Year ended 30 June 2024
“We recognise that integrity is a crucial aspect of building trusted relationships with our stakeholders and that honesty, transparency and accountability are the key influencers of trust.”
Jamie McKeough Chair
McKeough Chair
Buck Group
At William Buck, we are driven to make a positive impact on the lives of our people, clients and communities. We do this by living our values of being collaborative, aspiring, relationship-driven and enterprising.
These values guide the way we interact with each other, our clients and our key stakeholders. Our values underpin our strategy to be the employer of choice, the ‘go to’ firm in the middle market and to create more ‘magic’ for our stakeholders through our collaborative approach.
Our Code of Conduct is an extension of our shared values and articulates the ethical principles we live by: integrity, objectivity, professional competence and due care, confidentiality, and professional behaviour. We hold ourselves accountable for these behaviours and focus on delivering high-quality services in our pursuit of excellence.
Our strength lies in our people and their growth remains central to our goal of delivering exceptional services to our clients. We continue to invest in their learning and development and in face-to-face opportunities to connect, share and learn from each other. Our employee engagement survey consistently reveals high engagement levels and confidence in the leadership and direction of William Buck. We have also received several workplace awards and accolades this year including a ‘Best Workplace’ award from Xref, which recognises organisations that achieve exceptional levels of employee engagement and satisfaction, and ranking as a top 100 graduate employer by Prosple.
We recently welcomed key leadership changes. Adrian Chugg has taken on the role of Managing Partner of William Buck South Australia from 1 July 2024, following my decision to step down after 18 years in the role. I will continue with the South Australia office in the position of Executive Chair and as Chair of the William Buck Group Board as part of our succession plan.
It has been my absolute privilege to lead William Buck South Australia and I’m very proud of what we all have achieved during this time. On 1 October 2024, Lindsay Holloway stepped down from his seat on the Group Board and from his role as Managing Partner of William Buck Victoria, with Adam Kirkwood-Scott assuming these positions. I thank Lindsay for his significant contribution to the success of William Buck.
In this Transparency Report for the year ended 30 June 2024, we demonstrate the quality management systems and governance structures we have implemented to enable our audit practitioners to deliver high-quality client services. We are proud of the commitment we have made to continuous improvements in audit quality. We welcome the opportunity to engage with our stakeholders through the publication of our Transparency Report on how we deliver high-quality audit services to our clients.
Jamie McKeough Chair
William Buck Group
Nicholas Benbow Audit Leader
William Buck Audit (VIC) Pty Ltd
Grant Martinella Chair Audit Focus Group
Amar Nathwani Audit Leader
William Buck Audit (WA) Pty Ltd
We strive to deliver high-quality audit services to our clients, founded on ethics and integrity.
Governance, integrity and trust within the professional services industry remains a key focus. In this Transparency Report we outline our governance structures and quality management systems that enable us to deliver high-quality services to our clients. Although making ethical choices has always been a focus for us, we are conscious that we need to continually reinforce professional integrity with our people. In the past two years, partners have attended Leading with Integrity workshops and all partners and staff have completed an ethics and independence eLearning series to ensure these important principles are front of mind.
Our Audit Focus Group, together with the Audit Methodology Committee and Group Risk, continues to focus on enhancing the quality and effectiveness of our audit procedures, systems and overall methodology. It achieves this by streamlining processes and providing our auditors with technical and practical insights to continually improve our service offering.
Key to our strategy is automation and technology adoption which drives efficiency and effectiveness, offers valuable insights and allows us to allocate more time to critical risk assessment and complex audit matters. Our Audit Technology Committee explores new tools and innovations to benefit both clients and professionals and support high-quality outcomes.
Our strong commitment to learning and development is a key part of achieving quality outcomes. The William Buck audit learning journey includes a Graduate Program focusing on soft skills and audit technical training, an Intermediates Blended Learning Program focusing on technical content delivered virtually, and a virtual or inperson Senior Auditors Program building upon capability as careers progress.
Group Risk also delivers regular audit and financial reporting training on changes to requirements, new tools and templates and addresses areas identified for continuous improvement.
As we move forward in this dynamic landscape, we will continue to adapt to changing circumstances, uphold the highest standards of quality and seek innovative solutions. Thank you for your continued support and trust in our services.
Grant Martinella Chair
Audit Focus Group
Amar Nathwani Audit Leader
William Buck Audit (WA) Pty Ltd
Nicholas Benbow Audit Leader
William Buck Audit (VIC) Pty Ltd
Deborah Chin Partner, Audit & Assurance
Established in 1895, William Buck has been helping people and their businesses for over 125 years.
The William Buck Group has a combined turnover of over $193 million and has over 140 partners and a 1,100+ strong team across Australia and New Zealand.
We have offices in Sydney, Parramatta, Canberra, Melbourne, Brisbane, Gold Coast, Perth, Adelaide, Auckland and Tauranga.
Although independently owned, our firms work together as a group. This philosophy allows us to seamlessly offer the same high-quality services and solutions across all our locations.
William Buck is an association of six accounting and advisory member firms. Each member firm is owned and operated at the local level and is licensed to be a member of the Group through William Buck Limited (WBL).
WBL is the custodian of William Buck’s intellectual property and engages specific personnel to manage the various elements of William Buck including quality management, risk, technical support, learning and development and marketing. WBL is an Australian Public Company limited by guarantee and its members are the Group member firms.
A member firm of WBL cannot act as an agent of WBL or any other member firm and is only liable for its own acts or omissions and not those of WBL or any other member firm. WBL has no right or ability to control any member firm’s exercise of professional judgement.
Statutory audits are conducted at the member firm level either through a partnership or authorised audit company. Each member firm engages with clients using consistent methodology, quality management policies and procedures and the same strict standards for ethics and independence.
William Buck is a member of Praxity, the largest alliance of independent professional services firms in the world. Praxity unites more than 76,000 people in over 120 countries, providing independent professional audit, tax and advisory services.
Praxity is an alliance of firms connecting globally to help clients achieve their audit, tax and advisory goals through expertise, reach and client care. An ‘alliance’ unites firms based on shared principles and for mutual assistance. Firms are members who are free to operate independently. Members commit to client service excellence and mutually beneficial relationships.
Praxity firms are like-minded, high-quality firms, handpicked based on rigorous membership requirements, which benefit from the sharing of best practices. Participant firms are selected for their size, strength and leadership positioning with strategic geographic relevance.
Nikolas Hatzistergos, Executive Chairman of William Buck NSW, is a member of the Praxity Management Board, Governing Council and Membership Committee.
Praxity has a simple, cohesive, three-tier reporting and management structure, ensuring full transparency and proportional regional representation. It works effectively and efficiently.
Praxity’s Membership Committee scrutinises membership applications and then makes recommendations to the Board regarding applications and subsequent classifications. Membership Committee appointments are made by the Chair, with Management Board approval.
Praxity has won Accounting Association of the Year in 2022 and 2021 and achieved this honor in several years prior.
Three-tier reporting and management structure
1.
Annually, Praxity holds at least one General Meeting (AGM), where all participant firms vote on and approve standard matters including budgets, appointments of the Governing Council, the major policies and high-level strategic direction.
2.
The Praxity Governing Council refines and focuses the Alliance’s strategic direction. Elected council seats are voted for by firms within the five regions. Governing Council members can serve two consecutive three-year terms.
3.
The decision on whether to admit new participants, plus many other duties, rests with the nine Praxity Management Board members, who direct and manage the alliance’s activities. The Management Board is elected by and from the Governing Council.
Left to right:
Darren
Adrian Chugg
William Buck has two key levels of governance that work in parallel with one another: brand governance and business governance.
The WBL Board is responsible for the management of the William Buck brand. The Board consists of each member firm’s Managing Partner. As at 30 June 2024, the WBL Board Members were:
Greg Travers, New South Wales
Darren Wright, New Zealand
Junaide Latif, Queensland
Jamie McKeough (Chair), South Australia
Lindsay Holloway, Victoria, and Conley Manifis, Western Australia.
The Board is committed to supporting William Buck’s success by providing high-quality services to the mid-market and beyond, and embracing a culture of care, collaboration and innovation to deliver exceptional results and drive personal and professional growth.
The following partners retired as Managing Partners of their respective member firms:
Jamie McKeough, South Australia (at 30 June 2024) (remains on the Group Board as Chair)
Lindsay Holloway, Victoria (at 30 September 2024).
The following partners were appointed as Managing Partners of their respective member firms and the WBL Board:
Adrian Chugg, South Australia (from 1 July 2024)
Adam Kirkwood-Scott, Victoria (from 1 October 2024).
The Chair is determined annually through a vote by each WBL Board member and is ratified at the Annual General Meeting.
The WBL Board oversees the following:
Risk management. The activities of this function are undertaken on behalf of the WBL Board by Group Risk.
Professional indemnity insurance management.
Learning and development. The activities of this function are undertaken on behalf of the WBL Board by Group Learning and Development.
Brand and marketing strategy. The activities of this function are undertaken on behalf of the WBL Board by Group Marketing.
Technical support. The activities of this function are undertaken on behalf of the WBL Board by Group Technical.
The activities of the Group focus groups. The goals of the focus groups are to leverage Group capability, build market presence and deliver high-quality solutions to clients. At 30 June 2024, the following Group focus groups were operating:
Audit*, Grant Martinella Chair
Tax Services, Todd Want Chair
Business Advisory, Brett Kean Chair
Wealth Advisory, Scott Girdlestone Chair (from 13 September 2024)
Corporate Finance, Mark Calvetti Chair
General Manager, Kim Daji Chair
Restructuring and Insolvency, Garth O’Connor-Price Chair
IT, Kent Sharp Chair
People & Culture / HR, Vanessa Blackshaw Chair
Marketing, Eireann O’Brien Chair
Each member firm’s Managing Partner leads their firm’s business and marketing strategies in a manner that supports the WBL Board initiatives.
This includes:
Attraction and retention of quality partners and employees
Organic growth strategies
Acquisition strategies
Tailored client services
Industry specialisation
Development of new service offerings
Quality management
Each member firm’s Managing Partner is supported by a local Executive Board, who is responsible for the operational management of the firm. The role of the Managing Partner is to effectively execute the Group and local firm strategies within their own firm, which encompasses decision-making on financial and operational matters, financial objectives, financial resource management and personnel management.
Each member firm’s Managing Partner reports formally to the WBL Board on a regular basis in a comprehensive and consistent format. Reporting includes: financial information, marketing and brand management activities, human resources, quality management issues and any potential professional indemnity issues.
*The Audit Focus Group membership comprises a senior audit partner from each firm. The group meets at least quarterly and drives an agenda supporting the delivery of high-quality audits. An Audit Methodology Sub-Committee leads continuous improvement in the audit methodology and tools available to practitioners, while an Audit Technology Sub-Committee focuses on technology solutions.
The two levels of governance come together as follows:
William Buck Limited (WBL)
Risk and Quality Management, including Technical Support
Learning and Development Group Focus Groups
Brand Management and Marketing Strategy
WBL Board Members — Managing Partners of Member Firms
William Buck Member Firms
Business Unit Focus Groups
William Buck’s organisational structure and assignment of roles, responsibilities and authority is structured appropriately to facilitate the design, implementation and operation of the firm’s quality management system.
Our clients put their trust in us and we have a responsibility to demonstrate appropriate behaviours that sustain this trust while upholding our proud reputation for quality and service excellence.
Our Code of Conduct is an extension of our shared values and culture; where our people lead with expertise and passion, serve with purpose and professionalism and share their insights and expertise to help others.
Our Code articulates the ethical principles to which we all must hold ourselves accountable and they are nonnegotiable. They are centered around integrity, objectivity, professional competence and due care, confidentiality and professional behaviour.
All new partners and employees are required to complete an ethics eLearning module when joining William Buck, and then again every two years. In addition, most of our professional partners and employees are required to complete at least six hours of ethics continuing professional education per triennium as required by our professional bodies. These programs reinforce the expectations and remind us of the trust that businesses, governments and society place in our profession and our responsibility to always do the right thing.
Accountability Honesty 95% of people responded favourably to “William Buck is ethical” 2023 Engagement Survey
Maintaining independence is key to compliance with the ethical principles of integrity and objectivity.
William Buck has prescriptive policies and procedures concerning independence in all assurance and nonassurance business units, in all member firms. They are designed to identify potential conflicts of interest so that conflicts can be dealt with in line with the requirements of APES 110 Code of Ethics for Professional Accountants (including Independence Standards), PES 1 International Code of Ethics for Assurance Practitioners (including International Independence Standards) (New Zealand) and the Corporations Act 2001.
An environment of open consultation has been established over many years such that partners and employees from member firms consult on:
Independence issues (potential, actual or perceived) that emanate from servicing clients
Personal direct or indirect financial interests
The appropriateness of non-audit services to audit clients, and
The appropriateness of business relationships.
Refreshed mandatory independence eLearning modules were launched to all partners and employees in early 2024 as part of the Ethics and Independence eLearning Series. The first module aimed to educate professionals on the William Buck Independence Policy. The second module was designed to help professionals understand the procedures at William Buck that assist them to comply with their independence obligations.
All partners and employees are required to understand and comply with the Independence Policy, and are required to annually confirm, in writing, their compliance with William Buck policies and procedures on independence and applicable legal and regulatory requirements as part of the Annual Compliance Declaration. All new and returning employees are required to confirm their independence within three months of commencing or recommencing with William Buck.
Relevant to audit only include:
— Independence sign-off at the planning and completion phases of the audit for all audit engagements
— s307C Independence declarations for Corporations Act 2001 engagements
— Audit partner rotation policies
Our quality management systems enable us to deliver high-quality services to our clients.
Adopting an effective system of quality management is paramount to delivering quality services. William Buck has policies, procedures and processes to enable compliance with the quality management standards issued by the auditing and assurance standards boards in Australia and New Zealand.
Annually, we review our quality objectives, the risks to achieving the objectives and the policies, procedures and processes that help minimise those risks from occurring. Where appropriate, we enhance our systems. Enhancements are made throughout the period as we identify improvement opportunities; for example, from changes to requirements, liaison activity or monitoring results.
The quality management standards issued are:
ASQM 1 Quality Management for firms that perform audits or reviews of financial reports and other financial information, or other assurance or related services engagements/ PES 3 Quality Management for firms that perform audits or reviews of financial statements, or other assurance or related services engagements
ASQM 2/ PES 4 Engagement quality reviews, and ASA 220 Quality Management for an audit of a financial report or other historical financial information / ISA (NZ) 220 (Revised) Quality Management for an audit of financial statements.
The components of our system of quality management are illustrated below:
Each member firm’s ultimate responsibility and accountability for the quality management system lies with the Managing Partner. They possess an understanding of the quality management standards and are tasked with evaluating and ensuring the system’s effectiveness in achieving its objectives.
Operational responsibility for the system of quality management is assigned to the Audit Leader of each member firm. The Audit Leader is accountable for designing, implementing and operating the system while also maintaining an in-depth understanding of the quality management standards. Importantly, the Audit Leader maintains a direct line of communication with the Managing Partner, fostering seamless coordination and oversight. Operational responsibility for specific aspects of the system of quality management, such as the monitoring process, is assigned to Group Risk which communicates results to the Audit Leaders, Managing Partners and WBL Board.
As outlined in our strategic plan, delivering highquality services to our clients is a top priority for us. We recognise that delivering quality audit services not only strengthens our relationships but also upholds the public interest and supports the effective functioning of the financial reporting system. By prioritising quality, we safeguard William Buck’s brand and reputation while providing value to our clients.
92% of people responded favourably to “Partners l work with consistently reinforce the importance of work quality through their actions and decisions”
2023 Engagement Survey
The WBL Board therefore plays a vital role in promoting a culture of quality across all member firms and their audit practices, as their actions and attitudes set a consistent and clear message about the importance of quality in all engagements.
The WBL Board’s commitment to quality is demonstrated as follows:
Leading by example:
The WBL Board embodies a strong commitment to quality in their own actions and behaviours. It makes decisions that reflect its commitment to maintaining high standards in all engagements, and members serve as role models for the entire firm, as outlined in the WBL Board Charter.
Leader communication:
Our leaders, including the Chair, Chief Operating Officer and Chief Risk Officer, actively communicate and reinforce the significance of quality through various communication channels.
Commitment to continuous improvement:
The WBL Board, together with Group Risk, Group Technical, Group Learning and the Audit Focus Group, champion our investment in evolving the audit methodology, tools and other resources needed to support and continuously improve audit quality.
Dedicated resources:
The Group allocates dedicated risk and technical resources to allow our quality frameworks to remain current.
Values:
The WBL Board, guided by the William Buck values of CARE — Collaborative, Aspiring, Relationshipdriven and Enterprising — demonstrates a commitment to quality. Upholding these values, the WBL Board sets the tone at the top, fostering a culture of innovation, strong relationships and collaboration, all aimed at delivering quality services and exceptional client service.
Ross Burt Partner, Audit & Assurance
Client acceptance and reacceptance considerations are the first key step in delivering audit quality. Client acceptance procedures are conducted prior to formally accepting a client and then reacceptance is performed annually prior to commencing the current year’s engagement.
Evaluating potential clients and engagements prior to acceptance and regularly reviewing our continued involvement with clients are fundamental risk management processes for William Buck. We use an assessment tool to capture key considerations enabling a well-considered assessment. The tool also guides the level of concurrence by firm leaders and consultation with Group Risk on the acceptance or reacceptance decision.
Key aspects of client acceptance and reacceptance risk assessment criteria
Conflicts of interest & independence assessment
Group-wide conflict checks performed to identify any potential conflicts of interest.
Any proposed non-assurance services are assessed to ensure no impairment to audit independence and if necessary, safeguards are put in place or engagements declined.
Determine whether financial interests and other relationships of the engagement team, and where relevant, the wider firm, exist.
Client risk assessment
Engagement risk assessment
Integrity of the client, including the reputation of principal owners, key management, and those charged with governance.
Nature of the client’s operations and industry characteristics.
Team member capability and availability.
Adequacy of fee to ensure a quality audit can be conducted.
Expertise of specialists when proposed to be used.
We adopt a risk-based audit approach as a fundamental principle in conducting our audit engagements. This approach involves the engagement team obtaining an understanding of various aspects of the audited entity and its environment. By gaining this insight, we can identify and assess areas where potential risks may exist.
We tailor our audit procedures to specifically respond to the risks identified, focusing the audit effort on the areas of greatest significance. By taking a risk-based approach, we optimise the allocation of our resources and enhance the quality and effectiveness of the audit process.
The mindset of professional scepticism, coupled with sound professional judgement, is a fundamental behavioural requirement for all audit professionals.
At William Buck, we recognise the critical importance of fostering this mindset and we actively promote and reinforce it through our comprehensive approach which encompasses policies, procedures, training and ongoing evaluation of our audit personnel.
Professional scepticism involves a questioning mind as well as a critical assessment of audit evidence.
Professional judgement is the informed decision-making process that applies training, knowledge and experience in the circumstances of an audit engagement.
At least one level of detailed review
By integrating professional scepticism and judgement into our practices, we enhance the quality and effectiveness of our audit engagements.
The engagement partner takes responsibility for the direction and supervision of the engagement team and for achieving high standards of quality on their engagements. They must have the appropriate competence, capability and authority to lead the engagement.
Our policies and procedures in relation to audit supervision and review that apply to all audit engagements are outlined below.
A member of the engagement team that has more experience than the person who completed the work
Overriding review Engagement Partner
Consideration of:
The work has been completed appropriately in line with the audit plan and meets the requirements of the auditing standards and where relevant, professional pronouncements and legislation.
Significant matters have been raised for further consideration.
There is a need to revise the nature, timing and extent of work performed. The work performed supports the engagement output and is appropriately documented.
Consideration of, at a minimum:
The engagement was appropriately planned in accordance with legal and/or professional requirements.
Significant matters or judgements, including those relating to difficult or contentious matters.
Appropriate consultations have taken place and the resulting conclusions have been documented and implemented.
The output, including formal written communications to management, those charged with governance or regulatory authorities.
The work done and evidence obtained is sufficient and appropriate to support the engagement output.
The objectives of the engagement procedures have been achieved.
An Engagement Quality Reviewer (EQR) provides an objective evaluation of significant judgements made by an engagement team and conclusions reached in formulating the relevant report. An EQR is assigned to all Public Interest Entities. Additionally, an EQR is assigned to other high-risk audits as deemed necessary in line with the Group’s Quality Management Manual.
Key aspects considered by the EQR include:
Fulfillment of the relevant ethical requirements relating to independence.
Appropriate conclusions made by the audit team in relation to matters of significant judgment, with appropriate documentation and conclusions in the work papers.
Any communication from internal monitoring programs.
Appropriateness of the financial statements and audit report, including the description of key audit matters if applicable.
Whether appropriate consultation has taken place on difficult or contentious matters, along with the resulting conclusions.
EQRs are experienced and independent audit partners or principals, possessing the competence, capabilities and authority to make an objective evaluation of the engagement team’s significant judgments and conclusions. These EQRs are required to be registered company auditors with sufficient time to conduct the review effectively.
William Buck fosters a collaborative consultation culture, recognising that it is a fundamental element of professional practice. All partners and employees are encouraged to consult on challenging or contentious matters, particularly those that fall outside their personal experience or require setting precedents.
This collaborative process involves the use of appropriate research resources, collective experiences and discussions with individuals possessing specialised expertise. This contributes to improved decision making and the delivery of quality solutions to complex challenges.
Review conducted
Financial statements
pre-issuance
Audit opinions
When review is required
Listed and higher public interest entities are reviewed annually if certain criteria are met; otherwise every alternate year.
All engagements where an emphasis of matter, material uncertainty or modification is being considered. Otherwise, all long form audit reports for new clients and new or revised key audit matters.
Consultations Mandatory consultations are required in specific circumstances following the Consultation Policy. In addition, teams also consult on a professional judgement basis.
The review is conducted by
Group Technical
Purpose of the review
To assess the financial statements for compliance with the Financial Reporting Framework.
Experienced Partner Panel, Group Technical
Group Technical, Corporate Finance, Tax, other experts
To consider and review the appropriateness of the proposed audit report and the wording of the modification, material uncertainty or emphasis of matter.
To support engagement teams to adopt the correct interpretation for difficult or contentious issues.
Consultation is key to delivering high quality audits. In addition to formal consultation requirements, we have a strong consultative culture where partners regularly consult with other practitioners or the technical team outside of the policy requirements.
Any difference of opinion between engagement team members are referred to the engagement partner. Differences of opinion between the engagement partner, Group Technical and/or other specialists are escalated to the Audit Leader, the Chief Risk Officer or Managing Partner, depending on the circumstances. The engagement output is not issued until the difference is resolved.
Regular rotation of the engagement partner and EQR roles is also seen as a fundamental pillar to audit quality. Fresh eyes bring a fresh perspective and this is a key ingredient to overall audit quality.
The William Buck partner and EQR rotation policy is in line with the requirements of APES 110 – Code of Ethics for Professional Accountants (including Independence Standards) and the Corporations Act 2001. A rotation register is maintained by each Audit Leader to manage rotation at the member firm level. We are enhancing our controls that enable compliance with these obligations.
We understand the importance of effective communication in supporting audit quality and use a range of communication channels to deliver or reinforce key messages. These include Group Risk newsletters, Focus Group meetings, partner forums, firm webinars, technical information sessions and training modules. We also hold an annual group-wide partner conference, and an in-person meeting of audit partners beforehand, to facilitate networking and sharing of knowledge.
Moreover, given the size and nature of William Buck, direct interactions enable us to build strong relationships based on trust, with leadership and personnel within the firm. This comprehensive approach to internal communication nurtures a well-informed and cohesive workforce, driving success and growth.
We value open and transparent communication with our clients. Our commitment to consistent, frequent and transparent communication is instrumental in building and maintaining trust with our clients.
Communicatingtomanagementandthosecharged with governance
Significant matters that need to be raised with management and/or those charged with governance are communicated in writing. This includes the audit plan before commencing the audit. At the completion phase, we communicate any key findings and provide our audit response to significant risk areas and recommendations on any deficiencies noted.
Given open communication is a key foundation to the William Buck audit methodology, it takes place continuously, such that management and those charged with governance are kept up to date with progress and there are no surprises.
We conduct an annual Financial Reporting Webinar. This webinar aims to keep our clients well-informed about the latest developments in financial reporting.
Our goal is to proactively share industry insights and best practices, empowering our clients to make wellinformed financial decisions and stay compliant with evolving requirements.
William Buck is committed to a monitoring and remediation process to provide relevant, reliable, and timely information about the design, implementation, and operation of the system of quality management. The monitoring activities provide a basis for the identification and remediation of deficiencies. The monitoring activities are conducted both at a firm-wide and engagement level.
Each audit partner is subject to the William Buck internal peer review process at least once every three years. The process is a rigorous one and is led by Group Risk, which:
Selects reviewers
Maintains the review program which focuses on the requirements of the Code of Ethics for Professional Accountants (including Independence Standards), auditing standards and applicable legal and regulatory requirements
Moderates results
Assesses whether remedial action is required, such as changes to the audit plan in future periods, changes to policy or training
Reports the results to member firms, WBL Board and the Audit Focus Group
Works with member firms through the Audit Focus Group to determine the root cause of quality issues identified and to take appropriate actions to continuously improve quality, and
Communicates the thematic results of the peer reviews to audit professionals across the Group.
We have a focus on continuous improvement of the audit methodology and processes to enhance audit quality.
Our award-winning culture of CARE has been built over decades and continues to grow. It’s a culture where you are valued for what you bring and respected for where you want to go.
Our people
For our people, we aim to do this by fostering a strong, nurturing culture that provides unparalleled support and celebrates diversity and authenticity.
Our culture of CARE is underpinned by the four values we live by at William Buck: Collaborative, Aspiring, Relationship-driven and Enterprising. It’s these values, the behaviours, and the mindset that all of our people at William Buck bring to their work every day and why they stay with the firm for many years. It is the reason clients choose us. A culture of CARE is a culture of openness, where the doors of partners offices are always open. It is a culture where our people are valued for what they bring and are respected for where they want to go.
It is unique to William Buck: our promise to each other and to our clients.
A testament to our culture, we were awarded the Xref Engage Best Workplace Award in 2022 and 2023 for outstanding performance in work practices and employee engagement. We engaged Xref to facilitate our firmwide employee engagement survey and the awards were given in recognition of engagement survey results that were well above industry standard.
This award is in addition to recognition received from other organisations as being a top workplace for graduates and interns to start their careers. By creating an inclusive and diverse workplace where our people can be at their best, William Buck delivers greater value for our clients and the communities in which we operate.
Our employee engagement survey results help guide our initiatives by listening and responding to our people. Significantly, our results indicate that our people feel a sense of psychological safety – an important marker that our people feel they can ask for help, discuss difficult issues and that they are supported when things don’t go the right way. Our people also tell us that William Buck fosters an ethical environment with strong values alignment.
All of this means we have an authentic and positive environment in which better outcomes are reached, together.
C Collaborative A Aspiring R Relationship-driven E Enterprising together to achieve amazing things.
We challenge ourselves to achieve our goals by unlocking the potential in everyone. in everything we do, prioritising relationships and delivering exceptional client. results. We unearth possibilities and provide value through our innovative approach.
Our strong commitment to learning and development is another way we support our people while enabling succession and enhancing our ability to deliver excellence in client services. We also believe that continuous learning is key to a fulfilled professional and personal life.
William Buck invests significantly in the continued technical and professional development of partners and employees across the Group. We believe in providing our people with challenging and rewarding careers with opportunities for progression, which results in outstanding quality service to clients.
William Buck provides a comprehensive range of development opportunities for professionals at all career levels. These include:
In-person conferences: group-wide conferences where employees come together to learn, network, and stay updated on industry trends as well as develop skills to ensure delivery of technical and professional excellence.
Role-specific workshops: tailored workshops to enhance skills and knowledge relevant to specific roles.
Mentoring and coaching: opportunities for one-on-one guidance and professional development from leaders across the group.
Blended programs: a mix of online and in-person learning experiences to enhance transferring skills to their practical application in the workplace.
Online learning: access to digital resources and courses for employee self-directed learning to complete as needed to then apply skills straight away.
Professional qualifications and accreditations: support for obtaining relevant certifications.
In addition to professional and technical development opportunities, we also provide a thorough risk and compliance learning program with topics delivered regularly to enable all employees to be legally and ethically compliant in all areas of practice and employment.
“Grad College has equipped me with a deeper understanding of myself and the profession. The academic training and technical learning provided a solid foundation for critical thinking and thorough analysis that has assisted me in my role as an Auditor.”
Natcha Lertanuntrakul Grad College 2024 Participant
Our professional development program centres on both technical and non-technical skills and is aligned with the Group’s capability framework.
Professional, client service and leadership training to our partners and employees to support their growth and development as professionals.
Keeping partners and employees up to date with developments in applicable legal and regulatory requirements, relevant ethical requirements as well as the accounting and auditing standards.
On-the-job coaching to support the practical application of learning and to develop professional expertise.
The ongoing development of William Buck audit employees is guided by an Audit Learning Committee with representatives from each firm across the group, as well as Group Risk. In addition to the group-wide development opportunities that address ethical, compliance and independence obligations, audit professionals embark on a comprehensive training regime at every career stage and level. The development opportunities are clearly defined in the role-specific Audit Learning Pathway which outlines the development opportunities to enhance skills at each level in an auditor’s career at William Buck.
The curriculum under this program includes:
William Buck’s audit methodology under a staged approach over several years, dependent on experience
Professional ethics and independence
William Buck’s audit documentation platform
Accounting standards update
Professional, client service and leadership development.
The William Buck audit learning journey consists of:
A Graduate Program focusing on professional skills and audit technical skill development
An Intermediates Blended Learning Program focusing on technical content delivered online and virtually
A Senior Auditors Program building upon technical and client service capability as careers progress.
Audit employees also receive training as required based on specific needs or because of legal or regulatory change.
William Buck requires that professional personnel meet the CPD requirements of their professional body.
William Buck also provides opportunities for partners and employees to attend professional development and training through external providers. We believe that this ensures broader perspectives are obtained and enhances the quality of William Buck people.
The description of the system of quality management for the year ended 30 June 2024 included in this report explains how William Buck complies with relevant ethical, professional, regulatory and legal requirements.
The WBL Board monitors the effectiveness of the system of quality management based on information provided to it, including the findings from monitoring reviews. These programs provide evidence of our compliance with the application of William Buck’s methodologies, policies and procedures as well as identifying areas for continuous quality improvement. The results of the monitoring programs provide the WBL Board with a reasonable basis to conclude that, overall, our system of quality management is operating effectively.
Given William Buck’s commitment to continuous quality improvement, the system of quality management allows us to identify areas that can be focused on for improvement.
Jamie McKeough Chair William Buck Group
Jeffrey Luckins Partner, Audit & Assurance
The contents of Part B of the William Buck Transparency Report are in accordance with the firm-specific elements of Part 2 of Schedule 7A of the Corporations Amendment Regulation 2012 (No.5).
At 30 June 2024, William Buck Audit (VIC) Pty Ltd and William Buck Audit (WA) Pty Ltd are the only William Buck member firms that need to lodge a Transparency Report under the criteria of s332A(1) of the Corporations Act 2001. Information on the audit-specific elements for other member firms will be provided when the s332A(1) criteria are met.
William Buck Audit (VIC) Pty Ltd and William Buck Audit (WA) Pty Ltd are Authorised Audit Companies as defined under Division 1 of Part 9.2A of the Corporations Act 2001.
Contents of Part B of the 2024 Transparency Report are to be read in conjunction with Part A. Together the full report addresses all elements of Part 2 of Schedule 7A of the Corporations Regulations 2001.
The partner remuneration model for William Buck Audit (VIC) Pty Ltd and William Buck Audit (WA) Pty Ltd rewards partners on the basis of quality performance, responsibility, experience and respective contributions of partners.
The performance and contribution of each partner is assessed on an ongoing and annual basis, and they receive a level of remuneration in accordance with their performance and contribution.
The key components of the criteria which partners are assessed upon are:
Leadership
Technical competency
Ethical conduct
Development and care of professional and administrative staff
Client service
Practice management
Business development*
Commitment to continuing professional education
Commitment to quality assurance
Building brand and firm value, and
Community commitment.
$3,477,979
$384,009
$9,708,655
$495,415
$31,400
$526,815
$3,192,918
The following William Buck Audit (VIC) Pty Ltd audits meet the criteria of s332A(1) of the Corporations Act 2001:
A2A GN Ltd
Alvo Minerals Limited
Altair Minerals Limited
Anagenics Limited
Auric Mining Limited
Cann Group Limited
ChemX Materials Limited
Connexion Mobility Ltd
Copper Strike Limited
De.mem Limited
ECS Botanics Group Ltd
Evergreen Lithium Limited
Flynn Gold Limited
FOS Capital Limited
Heavy Rare Earths Limited
Hexima Limited
HitIQ Limited
Iltani Resources Limited
IncentiaPay Limited
Invion Limited
IPB Petroleum Limited
Iris Metals Limited
Island Pharmaceuticals Limited
James Bay Minerals Limited
Jayex Technology Limited
Keybridge Capital Limited
KNeoMedia Limited
Knosys Limited
Lakes Blue Energy NL
Leeuwin Metals Ltd
Lumos Diagnostics Holdings Limited
MRG Metals Limited
Novatti Group Limited
Noxopharm Limited
Nyrada Inc.
Optiscan Imaging Limited
Opyl Limited
Peako Limited
Perpetual Resources Limited
Powerhouse Ventures Ltd
Prescient Therapeutics Limited
QuickFee Limited
Ronin Resources Ltd
Secos Group Ltd
SenterpriSYS Limited
Sequoia Financial Group Ltd
Southern Cross Gold Ltd
Stellar Resources Limited
Sun Silver Limited
Taiton Resources Limited
The Go2 People Ltd
Tryptamine Therapeutics Limited
Unico Silver Limited
Vertex Minerals Limited
Victor Group Holdings Limited
VIP Gloves Ltd
Wellnex Life Limited
West Wits Mining Limited
Wingara AG Ltd
The following William Buck Audit (WA) Pty Ltd audits meet the criteria of s332A(1) of the Corporations Act 2001:
Basin Energy Limited
Beacon Minerals Limited
Constellation Resources Limited
Eagle Mountain Mining Limited
Great Northern Minerals Limited*
LTR Pharma Ltd
M3 Mining Limited
NGX Limited
Odyssey Gold Ltd
Peregrine Gold Ltd
Province Resources Ltd
Solstice Minerals Limited
Terra Metals Limited (formerly GCX Metals Limited)
Triton Minerals Ltd
Westar Resources Limited
*No longer a client
William Buck Audit (VIC) Pty Ltd and William Buck Audit (WA) Pty Ltd were subject to the following regulator and professional body reviews during the period:
Entities authorised to review Reviews conducted during the year
ASIC No review conducted
CAANZ/ CPA
Office of the Auditor General for Western Australia (OAG)
No review conducted
One review conducted
New South Wales
Sydney Level 29
66 Goulburn Street
Sydney NSW 2000
Parramatta
Level 7
3 Horwood Place
Parramatta NSW 2150
PO Box 19
Parramatta NSW 2124
T (61 2) 8263 4000 nsw.info@williambuck.com
Australian Capital Territory
Canberra Unit 1
28 National Circuit
Forrest ACT 2603
T (61 2) 6126 8500 act.info@williambuck.com
Victoria
Melbourne Level 20
181 William Street
Melbourne VIC 3000
T (61 3) 9824 8555 vic.info@williambuck.com
Queensland
Brisbane Level 22
307 Queen Street
Brisbane QLD 4000
Gold Coast
Wyndham Corporate Court Centre Suite 8A
Level 8/1 Corporate Court
Bundall QLD 4217
GPO Box 563
Brisbane QLD 4001
T (61 7) 3229 5100 qld.info@williambuck.com
Western Australia
Perth Level 3
15 Labouchere Road
South Perth WA 6151
PO Box 748
South Perth WA 6951
T (61 8) 6436 2888 wa.info@williambuck.com
South Australia
Adelaide Level 6
211 Victoria Square
Adelaide SA 5000
GPO Box 11050
Adelaide SA 5001
T (61 8) 8409 4333 sa.info@williambuck.com
New Zealand
Auckland Level 4
21 Queen Street
Auckland 1010 New Zealand
Tauranga The Kollective
145 Seventeenth Ave 3112 New Zealand
T (64 9) 366 5000 info@williambuck.co.nz
