Financial statements are a key accountability document for public sector entities. They provide parliament and members of the public with important information about the operations and financial performance of public sector entities.

In this blog, we summarise Queensland Treasury’s major changes in its financial reporting requirements (FRRs) for this year.

Councils collectively spend approximately $8 billion each year in procuring goods and services. Having strong procurement processes is crucial to ensure that public monies are wisely spent.

Most infrastructure assets are expensive to build and maintain, but are the main way that public sector entities, including councils, deliver key services to their communities.

Public sector entities in Queensland – both state and local governments – collectively manage approximately $475 billion in infrastructure assets to service the needs of the community.

In today’s complex and ever-changing business environment, public sector entities need to recognise the importance of a well-developed and clearly articulated strategy.

When setting up a contract, entities often focus on securing the best deal as quickly as possible. But they may race into contractual arrangements without allowing sufficient time to properly consider and craft the terms and conditions.

Each year, the Queensland Audit Office (QAO) holds an in-person and live-streamed event for all its clients’ chief finance officers and financial managers.

You can't know whether you are successful unless success is defined and tracked.

We are all aware of the saying, ‘by failing to plan, you are preparing to fail’. But sadly, this is an all-too-common observation we make when we audit contract management.