Many public sector entities own and manage large asset portfolios amounting to many millions (or billions) of dollars. Management can make better decisions when they have good data about their assets.

In our recent Auditor-General’s insights report on audit committees in state government entities, we highlight the importance of audit committees and how they can catalyse better governance.

Risk appetite and risk tolerance continue to be important conversations in how the public sector applies risk management practices.

Members of project steering committees for major digital transformation projects need to be appropriately qualified and experienced to help ensure a successful project.

Many people worked from home on a full-time basis due to the COVID-19 pandemic, and are now able to start returning to their workplaces. However, these workplaces are not the same environments they left.

Queensland Treasury Financial Reporting Requirements (FRRs) for 2019–20 are available on Queensland Treasury’s website: www.treasury

Appointing the right members to a council’s audit committee allows for informed, effective oversight. Effective audit committees have members with the right mix of skills and experience who understand the risks facing the entity.

For many entities, disclosure about the impacts of COVID-19 in this year’s financial report and annual report will be a key point of difference compared to previous years.

COVID-19 has affected the cash flows of many public sector entities. Their ability to earn revenue may have decreased, potentially permanently, and they are implementing cost reduction strategies.

We have experienced COVID-19 impacts on working arrangements, our community and the economy. These impacts may result in material changes to the financial performance and position of many public sector entities.