Identify and manage risk with a strategic and well-resourced approach.

The complexity of the compliance environment in which organisations operate continues to change. As a result, boards and senior management must ensure there is a strategic and well-resourced approach to managing risk. Overlaying this are the diverse, ever-increasing governance demands that impact organisations every day. Coordinating the compliance demands with the governance and risk elements provides greater organisational efficiency and comprehensive risk frameworks.

As an independent Chartered Accounting firm, we operate free of many conflicts that large audit and consulting firms face. Our experience working with boards and regulators gives our experts a unique ability to provide practical solutions that help organisations manage an increasingly complex landscape. Whether the change is driven by a board’s strategic decision, technology or regulatory requirements, our team of experienced professionals works to identify risk, implement change programs, streamline organisational performance and address governance, risk and compliance objectives.

We have extensive experience providing the following services:

We have developed a strong internal audit practice over the past 15 years and have provided services to a large number of Commonwealth and State Government entities. We are currently a primary internal audit provider for nine Australian Government agencies. Our team of experts have a proven record of working successfully with Government agencies to provide internal audit services that ensure compliance with internal policies and legislation. This includes the review of risk management procedures, the effectiveness of internal controls (including financial controls), contractual obligations and compliance with legislative requirements. We also assist boards, legal advisors and senior management by providing independent assurance and identifying any gaps and potential areas for improvement.

McGrathNicol’s specialist Government Advisory team was formed with a purpose of advising Commonwealth and State Government entities. Our experts provide a wide range of services including program and project management, corporate governance, risk management, management consultancy, financial and cost modelling, fraud control, forensic investigation, audit and assurance, procurement and probity. We have extensive experience working with many Government agencies to provide high level, evidence based and independent assurance services, enabling Government agencies to understand how their programmes are performing, allowing them to make informed decisions about strategy, policy and future actions.

Our probity and procurement services provide support for government agencies, departments and corporate clients involved in the procurement of goods and services. Using our extensive experience gained from conducting investigations into allegations of corrupt or inappropriate behaviour relating to procurement processes, we advise clients on procurement strategies that address governance, risk and compliance requirements whilst also maximising the ‘value for money’ principle.

Increased activity by regulators has resulted in boards and management giving greater attention to compliance. Compliance with regulatory obligations is critical in demonstrating strong governance which is supported by a well-functioning risk and compliance framework. We assist boards, legal advisors and senior management and provide independent assurance or policies and procedures to ensure they are adequate and fit for purpose and identify any gaps and potential areas for improvement. We work closely with the business in identifying practical solutions that can be realistically implemented.

The compliance environment is increasingly complex, and today there is greater responsibility on boards and senior management to ensure there is a strategic and well-resourced approach to ensuring appropriate governance is implemented. Understanding and coordinating the various compliance demands, governance and risk elements provides greater organisational efficiency and rigorous risk frameworks. McGrathNicol’s risk management services assist with the identification and categorisation of the many different types of risks facing organisations, as well as providing advice and recommendations for responding to and managing these risks in the most efficient and effective manner.