
Name | Publication date |
20-135MR ASIC amends financial advice and capital raisings COVID 19 instruments | 12 June 2020 |
20-133MR Info sheet 245: Board oversight and discretion in executive variable pay schemes | 12 June 2020 |
20-113MR ASIC to further extended financial reporting deadlines for listed and unlisted entities and amends ‘no action’ position for AGMs | 13 May 2020 |
20-099MR ASIC enforcement update July to December 2019 | 29 April 2020 |
20-086MR Details of changes to ASIC regulatory work and priorities in light of COVID-19 | 14 April 2020 |
Australian Charities and Not-for-profits Commission (ACNC)
Recent news and media included:
Name | Publication date |
COVID-19 pandemic declared a disaster – implications for Australian disaster relief funds | 14 May 2020 |
Australasian Council of Auditors-General (ACAG) Submissions to AASB
ACAG recently made a submission on:
Name | Due date |
Issue: Accounting treatment of ‘termination for convenience clauses’ that are common in government contracts | 25 June 2020 |
Publications by Australian and New Zealand Audit Offices
Australian National Audit Office
Australian National Audit Office (ANAO) | Type of report | Publication date |
---|---|---|
Management of conflicts of interest in procurement activity and grants programs | Audit insights | 29 June 2020 |
Management of the Australian Government’s lobbying code of conduct – follow-up audit | Performance audit | 26 June 2020 |
Referrals, Assessments and Approvals of Controlled Actions under the Environment Protection and Biodiversity Conservation Act 1999 | Performance audit | 25 June 2020 |
Implementation of ANAO and Parliamentary Committee Recommendations – Education and Health Portfolios | Performance audit | 24 June 2020 |
Management of Agreements for Disability Employment Services | Performance audit | 24 June 2020 |
Fraud Control Arrangements in the Department of Foreign Affairs and Trade | Performance audit | 19 June 2020 |
Design and Establishment of the Regional Investment Corporation | Performance audit | 17 June 2020 |
Advances to the Finance Minister for the Period 25 April 2020 to 29 May 2020 | Assurance review | 11 June 2020 |
Implementation of the Commonwealth Scientific and Industrial Research Organisation (CSIRO) Property Investment Strategy | Performance audit | 4 June 2020 |
Interim Report on Key Financial Controls of Major Entities | Financial audit | 28 May 2020 |
Procurement of Garrison Support and Welfare Services | Performance audit | 28 May 2020 |
Advances to the Finance Minister for the Period 1 July 2019 to 24 April 2020 | Assurance review | 7 May 2020 |
Grant Program Management by the Australian Renewable Energy Agency | Performance audit | 30 April 2020 |
Aboriginal and Torres Strait Islander Participation Targets in Intergovernmental Agreements | Performance audit | 23 April 2020 |
Tertiary Education Quality and Standards Agency’s Regulation of Higher Education | Performance audit | 16 April 2020 |
Value for Money in the Delivery of Official Development Assistance through Facility Arrangements | Performance audit | 16 April 2020 |
Rapid implementation of Australian Government initiatives | Audit insights | 16 April 2020 |
Management of Defence Housing Australia | Performance audit | 9 April 2020 |
Bilateral Agreement Arrangements Between Services Australia and Other Entities | Performance audit | 2 April 2020 |
Australian Capital Territory Audit Office
Australian Capital Territory Audit Office (ACT AO) | Type of report | Publication date |
---|---|---|
Transfer of workers’ compensation arrangements from Comcare | Performance audit | 30 June 2020 |
Management of household waste services | Performance audit | 29 June 2020 |
Residential land supply and development | Performance audit | 26 June 2020 |
Data Security | Performance audit | 19 June 2020 |
2018-19 Financial Audits Computer Information Systems | Financial audit | 29 April 2020 |
Northern Territory Auditor-General's Office
Northern Territory Auditor-General's Office (NT AGO) | Type of report | Publication date |
---|---|---|
June 2020 Report to the Legislative Assembly | Various | 23 June 2020 |
Queensland Audit Office
Queensland Audit Office (QAO) | Type of report | Publication date |
---|---|---|
Licensing builders and building trades | Performance audit | 23 June 2020 |
Education: 2018–19 results of financial audits | Financial audit | 21 May 2020 |
Evaluating major infrastructure projects | Performance audit | 5 May 2020 |
South Australian Auditor-General’s Department
South Australian Auditor-General’s Department (SA AGD) | Type of report | Publication date |
---|---|---|
Report 7 of 2020: Flinders Link Project | Performance audit | 7 April 2020 |
Tasmanian Audit Office
Tasmanian Audit Office (TAS AO) | Type of report | Publication date |
---|---|---|
Annual Plan of Work 2020-21 | Annual Plan | June 2020 |
Local Government model financial report 2020 | Communique | June 2020 |
Local Government underlying result calculation (revised June 2020) | Communique | June 2020 |
COVID-19 impact on financial statement submission deadlines under the Audit Act 2008 | Communique | June 2020 |
Accounting for breaches of debt covenants | Communique | June 2020 |
Impact of COVID-19 on valuations of non-financial assets | Communique | 1 June 2020 |
COVID-19 impacts on financial statements | Communique | 11 May 2020 |
Governance controls during COVID-19 | Communique | 5 May 2020 |
Victorian Auditor-General’s Office
Victorian Auditor-General’s Office (VAGO) | Type of report | Publication date |
---|---|---|
Results of 2019 Audits: Technical and Further Education Institutes | Financial audit | 30 June 2020 |
Results of 2019 Audits: Universities | Financial audit | 30 June 2020 |
Annual Plan 2020-21 | Annual Plan | 24 June 2020 |
Safety on Victoria’s Roads – Regional Road Barriers | Performance audit | 18 June 2020 |
Protecting Critically Endangered Grasslands | Performance audit | 17 June 2020 |
Responses to Performance Audit Recommendations 2015–16 to 2017–18 | Assurance review | 17 June 2020 |
Managing Support and Safety Hubs | Performance audit | 27 May 2020 |
Personnel Security: Due Diligence over Public Service Employees | Performance audit | 21 May 2020 |
Western Australia Office of the Auditor-General
Western Australia Office of the Auditor-General (WA OAG) | Type of report | Publication date |
---|---|---|
Regulation of Consumer Food Safety by Local Government Entities | Performance audit | 30 June 2020 |
Information Systems Audit Report 2020 – Local Government Entities | Information systems audit | 25 June 2020 |
Western Australian Public Sector Audit Committees – Better Practice Guide | Better practice guide | 25 June 2020 |
WA’s transition to the NDIS | Performance audit | 18 June 2020 |
Opinion on Ministerial Notification – Report 24: 2019-20 | Ministerial notification | 16 June 2020 |
Opinion on Ministerial Notification – Report 23: 2019-20 | Ministerial notification | 29 May 2020 |
Regulation of Asbestos Removal | Performance audit | 21 May 2020 |
Audit Results Report – Annual 2019 Financial Audits | Financial audit | 12 May 2020 |
Local Government Contract Extensions and Variations, and Ministerial Notice Not Required | Financial audit | 4 May 2020 |
Control of Monies Held for Specific Purposes | Financial audit | 30 April 2020 |
Information Systems Audit Report 2020 – State Government Entities | Information systems audit | 6 April 2020 |
New Zealand Office of the Auditor-General
New Zealand Office of the Auditor-General (NZ OAG) | Type of report | Publication date |
---|---|---|
Annual plan 2020/21 | Annual Plan | 25 June 2020 |
Local Authorities (Members’ Interests) Act 1968: A guide for members of local authorities on managing financial conflicts of interest | Good Practice Guide | 24 June 2020 |
Managing conflicts of interest: A guide for the public sector | Good Practice Guide | 24 June 2020 |
Ministry of Health: Management of personal protective equipment in response to Covid-19 | Report | 15 June 2020 |
Insights into local government: 2019 | Report | 10 June 2020 |
The Auditor-General’s strategic intentions to 2025 | Report | 25 May 2020 |
Local government procurement | Article | 15 May 2020 |
Implementing the firearms buy-back and amnesty scheme | Performance audit | 10 May 2020 |
Other Useful Resources
Independent Commission Against Corruption (ICAC)
Recent media releases included:
Name | Publication date |
New ICAC supplier due diligence guide to help public sector take good care when doing business* | 17 June 2020 |
ICAC finds University of Sydney security operations manager and contractors engaged in serious corrupt conduct | 26 May 2020 |
Managing corrupt conduct during the COVID-19 outbreak* | 2 April 2020 |
Independent Pricing & Regulatory Tribunal (IPART)
Recent IPART papers and reports included:
Name | Industry | Type of document | Publication date |
---|---|---|---|
Final Determination – Maximum fares for Opal Services | Transport | Determination | 19 June 2020 |
Final Determination – Hunter Water – Maximum prices for water, sewerage, stormwater drainage and other services | Water | Determination | 16 June 2020 |
Final Determination – Sydney Water Corporation – Maximum prices for water, sewerage, stormwater drainage and other services | Water | Determination | 16 June 2020 |
Final Determination – WaterNSW – Maximum prices Water NSW’s Greater Sydney Services | Water | Determination | 16 June 2020 |