Other operational impacts• Key systems and financial records – Business continuity – Changes to control environment – Implementation of temporary manual processes – Impact on CFO stateme
Trang 1Other operational impacts
• Key systems and financial records
– Business continuity
– Changes to control environment
– Implementation of temporary manual processes
– Impact on CFO statement on controls – Potential loss of records
– Impact on your clients/customers
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Trang 2Other operational impacts
• Changes in operational aspects
– Changes to key programs and priorities
– Availability of funds for approved projects – Availability of key staff
– Are existing policies adequate?
– Will these impact on financial process and financial statement preparation?
– Will these require further disclosure in the financial statements?
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Trang 3Other possible areas impacted
• Inventories
• Investment properties
• Agricultural assets
• Investments in controlled entities
• Commitments
• Contingencies
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Trang 4Financial statements and audit
• Timing of audit visits may be impacted
– Impact on audit clients
– Impact on QAO and contract auditors
• Likely to be revisions to audit strategies developed prior to the natural disasters
• Impact on ability to prepare financial
statements and have them audited within statutory timeframes
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Trang 5Potential impact on audit opinions
• Modifications may possibly arise from:
– Inability to form an opinion on asset values reported in financial statements
– Collection of charitable revenue (AGS 1054) – Loss of supporting documentation
• Our aim will be to ensure:
– There is an appropriate understanding of the basis for any modified opinions
– Consistency of opinions issued
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Trang 6Communication of issues and impacts
• Need for regular and timely communication between QAO and our clients
• QAO to liaise with central agencies
• Look to provide consistent information internally and externally to QAO
• Other information to be made available through
– Auditor-General’s Reports to Parliament
– Inform
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Trang 7Accounting and Auditing
Standards Update
Patrick Flemming
Manager –
Audit Policy and Quality
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Trang 8• Special Purpose Financial Statements
• Leases
– Current year changes
– Future developments
• Financial Instruments
• Reduced Disclosure Requirements
• Revenue
• Other Developments
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Trang 9Special Purpose Financial Statements
• Amendments to auditing standard ASA 800
• Changes to QAO engagement letters
• Management required to:
– Identify intended users
– Identify standards & interpretations applied
– Identify who approves significant accounting policies and where documented
• Mandatory emphasis of matter on basis of
accounting
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Trang 10• Changes to AASB 117 for 2010-11:
– Default classification of land element in land & building lease is no longer an operating lease – Must reassess in 2011
– Retrospective application
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