Professional Update April - June 2020
Contents

Hot Topics

Note:

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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

*virtual meeting

 

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

*For more information refer to Hot Topics section.
**AASB 2020-4 subsequently issued

 

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.

Latest news from the AUASB included:

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

*For more information refer to Hot Topics section.

 

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

*For more information refer to Hot Topics section.
**Various dates with last update 10 June 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

*From 1 July 2019 Industrial Relations became the responsibility of the Department of Premier and Cabinet. These circulars replace circulars previously issued by NSW Treasury. The content remains unchanged.

 

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

*For more information refer to Hot Topics section.

 

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

*For more information refer to Hot Topics section.

 

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