Alexander Paul

Queensland Treasury has released new audit committee guidelines, with implementation continuing until July 2025.      As part of this release, Treasury introduced transitional requirements for entities to reach fully independent membership of audit committees.   These changes can help make committees more transparent, remove the perception of any bias, and expand experience beyond the entity.      Read this blog by Senior Director, Melissa Fletcher for our advice on how the guidelines impact and benefit our clients: https://lnkd.in/geK2EaiV #Insights #QAO #Blog #AuditCommitees #Governance

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Did you miss out on our latest IFRS and Corporate Reporting webinar? Watch now to hear about the latest developments in IFRS® Accounting Standards and Sustainability Disclosure Standards, with a particular focus on Australian entities. #IFRS #CorporateReporting #webinar

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Auditors 🧐 must be qualified under section 115 of the Property and Stock Agents Act 2002. That means the auditor must be registered as a company auditor under the Corporations Act 2001 and be a member of a prescribed professional body, such as: 👉 Chartered Accountants Australia and New Zealand (CA ANZ), 👉 CPA Australia, or 👉 the Institute of Public Accountants (IPA). To appoint an auditor, one must: 🟥 Identify a qualified auditor as defined by NSW regulations. 🟥 Agree on the terms of the audit, including scope, timeline, and fees. 🟥 Formally appoint the auditor in writing before the audit commences, ensuring the auditor accepts the appointment. Retain these records for the ATO as evidence. AFP Accounting, Tax and Business Advisory can provide you with a thorough understanding of audits of real-estate trust accounts. We can help you understand the requirements when opening a trust account and under what conditions your trust account needs to be audited. We guide you through the process and can conduct the audit on your behalf. Contact us to find out more about our auditing services or search our website: #Trusts #RealEstateTrust #audits

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BDO Economics Partner Anders Magnusson appeared in The Australian yesterday, commenting on the latest unemployment figures and what it means for the RBA. Anders said that while Thursday’s 4.1% unemployment rate was below 4.3% - which the RBA estimates is the non-accelerating inflation rate of unemployment - other labour market factors such as decreasing job mobility, decreasing job vacancies and decreasing job advertisements, are signs that the market is in fact, weakening. He also tipped the RBA to hold the cash rate in August. “The May monthly inflation data provided a misleading impression that inflation was accelerating,” he said. “In fact, the monthly data showed that prices were lower in May than in April but the annual measure showed an increase in inflation due to a quirk in the annual ‘point to point’ method the ABS chooses to measure it. “The RBA’s decision next month should primarily consider the upcoming quarterly CPI release and not the monthly inflation data. “I expect the quarterly inflation data to show no major increase in inflation and the RBA to continue to hold the cash rate as a result.” Subscribers to The Australian can read the full article: https://lnkd.in/gerpvmy3 #inflation #unemployment #cashrate #RBA

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Why are so many finance functions in such a poor state? I hear horror stories from candidates on the daily on the kinds of finance functions they are inheriting. I'm hearing about basic stuff like the ATO asset and liability accounts being unreconciled with massive differences going back years, issues with stock carrying values and issues with lease accounting and revenue recognition. I had an issue once where the client was a large Pty Limited for several years but had no idea they needed to be audited. What do you think is the reason for this? Under-resourcing, poorly trained staff, poor technical screening of candidates when they join? Love to hear your thoughts because poor performance and poor compliance is at epidemic proportions.

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BDO Economics Partner Anders Magnusson spoke to the ABC yesterday, commenting on the September quarter CPI figures which saw headline inflation fall to 3.8 per cent. “[The] inflation number provides a distorted view that should not be interpreted on face-value,” said Anders. “The drop in the September quarter CPI surpasses the RBA’s August forecast of a decline in inflation to 3.0 per cent by the end of this year due to low fuel prices. However, these forecasts include state and federal government energy rebates, Stage 3 tax cuts, and other fiscal policies, so this does not signal victory over inflation. “Our BDO economics forecast predicted a September quarter inflation of 3.5 per cent in the absence of these fiscal policies, aligning with the actual trimmed mean published today. “Our forecast only drops to 3.0 per cent sustainably in the March quarter of 2025 and we expect the cash rate to be reduced when the inflation rate for that quarter is published later in 2025. ” Anders' original comment on the ABC's live blog: 📰 https://lnkd.in/gG4c9uXR Read Anders' full insights on our website: 📃 https://lnkd.in/gts5yuQ5

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SMSF members should be wary of short-term pension strategies and adopt a multi-year approach to prevent the process being viewed as a tax avoidance measure. https://ow.ly/BOef50U4QC7 BDO in Australia Peter Crump The Tax Institute #SMSF #financialplanning #financialservices #ausbiz #accounting #superannuation #smsmagazine

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The ATO has significantly adjusted its attitude toward the evidence auditors should obtain in determining whether a charge is held over an SMSF asset. https://ow.ly/rh4850TyxST DBA Lawyers #SMSF #financialplanning #financialservices #ausbiz #accounting #superannuation #smsmagazine

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Managing AFSL compliance is simple with effective understanding and coordination between key players. Prevention is best solution. Your RM helps achieve compliance. Here's how it works seamlessly: 1. Clear role definitions for Responsible Managers, Accountants, Auditors, and Licensees, all are registered with ASIC. 2. Tailored compliance checklist, templates and reporting, aligned with AFSL & Corporation Act ensure consistency. 3. Regular training to stay updated with regulations. 4. Efficient communication channels among key persons. 5. Ongoing monitoring and auditing. By adhering to above, we maintain high standards and protect our clients. #AFSL #Compliance #Finance #Auditing #ResponsibleManager #Accountants #Licensees #eagle888

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With declining numbers entering the accounting profession, auditors are struggling to find and retain talent. Here are five ways auditing firms can attract new hires - and hang on to their top performers - https://lnkd.in/gvRTn94c #CAANZ #FutureAccountants

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📊 2024 Chartered Accountants Australia and New Zealand IFRS Survey - Strong Support for Mandatory Digital Financial Reporting   The latest Chartered Accountants ANZ IFRS Survey reveals significant trends in the accounting profession, with a spotlight on digital financial reporting. Over 50% of CAs support or strongly support making digital financial reporting, such as XBRL, mandatory for listed companies, reflecting the growing focus on transparency and accuracy in financial disclosures.   Additionally, while climate reporting remains a priority, its perceived importance has slightly declined since 2021. However, there is strong support for aligning Australian and New Zealand climate-related disclosures with international standards, and most believe independent assurance would enhance confidence in these reports.   📖 Read more: https://lnkd.in/eM2Fgzn2 #XBRL #DigitalReporting #IFRS #FinancialTransparency #ClimateReporting #AccountingInnovation #CharteredAccountants #ESG #ISSB

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CPA Australia, along with 10 other professional bodies representing tax practitioners, has published our submission to Treasury on the draft Tax Agent Services (Code of Professional Conduct) Amendment (Measures No. 2) Determination 2024. While this consultation proposes to address many of the issues we have previously raised, we still hold concerns with some aspects of the new proposed rules, as highlighted in our submission. Our intention has always been to ensure that the overwhelming majority of tax practitioners who go out of their way to comply with their obligations are not inadvertently impacted by the new rules. This is not just about large firms, this about ensuring that suburban tax practitioners and small businesses are not punished for the actions of a few. The submission can be read in full here 👉 https://bit.ly/3TUgsDN

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The SMSF independent auditor's report has been updated, reflecting changes to audit standards that came into effect in late 2022. https://ow.ly/iylS50SoSYA Australian Taxation Office #SMSF #financialplanning #financialservices #ausbiz #accounting #superannuation #smsmagazine

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The SMSF Auditor’s Report has been updated by the ATO. Here is what you should know. https://loom.ly/ejzPpto

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Are Special Purpose Financial Statements Still Acceptable for For-Profit Entities? The financial reporting landscape in Australia has seen significant changes over the last few years, particularly in the acceptability of special purpose financial statements (SPFS) for for-profit entities. Historically, many for-profit entities prepared SPFS to meet specific needs without adopting the full suite recognition, measurement and disclosure requirements of accounting standards. We continue to receive lots of questions about whether for-profit entities can continue to prepare special purpose financial statements. The AASB introduced new requirements for assessing whether a for-profit, private sector entity needs to prepare general purpose financial statements through amendments released in AASB 2020-2 Amendments to Australian Accounting Standards – Removal of Special Purpose Financial Statements for Certain For Profit Private Sector Entities. In summary, from 30 June 2022,  a for-profit private sector entity must prepare general purpose financial if one of the following criteria is met – the entity complies with: ·        A legislative requirement to prepare financial statements in accordance with Australian Accounting Standards or accounting standards – this would include, for example Companies required to financial statements under the Corporations Act, e.g. all large proprietary companies, small foreign owned companies, public companies greater than $250k revenue OR ·        A constituting or other document that requires the preparation of financial statements in accordance with Australian Accounting Standards. This might include documents such as constitution, trust deed, joint venture agreement, bank loan agreement. If this requirement exists and o  the agreement was created / amended prior to 1 July 2021 then an entity can continue preparing special purpose financial statements with some extra disclosures o  the document was created or amended after 1 July 2021 then then general purpose financial statements must be prepared. While SPFS might still be permissible in specific cases, entities should evaluate whether their current financial statements are appropriate given the change in accounting standards. https://lnkd.in/dnvZwhvh

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ATO SMSF auditor guidance is a useful reference tool to mitigate compliance issues these practitioners may encounter when performing their duties. https://ow.ly/GkyX50TlH8x DBA Lawyers #SMSF #financialplanning #financialservices #ausbiz #accounting #superannuation #smsmagazine

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In the June quarter, Australians experienced a promising decline in financial losses due to scams. However, with the number of reported scams on the rise, it’s crucial to stay vigilant. The Australian Government’s proposed Scams Prevention Framework is set to enhance protection for individuals and organisations against these threats. Learn more in the latest Australian Scam Culture Report.

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