Professional Update October - December 2020
As at 21 December 2020
Contents

Hot Topics

Note:

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Commonwealth Parliamentary Inquiry into Auditing in Australia – Final Report released

On 11 November 2020, the Commonwealth Parliamentary Joint Committee on Corporations and Financial Services released their final report into the Regulation of Auditing in Australia.

The report reaffirms all 10 recommendations made in the interim report tabled in February 2020, however timelines and thresholds have been reconsidered in light of the current economic climate due to COVID-19.

The recommendations are summarised as:

Interim report Final report
The Australian Securities and Investments Commission (ASIC) to review and revise the manner in which it publicly reports the periodic findings of its audit inspection program, including the grading of the severity of audit deficiencies, by the end of 2020-21. Recommendation unchanged.
The Australian Government to legislate, by the end of 2020-21, the requirement for ASIC to publish individual audit firm inspection results (following implementation of recommendation 1). Recommendation unchanged.

ASIC and the Financial Reporting Council (FRC), by the end of 2020-21, to introduce under Australian standards:

  • defined audit and non-audit categories and associated fee disclosures
  • a list of prohibited non-audit services.
Recommendation unchanged.
The Corporations Act 2001 (Corps Act) be amended to require auditors confirm, in an auditor’s independence declaration, they have not provided prohibited non-audit services. Recommendation unchanged.
The Australian Professional Ethics and Standards Board to consider revising its code of ethics (APES 110) to stop partner incentives to sell non-audit work to audit clients. Recommendation unchanged.
The FRC to oversee implementation of Australian standards, by the end of 2020-21, requiring audited entities to disclose audit firm tenure and lead audit partner tenure in financial reports. Recommendation unchanged.
The Corps Act be amended to require companies to undertake a public tender for auditors every 10 years or to explain why in their annual reports if they did not do so. This process would be implemented by 2022 for any company with the same auditor for a continuous period of ten years since 2012.

The Committee:

  • clarified that the recommendation is a recognition that boards should not ‘set and forget’ their auditor arrangements, not that entities need to change auditors every ten years.
  • stated the 2022 implementation timeframe was no longer realistic but that the government should consider an appropriate timeline such as a staggered implementation timeframe.
The FRC to oversee a review, reporting by the end of 2020-21, of the sufficiency and effectiveness of reporting requirements under existing Australian standards relating to the prevention and detection of fraud and management’s assessment of going concern. Recommendation unchanged.
The Corps Act be amended so companies required to have their financial reports audited under the Corps Act must establish and maintain an internal control framework for financial reporting. The changes will also require external auditors to report on management’s assessment of the effectiveness of that framework. The Committee confirmed the importance of the recommendation but due to current economic conditions, now may not be the time to impose additional transitional costs on businesses. It requested the government to consider appropriate timelines and thresholds (in terms of entity size and type) with respect to implementing this recommendation.
The Australian Government to take action to make digital financial reporting standard practice in Australia. The Committee considered it appropriate for the government to undertake a review to identify and resolve any remaining barriers to the use of digital financial reports, with a view to making digital financial reporting standard practice in Australia in the near future.

AASB Staff FAQs for not-for-profit entities – AASB 1058 updates

The AASB Staff FAQs for not-for-profit (NFP) entities have been extended (in section 5) to assist with accounting for transactions in scope of AASB 1058 ‘Income of Not-for-Profit Entities’, such as grants, where a NFP entity has partially but not yet fully performed the activities required under the agreement and the associated asset (e.g. grant funding in cash or other asset) has not yet been received.

In those circumstances (such as accrued grants) a non-cash asset might exist (for example, a financial asset under AASB 9 ‘Financial Instruments’ representing the contractual right to receive the cash) and should be recognised and appropriately described in the statement of financial position.

The new FAQs focuses on the initial recognition of this type of asset, although it also addresses some consequential matters relating to the recognition of associated income.

The FAQ includes simple practical example scenarios to illustrate the accounting.

NSW Treasury Pronouncements

TPP 20-08 ‘Internal Audit and Risk Management Policy for the General Government Sector’

NSW Treasury recently released TPP 20-08 (the Policy) to assist agencies in fulfilling their legislative obligations under the Government Sector Finance Act 2018 (GSF Act) by outlining minimum standards for risk management, internal audit and Audit and Risk Committees (ARCs).

The Policy supersedes the previously issued policies and circulars: ‘Internal Audit and Risk Management Policy for the NSW Public Sector’ (TPP15-03), ‘Guidance on Shared Arrangements and Subcommittees for Audit and Risk Committees’ (TPP16-02) and ‘Small Agency Exemption to TPP15-03 - Internal Audit and Risk Management Policy for the NSW Public Sector’ (TC18-16). The Policy promotes the use of better practice standards and frameworks and does so by:

  • articulating clear principles and specific Core Requirements that align with the GSF Act and the international standards as updated
  • clarifying roles and responsibilities across risk management and internal audit
  • recognising the diversity of the General Government Sector as it provides greater flexibility for agencies to implement and manage their governance arrangements including provisions for shared arrangements
  • promoting efficient and effective oversight arrangements
  • streamlining attestation requirements.

The Policy should be read in conjunction with the Policy and Guideline papers that apply to internal audit and risk management, including the ‘Risk Management Toolkit for the NSW Public Sector’ (TPP 12-03).
 

TC 20-05 ‘Mandatory Use of the Treasury Managed Fund (TMF) for All Government Insurance Requirements’

NSW Treasury recently released TC 20-05, outlining the expectations that government agencies must be insured in line with the State’s risk appetite, and as a minimum:

  • all government agencies are required to obtain cover for their insurable assets and liabilities through the Treasury Managed Fund (TMF)
  • all government agencies are required to be TMF members for their insurance requirements
  • government agencies not members of the TMF are required to consult with icare to obtain entry to the TMF for all their insurance requirements.

Government agencies seeking an exemption from these requirements will need to obtain Treasury approval.

TC 20-07 ‘Accounting Policy – Withdrawal of TPP06-8 Accounting for Privately Financed Projects’

NSW Treasury recently released TC 20-07, withdrawing TPP 06-8 ‘Accounting for Privately Financed Projects’ (TPP 06-8) from 1 July 2020 onwards. TPP 06-8 is withdrawn with the introduction of AASB 1059 ‘Service Concession Arrangements: Grantors’ (AASB 1059) which applies to annual reporting periods beginning on or after 1 January 2020.

TC 20-07 must be read in conjunction with Treasury’s other Circulars and Policy Papers regarding Australian Accounting Standards. Upon withdrawal of TPP 06-8, agencies must assess all arrangements previously accounted for under TPP 06-08 to determine whether they are within the scope of AASB 1059, or out of scope and required to be accounted for under another applicable Accounting Standard.

Office of Local Government Pronouncements

Local Government Code of Accounting Practice and Financial Reporting 2020-21

The Office of Local Government (OLG) recently released Circular 20-40 'Local Government Code of Accounting Practice and Financial Reporting 2020-21' (the Code).

The Code prescribes the format for preparing councils’ and joint organisations’ 2020-21 financial statements and must be used to ensure compliance with the financial reporting requirements of the Local Government Act 1993 and the Local Government (General) Regulation 2015.

A summary of the key changes is available on the OLG website.

Office of Local Government Circular 20-38 ‘Special Rate Variation and Minimum Rate Variation Guidelines and Process’

The Office of Local Government (OLG) recently released Circular 20-38 'Special Rate Variation and Minimum Rate Variation Guidelines and Process'.

This Circular advises councils of the following changes to the Special Variation and Minimum Rate Variations Guidelines (the Guidelines) that apply for Special Rate Variation and Minimum Rate Variation applications:

  • the rate peg for 2021-22 is 2.0 per cent
  • new councils seeking to harmonise rates in a way that increases their general income above the rate peg, must apply to the Independent Pricing and Regulatory Tribunal (IPART) for a Special Rate Variation
  • the process for all councils applies as normal during the COVID-19 pandemic period however, to the extent compliance has been or is anticipated to be affected by COVID-19, councils should explain the impact in their application. These explanations will be taken into consideration by IPART when assessing the application
  • the cap limit on local development contributions has been removed entirely.

Further information on the Guidelines can be obtained from OLG’s website at Rating and Special Variations.

ASIC highlights focus areas for 31 December 2020 financial reports under COVID-19 conditions

The Australian Securities and Investment Commission (ASIC) recently released 20-325MR ASIC highlights focus areas for 31 December 2020 financial reports under COVID-19 conditions announcing its focus areas for financial reporting by companies for years ending 31 December 2020.

Under COVID-19 conditions, ASIC expects directors, preparers of financial reports and auditors to pay particular attention to:

  • asset values
  • provisions
  • solvency and going concern assessments
  • events occurring after year end and before completing the financial report
  • disclosures in the financial report and Operating and Financial Review (OFR).

Further details on the focus areas can be found in the attachment to 20-325MR on ASIC’s website.

Audit Office of New South Wales

Margaret Crawford, Auditor-General for New South Wales – presentations, attendances and interviews

Organisation Event Involvement Date
NSW Treasury ARC Leadership Forum* Presentation 4 December 2020
Public Service Commission NSW Government Public Sector Network International Day of People with a Disability event* Attendance 3 December 2020
Institute of Public Administration Australia (IPAA) Annual General Meeting* Attendance 3 December 2020
IPAA NSW Council Meeting* Attendance 24 November 2020
Jeff Whalan Learning Group The Future of Work in the Public Sector* Attendance 23 November 2020
Parliament – Legislative Assembly Public Accounts Committee (PAC) Hearing Attendance 20 November 2020
Parliament – Legislative Assembly Public Accounts Committee Briefing Attendance 19 November 2020
Australasian Council of Auditors-General (ACAG) ACAG Business Meeting* Attendance 12,13,17 November 2020
The Institute of Internal Auditors - Australia Local Government Assurance Forum* Speech 12 November 2020
Bayside Council Council meeting Presentation 11 November 2020
The Australia and New Zealand School of Government (ANZSOG) ANZSOG Executive Master of Public Administration on Performance Transparency* Speech / Presentation 6 November 2020
Jeff Whalan Learning Group Spruce Executive Learning Group Meeting* Attendance 6 November 2020
Jeff Whalan Learning Group Spruce Executive Learning Group Meeting* Attendance 5 November 2020
Department of Premier and Cabinet Premiers Public Service medal announcement* Attendance 4 November 2020
Parliament – Legislative Assembly Brief Parliamentary Committee on Investment, Industry and Regional Development Presentation 2 November 2020
Parliament – Legislative Council Public Accountability Committee Hearing - Inquiry into the Budget process for independent oversight bodies and the Parliament of NSW Attendance 23 October 2020
Parliament – Legislative Assembly Public Accounts Committee Briefing Briefing to discuss audit reports tabled since 24 September 2020 22 October 2020
IPAA Garran Oration - Hon Greg Hunt MP, Minister for Health* Attendance 21 October 2020
City of Sydney Council Signing of the 2019-20 financial statements and auditor’s reports Presentation 19 October 2020
Parliament - Legislative Council Public Accountability Committee Hearing – Inquiry into the integrity, efficacy and value for money of NSW Government grant programs Attendance 16 October 2020
Jeff Whalan Learning Group Spruce Executive Learning Group Meeting* Attendance 16 October 2020
Committee for Economic Development of Australia (CEDA) Australia’s health system – integration and sustainability – Dr Brendan Murphy* Attendance 8 October 2020
Department of Premier and Cabinet Secretaries Board Presentation 6 October 2020

* online attendance

 

Auditor-General’s reports to Parliament

Report Type of report Report date
Service NSW’s handling of personal information Special review 18 December 2020
One TAFE NSW modernisation program Performance audit 17 December 2020
Procurement management in Local Government Performance audit 17 December 2020
Members’ additional entitlements 2020 Special review 15 December 2020
Central Agencies 2020 Financial audit 10 December 2020
Regional NSW 2020 Financial audit 10 December 2020
Stronger Communities 2020 Financial audit 10 December 2020
Planning, Industry and Environment 2020 Financial audit 10 December 2020
Transport 2020 Financial audit 10 December 2020
Health 2020 Financial audit 10 December 2020
Managing the health, safety and wellbeing of nurses and junior doctors in high demand hospital environments Performance audit 9 December 2020
Waste levy and grants for waste infrastructure Performance audit 26 November 2020
Education 2020 Financial audit 26 November 2020
Internal controls and governance 2020 Financial audit 24 November 2020
State Finances 2020 Financial audit 19 November 2020
Government advertising 2018-19 and 2019-20 Performance audit 19 November 2020
The effectiveness of the financial arrangements and management practices in four integrity agencies Special review 20 October 2020

 

Accounting Update

Australian update – Australian Accounting Standards Board (AASB)

Topics discussed included:

AASB Meeting Highlights – 11-12 November 2020

  • not-for-profit (NFP) private sector financial reporting framework
  • fair value measurement for NFP entities
  • goodwill and impairment
  • minimum disclosures in special purpose financial statements of certain for-profit private sector entities
  • sustainability reporting
  • termination for convenience clauses
  • going concern
  • transition between tier 2 frameworks for NFP entities
  • parliamentary inquiry into the Regulation of Auditing in Australia.

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

Name Type of document Publication date
Exposure Draft ED 306 ‘Transition Between Tier 2 Frameworks for Not-for-Profit Entities’ – open for comment until 15 January 2021 Exposure draft 15 December 2020
Updated AASB 1048 ‘Interpretation of Standards’ Accounting standard 15 December 2020
AASB 2020-9 ‘Amendments to Australian Accounting Standards – Tier 2 Disclosures: Interest Rate Benchmark Reform (Phase 2) and Other Amendments’ Accounting standard 11 December 2020
Business Combinations Under Common Control – open for comment until 17 July 2021 Invitation to comment 3 December 2020
Exposure Draft 305 'Lease Liability in a Sale and Leaseback – proposed amendments to AASB 16' – open for comment until 21 February 2021 Exposure draft 3 December 2020
AASB Staff FAQ on initial recognition of an asset acquired by a NFP entity in transactions within the scope of AASB 1058* FAQ 29 October 2020
Updated AASB Standard-Setting Framework Documents Framework 29 October 2020

*For more information refer to Hot Topics section.

 

International Update – International Accounting Standards Board (IASB)

Topics discussed included:

IASB Meeting Highlights – 14-16 December 2020

  • maintenance and consistent application – IFRS Interpretations Committee’s agenda decision on Supply Chain Financing Arrangements—Reverse Factoring
  • second comprehensive review of the IFRS for SMEs standard
  • disclosure initiative – Accounting Policies
  • primary Financial Statements
  • post-implementation review of IFRS 9 – Classification and Measurement
  • disclosure initiative – subsidiaries that are SMEs
  • financial instruments with characteristics of Equity
  • pension benefits that vary with asset returns.

Joint IASB - Financial Accounting Standards Board (FASB) Meeting Highlights – 19 November 2020

  • goodwill and impairment
  • leases other than COVID-19
  • responding to the COVID-19 crisis
  • supply chain financing.

IASB Meeting Highlights – 18 November 2020

  • board work plan – post-implementation reviews and agenda consultation
  • maintenance and consistent application – amendments to IAS 12 'Income Taxes'
  • disclosure initiative – subsidiaries that are SMEs
  • management commentary
  • post-implementation review of IFRS 10, IFRS 11 and IFRS 12.

IASB Meeting Highlights – 27-29 October 2020

  • board work plan update
  • 2020 agenda consultation
  • equity method
  • IFRS taxonomy
  • maintenance and consistent application – amendments to IAS 12 'Income Taxes'
  • dynamic risk management
  • extractive activities
  • disclosure initiative – subsidiaries that are SMEs
  • management commentary.

International Update – International Financial Reporting Standards (IFRS) Foundation

Latest news from the IFRS Foundation included:

Name Publication date
IFRS Taxonomy Update for Interest Rate Benchmark Reform – Phase 2 17 December 2020
IASB reviews package of IFRS Standards for group accounting – IFRS 10, 11 and 12 9 December 2020
IASB to publish Request for Information – Post-implementation Review of IFRS 10, IFRS 11 and IFRS 12 7 December 2020
IASB consults on possible new accounting requirements for mergers and acquisitions within a group 30 November 2020
IASB proposes amendment to its leases Standard to improve accounting for sale and leaseback transactions 27 November 2020
The IFRS Foundation proposes changes to the IFRS Taxonomy 2020 to support high-quality tagging of information related to employee benefits 24 November 2020
The effects of climate-related matters on financial statements prepared applying IFRS Standards 20 November 2020
IASB begins Post-implementation Review of classification and measurement requirements in IFRS 9 18 November 2020
Applying IFRS Standards in 2020 – impact of COVID-19 28 October 2020
Compilation of IFRS Interpretations Committee agenda decisions – volume 3 published 14 October 2020

 

International Update – International Public Sector Accounting Standards Board (IPSASB)

Topics discussed included:

IPSASB Meeting Highlights – 1-2, 8-11, 15 December 2020

  • ED 77 Measurement
  • ED 76 Conceptual framework – limited scope update
  • ED 78 IPSAS 17 update, heritage and infrastructure
  • ED 75 Leases
  • natural resources
  • revenue and transfer expenses – ED 70 – ED 72
  • mid-period work program consultation
  • program and technical director’s report on work program.

IPSASB Meeting Highlights – 27 October 2020

  • ED 77 Measurement.

Recent news from the IPSASB included:

Name Publication date
IFAC publishes training materials to support IPSAS implementation 9 November 2020
IPSASB issues Exposure Draft to clarify guidance on borrowing costs 21 October 2020

IPSASB has recently issued:

Name Publication date
Non-authoritative amendments to IPSAS 41, financial instruments 10 December 2020
COVID-19: Deferral of effective dates 6 November 2020

 

Auditing Update

Australian Update – Auditing and Assurance Standards Board (AUASB)

Topics discussed included:

AUASB Meeting Highlights – 1 and 4 December 2020

  • FRC and audit quality update
  • AASB chair update
  • IAASB discussion paper on fraud and going concern
  • international matters
  • due process framework and conformance and harmonisation policy with the NZAuASB.

AUASB Meeting Highlights – 21 October 2020

  • joint meeting of the AUASB and NZAuASB
  • repeal of superseded ASAs
  • IAASB fraud and going concern discussion paper
  • AUASB 2020-21 work program
  • updates on other AUASB projects.

Latest news from the AUASB included:

Name Publication date
New AUASB Due Process Framework available for public comment December 2020
IAASB formalise plan to develop separate standard for audits of Less Complex Entities (LCE’s) December 2020
AUASB Research Report 5: COVID-19 Snapshot of Auditor Reporting in Australia December 2020
Implementation support materials on ASA 540 ‘Auditing Accounting Estimates and Related Disclosures’ December 2020
AUASB issues revised ASRS 4400 'Agreed-Upon Procedures' December 2020
The IAASB issues new support for assessing risks of material misstatement when using automated tools and techniques 18 November 2020
IAASB releases video introductions to the new and revised quality management standards 18 November 2020
Auditing and Assurance Standard Board welcomes the final report of the Parliamentary Joint Committee on Corporations and Financial Services Inquiry on the Regulation of Auditing in Australia 11 November 2020
AUASB remote roundtable to discuss IAASB fraud discussion paper 10 November 2020
Addressing issues and challenges in audits of less complex entities 5 November 2020

 

International Update – International Auditing and Assurance Standards Board (IAASB)

Topics discussed included:

IAASB Meeting Highlights – 7-11 December 2020

  • audits of less complex entities
  • audit evidence
  • ISA 600 (revised)
  • extended external reporting assurance
  • fraud.

IAASB Meeting Highlights – 10-11 November 2020

  • definitions of listed entity and public interest entity
  • conforming amendments to other IAASB standards resulting from the quality management standards.

Latest news from the IAASB included:

Name Publication date
IAASB Raises the Bar for Quality Management 17 December 2020
IAASB communique details plans to develop separate standard for audits of less complex entities 15 December 2020
IAASB issues new support for assessing risks of material misstatement when using automated tools and techniques 18 November 2020
Video introduction to the new IAASB quality management standards 18 November 2020
Key takeaways from the IAASB’s roundtable series on fraud and going concern 17 November 2020
Deadline extended for IAASB’s discussion paper on fraud and going concern 16 November 2020
New IAASB communique details plans to address complexity, understandability, scalability, proportionality 5 November 2020
IAASB issues staff audit practice alert on climate-related risks 1 October 2020

 

Ethics Update

Australian Update – Accounting Professional and Ethical Standards Board (APESB)

Topics discussed included:

APESB Meeting Highlights – 16 November 2020

  • update on IESBA’s projects on non-assurance services and fees
  • international and other activities
  • update on review of APES 230 ‘Financial Planning Services’
  • update on COVID-19 resources
  • update on review on APES 220 ‘Taxation Services’
  • proposed revised APES 305 ‘Terms of Engagement’
  • proposed whistleblowing technical staff Q&A publication
  • project update APES 330 ‘Insolvency Services’.

Latest news from the APESB included:

Name Publication date
APESB issues revised APES 305 ‘Terms of Engagement’ 4 December 2020
APESB's Response to the Parliamentary Joint Committee's Final Report on Regulation of Auditing in Australia 19 November 2020
A framework for ethical behaviour 30 October 2020
New guidance on the application of professional standards when facing COVID-19 circumstances 16 October 2020
Proposed revisions to clarify the role and mindset expected of accountants – Exposure Draft 03/20 – open for comment until 1 February 2021 8 October 2020

 

International Update – International Ethics Standards Board for Accountants (IESBA)

Topics discussed included:

IESBA Meeting Highlights – 30 November, 4, 8 & 9 December 2020

  • non-assurance services provisions in the Code of Ethics
  • revision to fees-related provisions in the Code of Ethics
  • definitions of listed entity and public interest entity
  • technology
  • engagement team – group audits independence.

Latest publications from the IESBA included:

Name Publication date
Revisions to the code to promote the role and mindset expected of professional accountants 5 October 2020

 

NSW Treasury

NSW Treasury documents and resources

Treasury’s recent releases included:  

Name Publication date
Summary of TPP 20-08 IARM requirements 21 December 2020
TPP20-08 Internal Audit and Risk Management Policy for the General Government Sector* 18 December 2020
Treasury Strategy Business Plan 17 November 2020
2019-20 Report on State Finances 17 November 2020
Budget Paper No. 5 – Appropriation Bills - 2020-21 17 November 2020
Budget Paper No. 4 – Agency Financial Statements - Budget 2020-21 17 November 2020
Budget Paper No. 3 – Infrastructure Statement Budget 2020-21 17 November 2020
Budget Paper No. 2 – Outcomes Statement Budget 2020-21 17 November 2020
Budget Paper No. 1 – Budget Statement - 2020-21 Budget 17 November 2020
TC20-07 Accounting Policy – Withdrawal of TPP 06-8 Accounting for Privately Financed Projects* 9 November 2020
TC20-05 ‘Mandatory Use of the Treasury Managed Fund (TMF) for All Government Insurance Requirements’* 3 November 2020

*For more information refer to Hot Topics section.

 

Department of Premier and Cabinet (DPC)

Ministerial Memoranda and Department Circulars

DPC released the following memos and circulars:

Name Type of document Publication date
C2020-21 Instruments of Authorisation and Delegation 2020 Circular 16 October 2020

 

Department of Customer Service (DCS)

Whole of Government Circulars

DCS released the following circulars:

Name Type of document Publication date
DCS-2020-6 Infrastructure Data Management Framework Circular 15 December 2020
DCS-2020-05 Cyber Security NSW directive – Practice Requirements for NSW Government Circular 16 October 2020
DCS-2020-04 Open Government Circular 2 October 2020

 

NSW Procurement Board

Directions and Procurement Alerts

NSW Procurement Board’s recent Directions and Procurement alerts included:

Name Type of document Publication date
Industry consultation – Draft of the proposed new Digital.NSW ICT Purchasing Framework (New Framework) is now open for consultation due by 22 January 2021 Announcement 21 December 2020
PBD 2019-05 Enforceable procurement provisions [updated] Direction 27 November 2020
buy.nsw Supplier Hub scaled to all NSW Government suppliers Announcement 23 October 2020
PBD 2020-04 Approved procurement arrangements Direction 1 October 2020

 

Public Accounts Committee (PAC)

Inquiries and Reports

Inquiries and Reports tabled in NSW Parliament included:

Name Type of document Publication date
Examination of Auditor-General's performance audit reports February 2019 - July 2019 Inquiry 22 October 2020
Follow-up review of the management of NSW public housing maintenance contracts Inquiry 22 October 2020
Examination of the Auditor-General's performance audit reports August 2018 - January 2019 Report 13 October 2020

 

Office of Local Government (OLG)

Recent circulars released included:

Name Publication date
20-41 Further extension of increased tendering exemption threshold for contracts for bushfire response and recovery to 30 June 2021 21 December 2020
20-40 Local Government Code of Accounting Practice and Financial Reporting 2020-21* 11 December 2020
20-39 Constitutional referendums and council polls 30 November 2020
20-38 Special Rate Variation and Minimum Rate Variation Guidelines and Process* 25 November 2020

*For more information refer to Hot Topics section.

 

Australian Securities and Investments Commission (ASIC)

Recent media releases included:

Name Publication date
20-329MR ASIC review of 30 June 2020 financial reports 17 December 2020
20-325MR ASIC highlights focus areas for 31 December 2020 financial reports under COVID-19 conditions* 15 December 2020
20-255MR ASIC Annual Report 2019-2020 23 October 2020

* For more information refer to Hot Topics section.

Australian Charities and Not-for-profits Commission (ACNC)

Recent news and media included:

Name Publication date
Bushfire Response 2019-20 – reviews of three Australian charities 24 October 2020
ACNC to introduce charity risk review program 21 October 2020
2019-20 annual report 16 October 2020

 

Publications by Australian and New Zealand Audit Offices

Australian National Audit Office

Australian National Audit Office (ANAO) Type of report Publication date
Investments by the Clean Energy Finance Corporation Performance audit 17 December 2020
Audits of the Financial Statements of Australian Government Entities for the Period Ended 30 June 2020 Financial audit 17 December 2020
The Australian Taxation Office’s Management of Risks Related to the Rapid Implementation of COVID-19 Economic Response Measures Performance audit 14 December 2020
Services Australia COVID-19 Measures and Enterprise Risk Management Performance audit 10 December 2020
Planning and Governance of COVID-19 Procurements to Increase the National Medical Stockpile Performance audit 10 December 2020
Delivery of Security Vetting Services Follow-up Performance audit 7 December 2020
Management of the Australian Public Service’s Workforce Response to COVID-19 Performance audit 1 December 2020
2019–20 Major Projects Report Major projects report 30 November 2020
Defence’s Procurement of Combat Reconnaissance Vehicles (LAND 400 Phase 2) Performance audit 26 November 2020
Managing Health Provider Compliance Performance audit 23 November 2020
Planning for the 2021 Census Performance audit 19 November 2020
Advances to the Finance Minister for the Period 26 September 2020 to 30 October 2020 Assurance review 16 November 2020
Performance Measurement and Monitoring – Developing Performance Measures and Tracking Progress Audit insights 11 November 2020
Decision-making Controls for NDIS Participant Plans Performance audit 29 October 2020
Audit Quality Report 2019–20 Corporate 19 October 2020
Advances to the Finance Minister for the Period 29 August 2020 to 25 September 2020 Assurance review 15 October 2020
Defence’s Procurement of Offshore Patrol Vessels – SEA 1180 Phase 1 Performance audit 12 October 2020
Auditor-General’s mid-term report Speeches and Papers 7 October 2020

 

Australian Capital Territory Audit Office

Australian Capital Territory Audit Office (ACT AO) Type of report Publication date
2019-20 Financial Audit – Financial Results and Audit Findings Financial audit 21 December 2020
2019-20 Financial Audits Overview Financial audit 27 November 2020

 

Northern Territory Auditor-General's Office

Northern Territory Auditor-General's Office (NT AGO) Type of report Publication date
December 2020 Report to the Legislative Assembly Various 9 December 2020

 

Queensland Audit Office

Queensland Audit Office (QAO) Type of report Publication date
Regulating firearms Performance audit 27 November 2020

 

South Australian Auditor-General’s Department

South Australian Auditor-General’s Department (SA AGD) Type of report Publication date
Review of ICT projects in SA Health Review 10 December 2020
Examination of the management of road asset maintenance - City of Salisbury Performance audit 17 November 2020
Annual Report of the Auditor-General for the year ended 30 June 2020 Annual report 13 October 2020

 

Tasmanian Audit Office

Tasmanian Audit Office (TAS AO) Type of report Publication date
Procurement in Local Government Compliance audit 10 December 2020
Management of the State road network Performance audit 19 November 2020
Review of selected COVID-19 support measures and expenditure in 2019-20 Review 27 October 2020
ICT strategy, critical systems and investment Performance audit 27 October 2020
Tasmanian Audit Office Annual Report 2019-20 Annual report 23 October 2020

 

Victorian Auditor-General’s Office

Victorian Auditor-General’s Office (VAGO) Type of report Publication date
Sexual Harassment in Local Government Performance audit 9 December 2020
Systems and Support for Principal Performance Performance audit 9 December 2020
Auditor-General's Report on the Annual Financial Report of the State of Victoria: 2019–20 Financial audit 24 November 2020
Accessing Emergency Funding to Meet Urgent Claims Review 24 November 2020
Accessibility of Tram Services Performance audit 15 October 2020
Early Years Management in Victorian Sessional Kindergartens Performance audit 15 October 2020
Reducing Bushfire Risks Performance audit 14 October 2020
Annual Report 2019–20 Annual report 14 October 2020
Follow up of Managing the Level Crossing Removal Program Performance audit 14 October 2020

 

Western Australia Office of the Auditor-General

Western Australia Office of the Auditor-General (WA OAG) Type of report Publication date
COVID-19 Relief Fund Performance audit 21 December 2020
COVID-19 Status of WA Public Testing Systems Performance Review 9 December 2020
Regulating Minor Pollutants Performance audit 26 November 2020
Western Australian Registry System Information Systems Audit 26 November 2020
Audit Results Report – Annual 2019-20 Financial Audits of State Government Entities Financial audit 11 November 2020
Transparency Report: Major Projects Performance Review 29 October 2020

 

New Zealand Office of the Auditor-General

New Zealand Office of the Auditor-General (NZ OAG) Publication date
Tertiary education institutions 2019 audit results and what we saw in 2020 3 December 2020
Inquiry into the University of Auckland’s decision to purchase a house in Parnell 26 November 2020
Accident Compensation Corporation case management 24 November 2020
Results of the 2019 school audits November 2020
Auckland light rail City Centre to Māngere project 26 November 2020
Controlling sensitive expenditure: Guide for public organisations 27 October 2020
Annual report 2019/20 25 September 2020

 

Other Useful Resources

The Treasury (Australian Government)

Recent publications included:

Name Publication date
Treasury Annual Report 2019-20 30 November 2020
Retirement Income Review - Final Report 20 November 2020
Enhancements to Unfair Contract Term Protections - Regulation Impact Statement for Decision 9 November 2020
Portfolio Budget Statements 2020-21 6 October 2020

 

Independent Commission Against Corruption (ICAC)

Recent media releases included:

Name Publication date
ICAC recommends changes to government water management in NSW after years of focus on irrigation industry interests 27 November 2020

 

Independent Pricing & Regulatory Tribunal (IPART)

 Recent IPART papers and reports included:

Name Industry Type of document Publication date
OLG Guidelines - Special Variation - 2021-22 Local Government Guidelines/Procedures 25 November 2020
OLG Guidelines - Minimum Rate Increase 2021-22 Local Government Guidelines/Procedures 25 November 2020
Annual Report - Report on IPART's functions in relation to local government in 2019-20 - October 2020 Local Government Annual report 13 November 2020

 

NSW Ombudsman

Recent news and publications included:

Name Publication date
New report: An inherent conflict of interest: councils as regulators and developers 15 December 2020
New report: Whistleblowing in NSW depends on clear protections and open, reporting culture 15 December 2020
NSW Ombudsman Annual Report 2019-20 27 October 2020