How do these changes impact your organisation?

The Office of Management and Budget (OMB) have issued pre-released proposed changes to Uniform Grants Guidance on the 21 September 2023 for public comment. The guidelines are issued to all Federal agencies for use across all United States (US) Federal Grants and other types of financial assistance. 

The proposed changes to OMB’s Uniform Grants Guidance include the following:

• increase of various thresholds to provide flexibility
• changes to procurement standards
• cost principles including removing prior written approval requirements for certain items and raising the de minimis indirect cost rate to 15%
• remove barriers to entry
• ensure assistance serves intended communities
• increase to the audit threshold from USD$750,000 to USD$1,000,000.

What are the impacts of this update?

The proposed changes aim to streamline compliance process to enable recipients to have more time and resources available to deliver outcomes.

SW continues to review the anticipated changes to Uniform Guidance. Get in touch for further details and how these changes may impact you. We will continue to monitor the progress of any changes that impact US Federal Grants and financial assistance.

SW are education specialists

We have worked with 35 of the 40 major Australian Universities and have extensive experience in assisting education providers with an appropriate audit of US Government sourced funds as required by the OMB Uniform Guidance.

This includes:

• quality expertise and industry insight in compliance with us uniform guidance reporting requirements
• assessment of internal controls to ensure that research grants are managed in compliance with legislative/regulatory requirements
• direct link to Uniform Guidance experts in the US, and
• tailored and collaborative audit methodology.

Get in touch

Our approach to Uniform Guidance audits offers best practice expertise in a practical and commercial manner that is delivered using senior personnel with significant educational sector experience.

Contributor

Matthew Paull

The post Uniform Grants Guidance | proposed updates appeared first on SW Accountants & Advisors.

Concern for the security of information assets following the recent cyber incident at Medibank has prompted the Australian Prudential Regulation Authority (APRA) to step up its supervision of APRA-regulated entities for compliance with the Information Security Standard CPS 234.

Medibank confirmed that criminals claim to have stolen 200GB of data including names, dates of birth, Medicare numbers and claims data with codes relating to diagnosis and procedures. APRA’s UpGuard team reported in 2022 that the majority of data breaches ‘are the result of poorly secured software development practices’.

Fundamental questions for Boards of regulated entities include:

Do you know what data you are holding?

Do you know where it is?

How do you know it is safe?

And do you need to retain it?

APRA compliance recommendations

APRA recommends that regulated entities should undertake systemic testing and assurance at least annually to evaluate the effectiveness of their controls, including those managed by related parties and third parties.

To ensure that regulated entities are taking appropriate measures to protect their information assets, APRA has outlined specific steps that should be taken to comply with CPS 234. This includes:

• clearly defining information security-related roles and responsibilities
• maintaining an information security capability commensurate with the size and extent of threats
• implementing controls to protect information assets, and
• having mechanisms in place to detect, escalate and respond to information security incidents.

In the event of a material information security incident, entities are required to notify APRA no later than 72 hours.

How SW can help

As an increasing number of major cyber attacks become known, the importance of your information security systems and processes are paramount to ensure sensitive information assets are protected appropriately.

Our experienced experts have undertaken annual audits of these systems and processes across information security, compliance, risk management, and internal audit services. Working closely with clients to understand their business, security needs and particular risks, we conduct a full review with clear recommendations to ensure proactive steps are in place to protect the business and its assets.

We recommend best practice plans for CPS 234 and guide clients to implement information security assessments to ensure your cyber resilience.

Our support can include:

• A gap analysis of current practices against CPS 234
• Review of information security practices and third-party security assessments
• Independent security controls testing

Reach out to Laura Toscano or your Key Contacts here for an obligation-free discussion to find out how we can assist with your testing and assurance program.

Contributors

Laura Toscano

The post Medibank cyber attack prompts increased APRA supervision appeared first on SW Accountants & Advisors.

We have undertaken numerous independent reviews of compliance with the Child Safe Standards to assist organisations identify, check and update documents and processes to meet the new Standards.

Updates to the Child Safe Standards

Victoria introduced 11 new Standards on the 1 July 2022 which are closely aligned with the
10 National Principles. Key changes include new requirements relating to the following:

• involving families and communities in efforts to keep children and young people safe
• greater focus on safety for Aboriginal children and young people
• managing the risk of child abuse in online environments, and
• creating, managing, maintaining and disposing of records in accordance with the
  Public Record Office Victoria (PROV) Record Keeping Standards.

The Commission for Children and Young People is the overall regulator of the Child Safe Standards. Under the Child Wellbeing and Safety Act 2005, the Commission holds legislative powers to oversee and enforce an organisation’s compliance with the Child Safe Standards.

From 1 January 2023, the requirements under the Child Wellbeing and Safety Act 2005 will include that:

• all Victorian organisations that provide services or facilities for children, including those that are funded and/or regulated by government are required to comply with the Child Safe Standards. 

Our experience is that many education providers will have existing polices, procedures and practices that can be adapted and extended to address the new standards. However, as a result of the changes in the Child Safe Standards, there will also be requirements to develop new policies and procedures. Our independent review of compliance with the Child Safe Standards can assist in providing recommendations to fill any gaps in current frameworks and processes.

Our industry experience

SW has expert knowledge and understanding of the Child Safe Standards and have extensive experience in assisting education providers. We have a dedicated education group with over 50 years’ experience in the education sector, remaining at the forefront of key issues and opportunities to support our clients.

Our highly experienced team provides assurance and advisory services to a number of universities, schools, TAFEs and registered training organisations throughout Australia.

Child Safe Standards Review

SW have developed a comprehensive audit program to assess compliance with the Child Safe Standards. Our review covers each element of the Child Safe Standards and provides recommendations that are developed in collaboration with management that are fit for purpose, practical and achievable.

How can SW help?

SW conducts Child Safe Standards reviews that includes the following steps:

1. Gain an understanding of the organisational accountability, systems and processes for meeting the requirements of the Child Safe Standards

2. Review documented strategic policy, frameworks and procedures relating to the Child Safe Standards

3. Review the Complaint policy and handling procedures

4. Assess documentation and processes relating to recruitment, induction and professional development for staff or volunteers

5. Assess processes relating to student enrolment, pre-assessment and induction of students under the Standards

6. Review student support services and communication resources available to support a child safe culture

7. Review the record management systems and online environment including the capture of relevant child safe activities data

8. Discuss any anomalies with relevant personnel as a part of the review process

9. Provide a detailed report providing practical recommendations to address any gaps in your current framework and processes.

Get in touch

Our extensive higher education sector experience will enable us to undertake a tailored and comprehensive Child Safe Standards independent review. We have developed a comprehensive audit program that can be tailored to the needs of your organisation. Please get in touch with our subject matter experts to discuss how we can assist your organisation in meeting the requirements of the new Child Safe Standards

Contacts

Matthew Paull, Senior Manager, Assurance & Advisory Services

The post Child Safe Standards appeared first on SW Accountants & Advisors.

Our Assurance and Advisory team embraces technology, including cutting edge data analytics software and other bespoke IT tools to ensure a targeted and robust approach. With relationships at the centre of what we do, our team is committed to fully understand your business resulting in a tailored solution that best meets your needs.

• financial statement audits and reviews
• compliance audits
• controls assurance reports, including GS007
• corporate governance
• data analytics
• information technology risk and security
• internal audit
• review of financial reports
• risk management and Corporate Governance systems and controls reviews
• technical IFRS, accounting advice and training
• preparation of financial reports
• other assurance engagements.

The post Audit & assurance appeared first on SW Accountants & Advisors.

Compliance obligations apply from a wide range of bodies at various times in the year, including:

• Australia Taxation Office
• income tax returns
• Fringe Benefits Tax returns
• Goods and Services tax returns
• superannuation payments and reporting
• Australian Securities and Investments Commission
• Australian Stock Exchange
• financial Institutions
• industry bodies and regulators
• State Revenue Offices(s)
• Land Titles Offices(s)
• Australian Charities and Not For Profits Commission.

Our team has both the experience and adaptability to deal with your evolving needs as compliance becomes more complex.

We work with you to help you understand your requirements and establish lodgement deadlines. We then provide the accounting and taxation services to ensure you meet your obligations.

Our compliance services are designed to work with you efficiently so that you can continue focusing on your business while we take care of the back office requirements.

We also utilise the latest technology where appropriate to make compiling your documents as pain free as possible. Our team provides advice to maximise your position while ensuring you meet your obligations.

The post Compliance services appeared first on SW Accountants & Advisors.

Tom is an accredited auditor with ASIC under the Corporations Act and the Clean Energy Regulator, reflecting his dual focus on financial integrity and sustainability. He is also a leader in SW’s sustainability strategy, advising clients on how changing reporting requirements intersect with governance and risk.

He is active across the industry, representing SW on the Australia China Business Council Agribusiness Victorian Working Group and serving on the Agribusiness Australia Victorian Committee. His insights are regularly sought through presentations and updates on emerging audit and financial reporting issues.

Tom’s client base spans ASX-listed companies, large family-owned agribusinesses, and foreign-owned multinationals. Known for building close and collaborative relationships, he combines deep technical expertise with a practical, value-driven approach.

Tom’s key areas of expertise include:

• External audit and assurance services for agribusiness and food supply chains.
• Technical accounting advice on complex transactions and sustainability reporting.
• Supporting boards and investors with governance, compliance, and risk oversight.

Tom is a Partner of SW Audit and a Director of SW Accountants & Advisors Pty Ltd.

The post Tom Mullarkey, Partner appeared first on SW Accountants & Advisors.

Working with a diverse portfolio of clients from listed companies to large private companies and not-for-profit entities, René’s focus is on delivering value-add assurance services which are relationship driven.

Rene takes a commercial approach while having a strong technical background. She keeps her eye on the big picture to identify opportunities and solutions for her clients. René has a strong technical focus, and offers technical and financial reporting advice to clients across all industries and entity types as part of SW’s Technical Accounting service offering.

With over 20 years in the profession, René’s experience includes:

• Undertaking external audits of Australian and multi-national businesses, including working with other auditors in various jurisdictions
• Offering financial reporting technical advice that balances compliance with commercial outcomes
• Undertaking pre-IPO audits of numerous companies seeking IPO on the ASX
• Performing financial due diligence as part of M&A transactions
• Lead author of XYZ Model Financial Accounts, published by Thomson Reuters, from 2014 to 2017.

René is a Partner of SW Audit and a Director of SW Accountants & Advisors Pty Ltd.

The post René Muller, Partner appeared first on SW Accountants & Advisors.

Rami’s experience includes the audits of listed groups – both domestic and international, unlisted public companies and large private groups. This has allowed Rami to gain experience across a number of industries, with specialised knowledge in financial services, real estate, retail, technology and renewables.

Rami is regularly called upon by the Property Funds Association to contribute to thought leadership and present insights to their members. Rami is a member of the Property Council of Australia Capital Markets Accounting Committee. Rami is also our lead audit partner in Real Estate and Funds Management and has worked on our largest and most complex clients in those sectors.

Rami also has extensive experience in preparing Investigating Accountant’s Reports in connection with IPOs and capital raising projects. He has worked on a number of due diligence assignments in connection with mergers and acquisitions both whilst working in Australia and internationally, including London, United Kingdom. Rami also leads a number of ASX listed engagements for the firm. Rami’s experience includes:

• Advised on the accounting treatment for a AUD$130m private placement in US debt markets
• Reviewed forecast financial information for capital raisings for numerous A-REITs and unlisted funds
• Joint investigating accountant for dual primary listing on the ASX and HKEX for an Australian energy resources company with a market cap of AUD$2.5bn
• Undertaken financial due diligence on a property funds management business with AUD$1.2bn FUM
• Completed GS 007 control assurance engagements for custodians and funds administrators with in excess of AUD$50bn in funds under administration
• Advised an ASX listed entity on the financial statement impact of earnout and deferred consideration arrangements with regards to business acquisitions.
• APRA Regulated Superannuation Entities – Auditor
• Rami serves as the Honorary Treasurer of Arts Project Australia Inc. a leading studio and gallery that supports artists with intellectual disabilities.

Rami is a Partner of SW Audit and a Director of SW Accountants & Advisors Pty Ltd.

The post Rami Eltchelebi, Partner appeared first on SW Accountants & Advisors.

He has a particular focus on property and construction and is the audit partner for several of our large clients in this sector. He also works with clients in the manufacturing, exploration and private business sectors.

Over the past 25 years, Nick has developed broad experience across audit and both transaction and advisory services. In addition to Nick’s extensive experience with financial and compliance audits, he has been involved in investigating accountant reports, financial model reviews and financial due diligence assignments.

Nick spent two years as Group Financial Controller of ConnectEast during the capital raise and construction phase of the outer eastern Melbourne toll road. This enabled him to better appreciate a client’s perspective of what’s required from a professional services relationship.

Nick’s experience includes:

• Successful public capital raising of $25 million
• Led fraud review over management spending for large private company
• Advised large private company Board on best practice corporate governance framework
• Engaged to perform a pre lending review for a bank
• Report to minority shareholder on financial viability of ongoing private business

Nick is a Partner of SW Audit and a Director of SW Accountants & Advisors Pty Ltd.

The post Nick Michael, Partner appeared first on SW Accountants & Advisors.

Hayley is a Partner and leader of the Assurance and Advisory Division. She was the previous Head of Audit Quality and Risk for the National practice. She has over 16 years’ experience and takes a proactive approach to working collaboratively with her clients to create solutions that deliver real value.

Hayley works with a diverse portfolio of clients from listed companies to large proprietary companies. Her expertise means that she has an understanding of the trends and regulatory changes affecting a range of different sectors. She leverages this knowledge on every engagement, assisting her clients to make strategic and commercial decisions with confidence.

She takes pride in keeping her clients informed at every step of an assurance process. A testament to her passion and expertise in the technical aspects of auditing and accounting is her appointment to the Education Board of Chartered Accountants of Australia and New Zealand.

Hayley’s experience includes:

• Undertaking external audits that deliver real value and are focused on continuous improvement
• Providing technical accounting and auditing advice
• Expert witness engagements
• Member of the accounting firms’ forum group for AASB for the NFP sector – this is a working group set up by the AASB to get insight from accounting firms on the issues facing NFP entities when applying accounting standards
• Hayley has served as Board Director on the following NFP organisations: Spectrum Migrant Resource Centre, McClelland Sculpture Park and Gallery, Brookville Kindergarten and the Education Board of CAANZ.

Hayley is a Partner of SW Audit and a Director of SW Accountants & Advisors Pty Ltd.

The post Hayley Underwood, Partner appeared first on SW Accountants & Advisors.