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In August 2024, the Auditor-General for New South Wales released the Audit Office’s 2024-2027 Annual Work Program. 

The work program reflects the priority areas the Audit Office intends to focus on over the next three years. The topics and focus areas in the work program respond to contemporary issues facing state government, local councils and universities in NSW. 

The work program will continue to look at important themes that present ongoing risks, as well as new challenges and opportunities, in how governments and agencies perform their core roles. This includes climate change, cyber security, and the use and governance of artificial intelligence.

The NSW Department of Customer Service recently released a suite of documents relating to the NSW Framework for the responsible use of AI in the form of an:

• AI Strategy – an overarching document focused on improved service delivery and government decision making. The strategy is supported by the mandatory AI Policy Statement and AI Assessment Framework 
• AI Policy Statement – policy objectives to ensure solutions implemented by government are trusted by the public, meet the highest ethical and assurance standards, focused on customer needs and management of risks 
• AI Assessment Framework – self assessment tool to help agencies when designing, developing, deploying, procuring or using systems containing AI components. 

In addition to the above requirements, higher risk or higher investment projects (as determined after applying the AI Assessment Framework), must be submitted to the AI Expert Review Committee. More information can be found on the Digital NSW website page.

The NSW Ombudsman (the Ombudsman) released its Casebook July 2024: Investigations and complaint-handling case studies which: 

• summarised the formal investigations finalised 
• highlighted a selection of case studies relating to compliant matters finalised for the period 1 October 2023 and 30 June 2024. 

This is the first of a biannual report that will be produced to share learnings on improving decision making and administrative processes over the government agencies the Ombudsman oversights. The Ombudsman believes the insights will also be useful across the public sector in the way services are delivered and decisions made. 

The report also includes a summary of the six guiding principles on effective complaint management and the practical steps to achieve: 

• respectful treatment 
• information and accessibility 
• communication 
• taking ownership 
• timeliness 
• transparency.

The NSW Treasury released the following pronouncements: 

TPG 24-27 ‘Performance Reporting and Monitoring Policy for Government Businesses’ 

This Policy outlines the reporting requirements for public sector entities owned and controlled by NSW Government (referred to as ‘government businesses’) to assist government businesses: 

• ensure that boards and management are held accountable for the financial and non-financial performance of the business 
• strengthen accountability for the management and commercial autonomy by providing clarity on performance reporting requirements 
• enhance their value by promoting efficient and effective operation of business activities, as well as sound risk management 
• ensure that accurate and timely financial and performance reporting information is provided to Treasury to support government decision-making and State financial reporting 
• ensure that the Treasurer can discharge their financial oversight responsibilities for entities outside the direct scope of Budget control and funding arrangements 
• promote openness, cooperation and collaboration in the sharing of information with Treasury, the Treasurer and responsible Ministers. 

This pronouncement replaces TPP 18-02 ‘Performance reporting and monitoring policy for government businesses’ and applies to public non-financial corporations, public financial corporations, state-owned corporations, and those entities determined by Treasury to be government entities. 

TPG 24-24 ‘Recurrent Expenditure Assurance Framework’ 

This pronouncement outlines the procedures and requirements for the application of the NSW Gateway Policy to major recurrent expenditure investments. 

This Framework applies to all projects being developed and/or delivered by government agencies and businesses to help ensure that the government’s recurrent expenditure projects across NSW are delivered on time and on budget. Projects that may fall within the scope of the Framework could include: 

• new policy proposals submitted as part of the annual budget process 
• proposals for the new spend fact-tracked by government 
• election commitments that meet certain criteria. 

TD 24-22 ‘Financial and annual reporting by former reporting GSF agencies’ 

This Direction exempts certain former reporting GSF agencies from the requirement to prepare final annual: 

• GSF financial statements under section 7.7 of the Government Sector Finance Act 2018 (GSF Act) 
• reporting information under section 7.14 of the GSF Act. 

This Direction became effective on 1 July 2024 and applies to annual reporting periods commencing on or after 1 July 2023 for: 

• former reporting GSF agencies and the accountable authorities for those former reporting GSF agencies 
• transferee agencies affected by Machinery of Government changes and the accountable authorities for transferee agencies. 

TD 24-21 ‘Amendment to TD 23-11 Annual reporting requirements’ 

This Direction amends TD 23-11 ‘Annual reporting requirements’ and became effective on 1 July 2024. Key changes include: 

• updated effective date 
• updates to reflect that annual reporting requirements for transitional reporting GSF agencies will also apply for the 2023-24 financial year 
• updates to relevant sections of the Government Sector Finance Regulation 2024.

The Office of Local Government (OLG) issued Circular 24-17 ‘Councillor conduct and meeting practices – a discussion paper’, which advises councils that the Councillor Conduct Framework (Framework) is under review and the discussion paper has been prepared to seek feedback from the sector, the community and its key stakeholders on the proposed changes. 

The changes aim to ensure that it delivers on the need for transparency and ensures that the councillors are in control of their councils. The revised Framework will be based on the following principles of change: 

• council leadership and decision making is paramount 
• freedom of speech is fundamental 
• transparency and accountability are maintained 
• issues are dealt with at the most immediate or local level 
• a strong and proportionate local government regulator 
• justice is timely and proportionate 
• significant penalties should only be imposed by a judicial or quasi-judicial body. 

The general public, councils, individual councillors and council staff are encouraged to submit a written response to the discussion paper by 15 November 2024.

**Excluded in the April – June 2024 updates due to cut-off date.

Topics discussed included: 

AASB Meeting Highlights – 20 September 2024 

• climate-related financial disclosures.

AASB Meeting Highlights – 5-6 September 2024 

• not-for-profit (NFP) private framework 
• conceptual framework: NFP amendments 
• post-implementation review: AASB 1060 
• service performance reporting 
• sustainability reporting international update and other business. 

AASB Meeting Highlights – 26 August 2024 

• climate-related financial disclosures. 

AASB Meeting Highlights – 19-22 July 2024 

• climate-related financial disclosures. 

Latest news, accounting standards and work-in-progress documents from the AASB included:

Topics discussed included: 

IASB Meeting Highlights – 16-18 September 2024 

• cash flows and related matters 
• dynamic risk management 
• amortised cost measurement 
• addendum to the exposure draft third edition of the IFRS for SMEs accounting standard 
• power purchase agreement. 

IASB Meeting Highlights – 28 August 2024

• contracts for renewable electricity. 

IASB Meeting Highlights – 22-24 July 2024 

• post-implementation review (PIR) of IFRS 15 
• second comprehensive review of the IFRS for SMEs Standard 
• rate-regulated activities 
• dynamic risk management 
• financial instruments with characteristics of equity 
• maintenance and consistent application – IFRIC Update.

Latest news from the IFRS Foundation included:

Topics discussed included: 

IPSASB Meeting Highlights – 25 July 2024 

• ED ‘Tangible Natural Resources’. 

Recent news from the IPSASB included:

Topics discussed included: 

AUASB Meeting Highlights – 10 September 2024 

• environmental scan 
• IAASB papers – assurance over sustainability information 
• IAASB matters update – going concern and listed entity & PIE 
• draft assurance phasing ED 
• sustainability assurance – consultation paper on direct assistance by internal audit 
• guidance statements review 

AUASB Meeting Highlights – 6 August 2024 

• exposure draft ASSA 5010 ‘Timeline for audits and reviews of information in sustainability reports under the Corporations Act 2001’ 
• sustainability assurance and direct assistance by internal audit 
• exposure draft – assurance on Australian sustainability information. 

AUASB Meeting Highlights – 17 July 2024 

• audit implications of the consolidated entity disclosure statement 
• ISSA 5000 – update from June 2024 IAASB meeting 
• exposure draft – assurance on Australian sustainability information. 

AUASB Meeting Highlights – 10 July 2024 

• audit implications of the Consolidated Entity Disclosure Statement.

Latest news from the AUASB included:

Topics discussed included: 

IAASB Meeting Highlights – 16-20 September 2024 

• sustainability assurance 
• going concern
• technology position 
• technology (initial gap/opportunity analysis) 
• joint IAASB-IESBA board session 
• audit evidence and risk response 
• listed entity & PIE 
• fraud 
• auditor’s report – effect of going concern and fraud proposals. 

Latest publications from the IAASB included:

Topics discussed included: 

APESB Meeting Highlights – 3 September 2024 

• sustainability update and presentation 
• post implementation review of APES 320 ‘Quality management for Firms that provide non-assurance services’ 
• proposed compilation of APES 110 ‘Code of Ethics for Professional Accountants (including Independence Standards)’ 
• APESB guidance on prohibitions in APES 110 for audit engagements 
• update on parliament enquiries relating to the accounting profession 
• proposed revisions to APESB pronouncements for Code conforming amendments – proposed exposure draft 04/24 
• proposed revised APES 310 ‘Client monies’ 
• APESB draft submission to Tax Practitioner’s Board consultation on draft guidance. 

Latest news and media releases from the APESB included:

 **Excluded in the April – June 2024 updates due to cut-off date.

Topics discussed included: 

IESBA Meeting Highlights – 16-20 September 2024 

• sustainability 
• use of experts 
• firm culture and governance. 

Latest news and publications from the IESBA included:

Treasury’s recent releases and other guidance included:

The Premier released the following memos and circulars:

**Excluded in the April – June 2024 updates due to cut-off date.

DCS released the following circulars:

NSW Procurement Board’s recent Directions included:

Inquiries and Reports tabled in NSW Parliament included:

**Excluded in the April – June 2024 updates due to cut-off date.

**Excluded in the April – June 2024 updates due to cut-off date.

**Excluded in the April – June 2024 updates due to cut-off date.

**Excluded in the April – June 2024 updates due to cut-off date.

**Excluded in the April – June 2024 updates due to cut-off date.

**Excluded in the April – June 2024 updates due to cut-off date.

Recent media releases included:

Recent IPART media releases included:

Recent news included:

* For more information refer to Hot Topics section.