Regional Asset Management - May 2016

I would also like to thank Qld Audit Office (QAO) representatives Charles Strickland (Director Financial Audit Services) and Chantelle Hanna (Acting Audit Manager) for attending our Regional Asset Management meeting in May. 

Charles provided a presentation on the QAO’s perspective of the implications of the AASB’s (Australian Accounting Standards Board) residual value decision. Additional topics, raised by members, for discussion during the meeting:

  • Performance Audits – What can councils expect?

  • Revaluations conducted internally/externally – appears that there is less confidence in the revaluations prepared within councils.

  • Update on the QAO perspective on the Road Asset Valuation Project (RAVP) - Members have found that on ground QAO staff have been somewhat unaware of the project and the fact that QAO had audited and been a party to the methodology.

As a facilitator of these regional meetings it is always encouraging when a thirty minute presentation and Q&A session ends up taking an hour and twenty minutes due to the engagement of the group.