In this blog, we summarise Queensland Treasury’s major changes in its financial reporting requirements (FRRs) for this year.

In October 2023, Queensland Treasury (QT) released its latest audit committee guidelines for departments and statutory bodies.

What is risk appetite?

Risk appetite is used by organisations to drive decision-making, understand the extent of controls needed to manage risks, and assess how to take advantage of opportunities.

Queensland public sector entities, including local governments, occasionally make ex-gratia payments, sometimes called special payments, to terminated employees and third parties.

Each year, the Queensland Audit Office (QAO) holds an in-person and live-streamed event for all our clients’ chief financial officers, finance managers, and other staff involved in financial statement preparation.

The Queensland Audit Office (QAO’s) financial statement maturity model helps entities identify strengths and improvement opportunities in their financial reporting processes.

Risk management has never been more important than it is now. Today’s global risk landscape has a wide range of more complex risks that hit harder, come faster, are interlinked, and bring more profound disruptions.

One of the biggest issues we find when entities engage contractors and consultants, particularly for long-term contracts, is it’s often unclear if the contract delivered all that was intended.

When it comes to performance monitoring, early planning is essential to set yourself up for success.

One of the biggest risks when an entity engages a contractor or consultant is the outsourced project or service costing more than first anticipated.