Financial Management Consulting

Accounting Assistance, Financial Statements Preparation and Quality Assurance

WalterTurnbull’s Accounting Assistance, Financial Statements Preparation, and Quality Assurance professional services assist Chief Financial Officers (CFOs) with meeting the financial reporting requirements of the organisation. Assistance is provided in relation to statutory reporting requirements and internal financial reporting.

Financial reporting is an integral component of Commonwealth and State Government’s Financial and Management Accountability Framework. Our services assist the organisation in the production of quality, timely financial information that is compliant with the relevant financial reporting framework that meets the information needs of all stakeholders.

WalterTurnbull’s can also assist the organisation through the provision of technical accounting advice in relation to matters of accounting policy or financial reporting frameworks.

A key strategy of WalterTurnbull is to ensure that knowledge is transferred to the organisation’s staff during the provision of services to reduce the organisation’s future dependence on externals assistance.

Accounting Process Reviews, Reengineering and Training

In this day of changing and evolving requirements in relation to financial reporting and assurance, WalterTurnbull can assist agencies to redevelop and reconfigure accounting processes to comply with better practice. Working with agency staff WalterTurnbull reviews and maps the accounting process to assist in identifying process weaknesses and provide remediation advice as to how these can be improved.

WalterTurnbull can also assist in the implementation of remediation or process reengineering projects. This assists the organisation in providing accurate and timely financial information based on sound well documented policy, processes, and procedures.

Significant changes in policy, processes and procedures will inevitably involve the organisation needing to manage the change process. WalterTurnbull has a proven track record or assisting organisations in managing change through the development and implementation of awareness and training programs. We also assist organisations in the design and implementation of training and awareness programs for existing policy, processes and procedures.

Balance Sheet Management (incl CMP's)

Balance Sheet Management assists agencies in the understanding of public sector financial statements for more effective and efficient management of resources. Balance Sheet Management (BSM) has become a vital technique for effective financial management in today’s public sector accounting regime with an increased stakeholder focus on the financial position of the organisation and the effective implementation of Government resources. This is being driven through initiatives such as the Gateway Process which involves the review of significant FMA Agency projects to ensure the on-time and on-budget delivery.

BSM assists agencies to break down their balance sheets into more easily managed components for better reporting and results. As well as identifying specific balance sheet issues, BSM also helps agencies to deepen their understanding of the composition of the numbers to enable them to make strategic management decisions for example in regard to their optimal capital structure.

Control Framework Reviews and Assistance with CEO Certification of Compliance

Chief Executive Officers (CEOs) and Chief Financial Officers (CFOs) are required to assure stakeholders and regulatory agencies that financial information and transactions are materially accurate, represent a true and fair view of operating areas’ performance for the reporting period and comply with relevant legislation, policies and best practice. CEOs and CFOs must report annually on the financial management and financial sustainability of the agency to the portfolio minister.

To ensure compliance with these requirements CEOs and CFOs are reliant on an adequate control framework that has been operating effectively through the reporting period. WalterTurnbull assist senior management of the organisation to design an effective Control Framework, test the effectiveness of the control framework or provide the organisation with tools, skill and knowledge to undertake these tasks internally.

Special Public Monies and Special Account Framework

The Special Public Monies (SPM) and Special Accounts Framework provide Chief Financial Officers (CFOs) with an auditable method of assuring stakeholders of the compliance and accuracy of financial and legislative information reported on a monthly and annual basis. This ensures agencies achieve quality assurance, effective management in accordance with legislative requirements, appropriate financial reporting and relevant training of agency staff.

SPM are public monies held by the Commonwealth in trust for another person.
Special Accounts are mechanisms used to record amounts set aside for specific purposes under the Financial Management and Accountability Act 1997 (FMA).

Treasury Function Management

New arrangements for cash management principles and practices require agencies to manage cash draw downs for administered and departmental expenses as needed, ensure cash appropriation limits are set at the program level, ensure the return of cash in excess of an agreed level to the Official Public Account and to ensure the discontinuation of the Agency Banking Incentive Scheme is appropriately managed. In addition, monthly cash flow estimate profiles and cash reporting by program are required.

The role of the Chief Financial Officer (CFO) is to ensure funds are available to meet the day-to-day operational requirements of an agency and that funding is provided at minimum cost.

Agencies need to manage working capital by taking into account factors such as fluctuations in operational and capital expenditure, the annual budgeting process, management of the funds received and just-in-time cash drawdown requirements.

Budget and Estimates Reviews and Assistance

WalterTurnbull's Budget Estimate Reviews and Budget Preparation Assistance, and Quality Assurance professional services assist Chief Financial Officers (CFOs) with meeting the budgeting requirements of the organisation. Assistance is provided in relation to statutory budgeting requirements and internal financial budgeting and reporting.

External and Internal Budgeting and reporting is an integral component of the Agencies Financial and Management Accountability Framework. Our services assist the organisation in the development and production of quality, timely budget estimates that is compliant with the relevant financial budgeting framework that meets the information needs of all stakeholders, including assistance with the requirements of Gateway, the whole of Government project assurance methodology.