Whistleblowing in Australia is still a work in progress – part 2

The results of a recent PKF survey show that there needs to be improved awareness of the regulatory requirements on whistleblowing and, in order to progress from the ‘tick box’ mentality, a greater appreciation of the value of whistleblowing as a best practice corporate governance mechanism.

24 02 2021

General practitioners v specialist accountants

For some time now sellers have been able to effectively ‘wing it’ and get a decent result however going forward this will not likely be the case as the supply and demand equation begins to change. Even though this is known, less than 25% of Australian business owners have a succession plan and unless a different approach is adopted, business owners will likely get a much lower sale price than what they need for their next chapter or worst still, they may not have a buyer at all.

17 02 2021

Business Analytics – Hype or Hero?

Social science has demonstrated that knowledge is currently doubling almost every day! And yet most businesses are already overwhelmed, confused and thoroughly daunted by the amount of ‘knowledge’ or data and information they currently hold or could hold. Instead of being locked away in different systems, in different parts of the business offering only limited, if any practical use, PKF Digital collects and displays all the relevant data to the executive team through a series of comprehensive dashboards. Applying complex analytics allows the business to improve margins and purchasing efficiency and create a stronger sales and revenue mix. We have also found that the level of precision offered by PKF Digital is allowing businesses to differentiate themselves in the industry, attract better employees and renegotiate better arrangements with suppliers due to the data evidence and predictive modelling.

17 02 2021

Regulation of Auditing in Australia – What does the future hold?

In this radically changing environment, independent and accurate external auditing is more critical than ever in helping determine efficient and effective capital allocation. Most would agree that recent headwinds – not the least being the COVID-19 pandemic – have created a heightened level of general uncertainty.

10 02 2021

Risk Management in a COVID-19 world

In a year which began with the devastating bushfires in the Australia summer, 2020 then took another turn in a way few could have truly anticipated with the COVID 19 pandemic. The extended uncertainty, health crises and economic impacts of lockdowns have touched every company in every sector in some way. Indeed, writing this article in Victoria, many of us are still to fully return to our offices and worksites.

10 02 2021

Is your business deal ready?

With a large pools of public and private capital looking for investments as well as cashed up companies looking for strategic acquisition it is an opportune time to consider a capital raising, divestment or acquisition. Before you consider undertaking a financial deal of some form it is important to ensure that your business is Deal Ready.

03 02 2021

Is your business health affecting your mental health?

A recent study commissioned by the Department of Industry Science Energy and Resources (DISER) found that nearly one in three small to medium enterprise (SME) owners experienced mental health issues over the past 12-months.

27 01 2021

The Role of the Risk Management Professional

Experts in neuroscience have explained that when we allow ourselves to run on empty, our sympathetic nervous system becomes over activated, and we get trapped in a state of chronic flight, fight or freeze, or ‘amygdala hijack.’ In this heightened state of arousal, our physical and mental responses focus solely on ‘survival, threat management and preparing for potential injury.’

21 01 2021

Lessons to be learnt from 2020 for 2021 in regards to new accounting standards

2020 was a big year for financial reporting, mostly influenced by COVID-19, but with some other significant changes thrown into the mix. While it has been challenging, hopefully we have taken some lessons away and have grown from the experience. Here is a recap on the areas of accounting that challenged us for 2020:

20 01 2021

Tax planning opportunities for trustees and their accountants

There has been a raft of new changes and legislation for SMSFs in recent years but there are some small but important tweaks which trustees and their accountants need to be aware of for tax planning opportunities.

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