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Clarity

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Data governance as
a catalyst: driving
business forward

Welcome to the Summer 2024
edition of Clarity

Our aim is to deliver greater clarity and understanding of current and emerging advisory, accounting and audit issues. With this publication, Clarity, we share our knowledge, thought leadership, and expertise, in areas that will solve problems and create solutions for businesses in our region. We hope you find inspiration in this edition. Please don't hesitate to contact your local Audit and Assurance team to discuss any of the topics we explore.

Clarity Magazine Circle Image Summer 2024
Data governance 2000

Clarity Mag

Data governance — a decision making approach
Over the past year, PKF, working with the Governance Institute of Australia, Macquarie University’s DataX Research Centre, and other expert organisations, has supported an important research study to assess the data governance landscape in Australia. The findings are unexpected and motivating.Survey participants and process In August 2023, the Governance Institute...
Ken Weldin

Ken Weldin

Partner

Melbourne

Cyber 2000

Clarity Mag

Cyber security as a cornerstone of sustainable supply chain
Imagine this... your business has undergone rigorous internal audits and your processes gleam. But, a single security breach in one of your supplier’s systems exposes sensitive data, disrupts operations, and shatters customer trust. In 2024, with rampant cybercrime, complex global partnerships, and data privacy regulations tightening, ignoring supply chain security...
Phillipa Ngorima sq

Phillipa Ngorima

IT Auditor

Sydney, Newcastle

Local council 2000

Clarity Mag

Local government changes — a sign of the times
As of mid-2022 all NSW local government councils and joint organisations were required to have considered the 2023 Risk and Audit Guidelines. The 2023 Guidelines replace the 2010 NSW Government’s Internal Audit Guidelines for Local Government in NSW. They seek to incorporate findings and lessons learnt from relevant industry reviews...
Amy Daley sq
Tim Cronin

2 Contributors

Brisbane

ASIC 2000

Clarity Mag

ASIC surveillance results — areas of improvement for financial reporting and audit quality
In October 2023, ASIC published its annual surveillance report. The report highlights areas where the quality of financial reporting and audits can be improved. The surveillance report summarises findings from ASIC’s reviews of both financial reports (180 ASXlisted entities and large unlisted entities) and audit files (15 related audit files...
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Kevin Nguyen

Auditor

Perth

Economic update 2000

Clarity Mag

How the economy is impacting financial reporting
Our economic climate is changing, and so too is how we must approach the preparation of financial reports for upcoming reporting periods. Changing conditions means that the preparation of financial reports will not simply be a rollover of the estimates used in the preparation of the previous financial report. Many...
Kevin Helmers Website Headshot

Kevin Helmers

Partner

Newcastle, Sydney

Clarity Summer 2024

Clarity comes in multiple forms.

All articles of the Summer 2024 edition of Clarity are featured above. If you would prefer to read Clarity as a full document, cover-to-cover, download the publication here.

Download the Summer edition here
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Search the full archive

Data governance 2000

Clarity Mag

Data governance — a decision making approach
Over the past year, PKF, working with the Governance Institute of Australia, Macquarie University’s DataX Research Centre, and other expert organisations, has supported an important research study to assess the data governance landscape in Australia. The findings are unexpected and motivating.Survey participants and process In August 2023, the Governance Institute...
Ken Weldin

Ken Weldin

Partner

Melbourne

Cyber 2000

Clarity Mag

Cyber security as a cornerstone of sustainable supply chain
Imagine this... your business has undergone rigorous internal audits and your processes gleam. But, a single security breach in one of your supplier’s systems exposes sensitive data, disrupts operations, and shatters customer trust. In 2024, with rampant cybercrime, complex global partnerships, and data privacy regulations tightening, ignoring supply chain security...
Phillipa Ngorima sq

Phillipa Ngorima

IT Auditor

Sydney, Newcastle

Local council 2000

Clarity Mag

Local government changes — a sign of the times
As of mid-2022 all NSW local government councils and joint organisations were required to have considered the 2023 Risk and Audit Guidelines. The 2023 Guidelines replace the 2010 NSW Government’s Internal Audit Guidelines for Local Government in NSW. They seek to incorporate findings and lessons learnt from relevant industry reviews...
Amy Daley sq
Tim Cronin

2 Contributors

Brisbane

Economic update 2000

Clarity Mag

How the economy is impacting financial reporting
Our economic climate is changing, and so too is how we must approach the preparation of financial reports for upcoming reporting periods. Changing conditions means that the preparation of financial reports will not simply be a rollover of the estimates used in the preparation of the previous financial report. Many...
Kevin Helmers Website Headshot

Kevin Helmers

Partner

Newcastle, Sydney

Tax governance matters

Clarity Mag

Tax governance matters
Taxation in Australia is both complicated and constantly changing. Public interest in the tax system is arguably at an all-time high. Politically there is a desire to increase tax transparency for larger businesses and high net worth individuals to provide community confidence that ‘the bigger end of town’ is paying...
Garry Mathoda

Garry Mathoda

Director

Sydney

Data analysis revolution

Clarity Mag

Embracing the data analytics revolution
Data analytics, at its core, is the art and science of extracting actionable insights from the labyrinth of data. It encompasses the use of cutting-edge tools and methodologies to dissect, analyse, visualise, and interpret data, leading to informed and strategic decision-making. This pivotal concept has gained immense significance in today’s...
Sangeetha Ravisankar

Sangeetha Ravisankar

Senior Data Analyst

Sydney, Newcastle

Countryside

Clarity Mag

ESG: The future of reporting
In our continued exploration of better practice in Environmental, Social, Governance (ESG) reporting, our focus turns to the agricultural sector. We hope this case study provides guidance and insight to support you on your own ESG journey. There are significant benefits to be gained by reporting on ESG factors, however,...
Dawn Alexander

Dawn Alexander

Partner

New Zealand

ESG Broken Hill

Clarity Mag

Building trust through ESG: Community engagement in the mining sector
The mining industry, historically linked with significant environmental and social impacts, faces increasing pressure from stakeholders to demonstrate responsible business practices. This pressure is not just regulatory or market-driven, it comes from the very communities where these companies operate. This is where a robust Environmental, Social, and Governance (ESG) strategy...
Darren Shillington

Darren Shillington

Managing Partner

Perth

ASIC 2000

Clarity Mag

ASIC surveillance results — areas of improvement for financial reporting and audit quality
In October 2023, ASIC published its annual surveillance report. The report highlights areas where the quality of financial reporting and audits can be improved. The surveillance report summarises findings from ASIC’s reviews of both financial reports (180 ASXlisted entities and large unlisted entities) and audit files (15 related audit files...
3156 D745 206 B 4114 B023 7 CC3 DF81 A23 D

Kevin Nguyen

Auditor

Perth

Mountain biking

Clarity Mag

Taming the trail: Risk mitigation in mountain biking and business
As a new convert to mountain biking, it didn’t take me long to realise that riders face an array of obstacles that can send you tumbling down a hill faster than a stock market crash. But what I soon learnt is that the secrets to risk mitigation in mountain biking...
Cameron Bradley

Cameron Bradley

Partner

Brisbane

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Clarity Mag

ESG — the future of reporting
Reporting on ESG outcomes is an increasing expectation of investors, and a legal requirement for some organisations. It can be difficult to know where to start, so, to assist with your transition to ESG reporting, we have consulted experts in this field to glean insights from their experiences. Top tips...
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Clarity Mag

Climate-related financial disclosure
Climate change is recognised internationally as presenting material risks to the global financial system. These risks need to be managed by capital markets, regulators and corporations. They include physical risks of climate change and the transition risks associated with policy, regulatory and technological change brought on by efforts to mitigate...

Eve Drake

Partner

Newcastle

Stocksy txp2e5751f2 X1n300 Medium 1018068 2000x1000

Clarity Mag

Seeking external valuations on land and buildings in 2023
We are progressing through another pivotal reporting period, being 30 June 2023. It’s at this time (or earlier) when directors of companies determine that external valuations may be needed in support of the carrying value of land and buildings recorded in the balance sheet. These could be either owner occupied...
Kaitlynn Brady Website

Kaitlynn Brady

Partner

Melbourne

Stocksy txp2e5751f2 X1n300 Medium 5068916 2000x1000

Clarity Mag

Enhanced disclosure requirements for charities
A charity registered with the Australian Charities and Not-for-Profits Commission (ACNC) is required to prepare either general purpose financial statements (GPFS) or special purpose financial statements (SPFS). The reforms that were effective from 1 July 2021 that saw the end of SPFS for many for-profit private sector entities did not...
Kym Reilly

Kym Reilly

Partner

Sydney, Newcastle

Externa audit Adobe Stock 496982693 2000x1000

Clarity Mag

ASIC’s financial reporting hit list for 30 June 2023
As we progress through the 30 June 2023 financial reporting season, the Australian Securities and Investments Commission (ASIC) has placed a strong focus on the current economic climate in which entities are operating and how this may affect their business, especially considering factors such as increasing interest rates and rising...

Kevin Nguyen

Auditor

Perth

Clarity shutterstock 2227122569 Are you ready for APR As CPS230

Clarity Mag

Are you ready for APRA’s CPS230?
In July 2022, the Australian Prudential Regulation Authority (APRA) released a draft cross-industry Prudential Standard CPS 230 ‘Operational Risk Management’. The proposed CPS230 applies to all APRA-regulated entities including the banking, insurance and superannuation industries and becomes effective from 1 July 2025. Key objectives of CPS230 APRA has observed three...
Workplace investigations Adobe Stock 162232612 Consider a new approach to fraud mitigation

Clarity Mag

Consider a new approach to fraud mitigation
The cost-of-living crisis and current economic conditions are presenting unique circumstances for businesses to navigate. Australians have just experienced their tenth straight interest rate rise since May 2022 with the potential for more, the highest inflation for 30 years, and an ongoing rental crisis. These factors have increased the pressure...
Julia Patterson

Julia Patterson

Principal

Sydney

Clarity shutterstock 662881189 lessons learned from SVB collapse

Clarity Mag

Know your financial risk: Lessons from the Silcon Valley Bank collapse
What just happened? “The news of a bank collapse always sends shockwaves through the financial world, stirring up concerns and triggering memories of the 2008 Global Financial Crisis. While the collapse of Silicon Valley Bank may seem like an isolated event caused by unique circumstances, it serves as a massive...

Maritsa Hugo

Workplace investigations Adobe Stock 601141429 Handling receipts

Clarity Mag

Handling receipts of whistleblower complaints: Are you providing staff training?
The way a whistleblowing disclosure is initially handled can have an impact on the outcome of the disclosure and is a critical component of the whistleblower complaint management process. Effective handling of disclosed information can lead to better outcomes, while mishandling of the information can halt progress and influence the...
Clarity pexels mikhail nilov 9242837 Modern slavery

Clarity Mag

Learnings from the introduction of modern slavery legislation
One year ago, on 1 January 2022, new modern slavery laws came into effect in New South Wales with affected organisations expected to have been compliant for over 12 months. The Modern Slavery Act (2018) requires public sector agencies to implement effective systems, processes and controls to prevent, identify, and...

Clarity Mag

Time to simplify accounting requirements for smaller NFP entities
Financial statements play an important role in helping not-for-profit (NFP) private sector entities stay accountable, manage their limited resources effectively and provide transparency to users. However, many smaller NFP entities find that current Australian financial reporting requirements are overly complex to apply and onerous for stakeholders. In response to this,...

Clarity Mag

The benefits of an effective whistleblower program
As you reflect on your plans for 2023, take a moment to consider the introduction of a whistleblower protection program for your business. Not only is it a regulatory requirement for all large proprietary and publicly listed companies, it is becoming increasingly embraced by organisations large and small, public and...
David Morgan

David Morgan

PKF Integrity Partner

Brisbane

Insights Website banner

Clarity Mag

Time to declutter your accounting policies
As part of endeavours by the AASB and IASB to improve the usefulness of financial reporting and move towards more principle-based disclosure, changes have been made to AASB 101: Presentation of Financial Statements. The amendments will require preparers to present only material accounting policies which is a change from the...
Scott Tobutt

Scott Tobutt

Partner

Sydney, Newcastle

Clarity Mag

Are you prepared for cyber attack?
The final months of 2022 reminded us all of the importance of how quickly things can go wrong in the event of a cyber security issue. Recently, a number of high profile data breaches have had serious impacts for individuals affected, as well as longer term reputational and financial consequences...
Ken Weldin

Ken Weldin

Partner

Melbourne

Clarity Mag

Risky business
In September, the Governance Institute of Australia held its 2022 National Conference, for many marking a return to face-to-face events in Melbourne after you know what. The theme for the conference was ‘Modern Philosophies’ and explored risk management, ESG, societal leadership, the regulatory environment, innovation, inclusiveness and equality, as well...
Ken Weldin

Ken Weldin

Partner

Melbourne

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