Insights

The future of AI regulation in Australia: understanding the proposed mandatory guardrails for high-risk AI

Regulation is coming: are you ready? Artificial Intelligence (AI) has grown from simple, single-task systems to powerful tools like large-language models (LLMs), like ChatGPT and Microsoft’s Co-Pilot, but there hasn't been much regulation or control over its development. The rapid pace of technological advancement has outstripped the ability of regulatory...

Rory O'Kane

Senior Data Scientist

Melbourne

Clarity Mag

Mandated climate reporting in Australia

On 27 March 2024, a Bill was passed in the Australian Government to mark a new era in mandated sustainability reporting for all Australian businesses. Schedule 4 to the Treasury Laws Amendment (Financial Market Infrastructure and Other Measures) Bill 2024 (Cth) was introduced into the House of Representatives to establish...

2 contributors

Melbourne

Insights

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

Partner

Melbourne

Insights

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

IT Auditor

Sydney, Newcastle

Insights

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...

2 Contributors

Brisbane

Insights

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

Partner

Newcastle, Sydney

Insights

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

Director

Sydney

Insights

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

Senior Data Analyst

Sydney, Newcastle

Insights

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

Partner

New Zealand

Insights

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

Managing Partner

Perth

Insights

Fraud prevention: it’s all about opportunity

Fraud in Australia is a persistent fact of life, affecting businesses of all sizes and across all industries. While there is no foolproof method of preventing fraud, the risk can be minimised by taking a systematic and considered approach to its management. It is generally accepted that there are three...

Geoff Peck

Partner - PKF Integrity

Melbourne

Insights

Is your business system still fit for purpose?

As a partner at PKF Digital, I’ve seen many clients in the same frustrating position: financial audits that were once manageable have turned into time-consuming torture. If you’re spending more time and energy than ever preparing for audits, your business system might be the culprit. Business systems should streamline processes,...

Don McLean

PKF Digital Partner

Sydney

Insights

Sustainability and the role of organisations

Australian Sustainability Reporting Standards are now live. In this article, we explore where your business can to start to address these new requirements.

Melissa Teh

Governance, Risk, and Controls Manager

Melbourne

Insights

Cyber risk: secure your business like you secure your home

There are two types of businesses—those that have been hacked and those that will be. We often work with companies that don't realise how vulnerable they actually are, until it's too late. The biggest mistake? Ignoring key cyber risks, leaving critical information exposed, and not knowing what threats exist. Protecting...

Tony Corry

Director - Technology Assurance and Advisory

Brisbane, Melbourne

Insights

Elevation and maturity of the internal audit function

With less than six months to go, has your organisation considered how to implement the new internal audit standards? Internal Audit (‘IA’) plays a vital role in helping organisations achieve improved performance, in ensuring risks are adequately managed in an increasingly complex landscape, and in protecting the public interest. To...