intentus in the news
From the Blayney Chronicle:
Blayney community forum popular for local committees
John O’Malley, Director Intentus, Orange addressed the participants on financial accountability, cash handling, reconciliation, reporting and proactive operating practices.
From the WAtoday:
Xero founder moves swiftly to soothe auditors
Frustrated auditors fear Mr Drury’s proposal will compound the “expectation gap” about what auditors do. “It shows a complete misunderstanding of what the audit process involves,” Leanne Smith, an audit partner at intentus in New South Wales’ central west, said.
From the Parkes Champion Post:
$7.48million surplus – up on estimate
Auditor John O’Malley from Intentus described the results as “strong”. Key to this was additional rate revenue from a special rate variation expected to bring in an extra $9 million over four years. The variation, approved in 2013, means Parkes ratepayers face annual 13 per cent increases (about 10 per cent above the standard rate peg). “The $800,000 increase in revenue from the special rates variation has helped things,” Mr O’Malley said.
Reporting further to councillors on the annual financial report, Mr O’Malley said there was nothing stand-out in council’s expenditure for the year. “Employee costs are increasing a little but so are employee numbers, so that follows,” he said. “Borrowing costs are up over the past few years – mainly the pool and airport redevelopment.”
Mr O’Malley said council’s debt cover ratio – an indicator of its capacity to repay the loans – was still considerably better than the state benchmark. He did highlight that council only had one per cent of its funds unrestricted and available for immediate use. “Eighty-five per cent of your funds are externally restricted and 14 per cent internally restricted,” he said. “As a rule of thumb, you want four to six weeks of operating costs available.”
From the Oberon Review:
Public invited to view council’s finances
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AT Oberon Council’s December meeting, auditor Leanne Smith of Intentus presented the annual financial statements for 2012/13 financial year.