Insights

An interesting feature of the survey results is its insight into boards and other organisation leaders' understanding of ‘data governance’. Significantly, there was strong consensus in this area, with 70 per cent agreeing that data governance formed part of ICT governance, with a further 68 per cent agreeing that it...

Scott Tobutt

Partner

Sydney, Newcastle

Insights

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

Partner

Sydney, Newcastle

Insights

Be prepared for payment times reporting

Introduction of the Payment Times Reporting Scheme From 1 January 2021, the Payment Times Reporting Act 2020 will require mandatory public reporting for most large businesses to report on its payment terms and times for payments to small business suppliers (businesses with annual turnover below $10m). This change is hoped...

Scott Tobutt

Partner

Sydney, Newcastle

Insights

Governance and sense for directors

The recent decision by the government to extend the insolvent trading relief out to at least 2021 has been greeted with a mixed response – on the one hand, it is hoped that this will allow viable businesses to recover and prevent further job losses, therefore helping protect the economy....

Scott Tobutt

Partner

Sydney, Newcastle

Case Studies

Assistance Dogs Australia: Pro bono audit

"Because of you and other supporters, 31 Assistance Dogs have graduated since July 2019! This is an incredible result, even more so when we factor in the dogs who are in the very final stages of their training and are ready to be matched when there are fewer restrictions on...

Scott Tobutt

Partner

Sydney, Newcastle

Insights

How well do you understand your organisational culture?

Failure to fully understand one’s risk culture – or more simply, how the behaviours and actions of staff impact ‘how we do things around here’ – should be a concern to any business owner who cares about their business reputation. On a related note, reports from the Australian Prudential Regulation...

Scott Tobutt

Partner

Sydney, Newcastle

Insights

Independence: Perception vs reality – time to close the gap

Ever since I was a young lad studying at university, and training to be a Chartered Accountant in the early 1990s, the concept of “independence” and “objectivity” have been the most important principles underpinning the audit function. And without “actual” or “perceived” independence, the value of our audit opinion would...

Scott Tobutt

Partner

Sydney, Newcastle

Insights

Time to focus: How prepared are you?

It certainly has been a tumultuous year in the corporate world, with numerous emerging risks and challenges, exacerbated by growing regulation and greater public scrutiny. The bar has been lifted in terms of greater accountability and expectations of those charged with governance. As a result, the reputation risk of not...

Scott Tobutt

Partner

Sydney, Newcastle

Insights

Time to take control?

Most public interest entities, major institutions and government departments have established an internal audit function. A greater number of large private companies have recognised the importance of an internal audit function as they grow and become more diverse in their offering, more geographically challenged, and more complex businesses. Many are...

Scott Tobutt

Partner

Sydney, Newcastle

Insights

Time to get serious about dirty money

The Australian Government is turning the screw on criminals and the movement of dirty money, by stepping up its level of regulation over Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF). Australia has fallen behind the rest of the world in terms of the level of regulation around AML/CTF, becoming an easy...

Scott Tobutt

Partner

Sydney, Newcastle

Insights

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Scott Tobutt

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