Transparency Report
Year ended 30 June 2026
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Index Leadership Messages
Part A
Part B
04 Message from the William Buck Chair
08 Legal structure and ownership
36 Introduction
05 Message from the Audit Focus Group Chair
09 Praxity Global Alliance
William Buck Group
11 Governance and leadership 14 Ethics, integrity and independence 16 Quality management 26 People, learning and culture
William Buck firm-specific disclosures
37 Partner remuneration model 38 Financial information 39 Audited bodies 41 External quality assurance reviews 42 Contact
33 Effectiveness of William Buck’s system of quality management
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Message from the William Buck Chair At William Buck, our culture is at the centre of who we are. We believe that how we do business is as important as what we do, and we are committed to making a genuine, positive impact on our clients, our people and the communities we serve. Our profession is undergoing significant transformation. Technology, including artificial intelligence, the influence of private equity, competition for talent and expanding regulatory obligations are all reshaping the industry. To thrive, we must continue to adapt, innovate and deliver with purpose. Our ‘One William Buck’ strategy sets a clear roadmap for navigating this change and positions our firm for long-term success. We aspire to be Australia and New Zealand’s best mid-market accounting and financial advisory firm. This ambition is grounded in our values – collaborative, aspiring, relationship-driven and enterprising – and supported by a culture that demands the highest integrity, quality and professionalism. These standards are embedded in our strategy and guide every aspect of our work. Trust is earned over time through consistent behaviour, and we recognise that upholding these expectations has never been more important and is what our clients and community deserve and expect. We know exceptional outcomes come from people who feel empowered, supported and trusted. That’s why we continue to invest in opportunities that bring our people together – through learning programs, leadership forums, collaboration platforms and industry specialisation groups. These initiatives strengthen our collective capability and enable us to bring the full breadth of William Buck’s expertise to solving our clients’ most complex challenges and deliver outstanding service. We are proud to be a trusted assurance provider in an increasingly complex business environment. High-quality financial reporting and auditing are central to building market confidence, supporting informed investment decisions and contributing to a strong and resilient economy.
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To meet growing demand and maintain the highest standards, we have increased the number of partners in our assurance practice by 50% in recent years and continue to invest in the people, processes and technology that will shape the future of our audit offering. This Transparency Report, for the year ended 30 June 2026, outlines the systems, governance and quality management frameworks that underpin our audit practice. It reflects our ongoing commitment to professional excellence, ethical leadership and delivering audits that meet the expectations of regulators, investors and the broader community. We welcome the opportunity to engage with our stakeholders on how we deliver high-quality audit services to our clients through the publication of this report. As we look to the future with confidence, I extend my thanks to our talented people and partners for their dedication and professionalism. I also sincerely thank our clients for their continued trust and support.
Greg Travers Chair William Buck Group
Message from the Audit Focus Group Chair Audit quality is central to our firm’s strategy and underpins the trust placed in us by clients, regulators and the broader community. In 2026, we continue to strengthen our commitment to delivering consistent, high-quality audits, supported by a robust system of quality management and a culture of accountability. The past year has brought continued economic uncertainty, regulatory change and shifting market conditions. Our role as auditors – to provide assurance, build trust and deliver insight – has never been more important. To meet these expectations, we have continued to evolve our approach to risk and how we deliver high-quality audits, including:
Our focus extends beyond compliance. We are building a culture where quality is embedded in everyday behaviours and where continuous improvement is actively pursued. Our ongoing investment in our people, processes and systems will continue to strengthen the quality of our audits and the confidence placed in our work.
— Applying deeper economic insights into our audit approach, leveraging analysis from our Chief Economist to strengthen risk assessment and enhance judgement in key areas.
We are proud of the trust our clients place in us and the role we play in supporting confidence in financial reporting. As we look ahead, we remain committed to quality, integrity and innovation in everything we do.
— Strengthening our audit methodology and templates, through close collaboration between the Audit Focus Group and Group Risk, improving the consistency and quality of execution and documentation.
Thank you for your continued support.
— Continuing to invest in the use of technology and artificial intelligence to support audit quality, guided by our AI policy and governance frameworks to ensure transparency, appropriate data handling and the integrity of the audit process. Sustainability reporting has also been a major focus, reflecting the increasing importance of climate and broader ESG disclosures. This year, we issued our first sustainability assurance report under Australian sustainability standards – an important milestone that has required continued investment in capability, methodology and training. We remain committed to supporting clients as regulatory expectations and market practices mature. Grant Martinella Chair Audit Focus Group
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Part A
William Buck Group
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Zi Liu Partner, Audit & Assurance William Buck Transparency Report 2026 | 7
Legal structure and ownership Established in 1895, William Buck has been helping people and their businesses for over 130 years. The William Buck Group (the Group) has a combined turnover of over $200 million, more than 150 partners and a 1,200+ 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, allowing us to seamlessly offer the same high-quality services and solutions across all locations.
Legal structure 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).
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WBL is the custodian of William Buck’s intellectual property and engages specific personnel to manage 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. External audits are conducted at the member firm level either through a partnership or an 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.
Praxity Global Alliance Through Praxity Global Alliance, William Buck clients gain access to trusted professional services across 133 countries while maintaining the personal relationships and local market expertise that define our approach. Praxity is an international alliance of accounting firms, bringing together like-minded professionals from across the globe. Member firms operate independently and are united by a shared commitment to high-quality client outcomes and personal care. William Buck’s membership of Praxity Global Alliance provides our clients with seamless access to professional services across major business centres worldwide. This extensive network enables William Buck to serve clients with international operations, cross-border transactions and multi-jurisdictional compliance requirements through trusted local partners. Praxity has a simple, cohesive, three-tier reporting and management structure, ensuring full transparency and proportional regional representation.
Alliance benefits include: — Market access: Direct connections to established firms across North America, Europe, Asia-Pacific, Latin America, Africa and the Middle East. — Quality assurance: All member firms undergo rigorous selection processes and regular review cycles, ensuring consistent service standards while maintaining independence. — The Praxity Charter: All member firms signed a codified commitment to client delivery excellence, collaboration and communication standards, a first-of-its-kind global commitment.
Three-tier reporting and management structure
1.
2.
3.
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.
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.
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.
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The Group Board
Darren Wright Managing Partner New Zealand
Adrian Chugg Managing Partner South Australia
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Greg Travers WBL Chair Managing Partner New South Wales and Australian Capital Territory
Conley Manifis Managing Partner Western Australia
Junaide Latif Managing Partner Queensland
Adam Kirkwood-Scott Managing Partner Victoria
Governance and leadership William Buck has two key levels of governance that work in parallel with one another: brand governance and business governance. Governing the brand The Group Board (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 2026, the WBL Board Members were:
— Adam Kirkwood-Scott, Victoria
— Greg Travers (Chair), New South Wales and Australian Capital Territory
— Darren Wright, New Zealand
— Adrian Chugg, South Australia — Conley Manifis, Western Australia
— Junaide Latif, Queensland
The WBL Board actively supports William Buck’s success through its commitment to providing high-quality services as mid-market specialists, embracing a culture of care, collaboration and innovation to deliver exceptional results as well as to drive personal and professional growth.
The Chair is determined annually through a vote by each WBL Board member and is ratified at the Annual General Meeting.
— Technical support. The activities of this function are undertaken on behalf of the WBL Board by Group Technical.
The WBL Board oversees the following:
— Focus group activities. The goals of the focus groups are to leverage Group capability, build market presence and deliver high-quality solutions to clients.
— 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.
— Strategic projects and program delivery. The activities of this function are undertaken on behalf of the WBL Board by the Group Project Management Office.
— Brand and marketing strategy. The activities of this function are undertaken on behalf of the WBL Board by Group Marketing.
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Governance and leadership (cont’d) At 30 June 2026, the following service line and operational focus groups were operating: — Audit*, Grant Martinella, Chair — Tax Services, Todd Want, Chair — Business Advisory, Brett Kean, Chair
Governing the business 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:
— Wealth Advisory, Scott Montefiore, Chair
— Attraction and retention of quality partners and employees
— Corporate Finance, Mark Calvetti, Chair
— Organic growth strategies
— General Manager, Lynda Clark, Chair
— Acquisition strategies
— Restructuring and Insolvency, Rashnyl Prasad, Chair
— Tailored client services
— IT, Primoz Trcek, Chair
— Industry specialisations
— People and Culture, Nicole Easton, Chair
— Development of new service offerings
— Marketing, Eireann O’Brien, Chair
— 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 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.
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Governance and leadership (cont’d) The two levels of governance
William Buck Limited (WBL) Risk and quality management, including technical support
Learning and development
Brand management and marketing strategy
Focus groups
WBL Board Members – Managing Partners of member firms
William Buck member firms
Service line focus groups
NSW & ACT
QLD
NZ
Audit & Assurance
Tax
Business Advisory
SA
VIC
WA
Corporate Finance
Wealth Advisory
Restructuring & Insolvency
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.
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Ethics, integrity and independence Everything we do is built on professional standards that are non-negotiable. They protect our reputation, earn client trust and define how we operate every day. Ethics and integrity 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 knowledge to help others. Our Code articulates the ethical principles to which we all must hold ourselves accountable and are non-negotiable. They are centred around integrity, objectivity, professional competence and due care, confidentiality and professional behaviour. Ethics training is embedded throughout our learning ecosystem, directly aligning with our Code of Conduct. All new hires are required to complete an ethics eLearning module when they join, and again every two years. Additionally, our professional partners and employees are required to complete six hours of ethics education per triennium as required by their professional bodies. This education reminds us of the trust that external stakeholders place in our profession and our responsibility to always do the right thing.
Integrity builds trust Influences of trust:
Honesty
Transparency
This systematic approach ensures that ethical decision-making and professional integrity remain front-of-mind in client interactions and internal processes.
Accountability
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Ethics, integrity and independence (cont’d) Independence 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 non-assurance service lines, 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), the Corporations Act 2001, and PES 1 International Code of Ethics for Assurance Practitioners (including International Independence Standards) (New Zealand). We have built a culture of open consultation over many years, where partners and employees from member firms can discuss: — Independence issues (potential, actual or perceived) that arise from working with clients. — Personal financial interests. — Whether non-audit services are appropriate for audit clients. — Whether certain business relationships are appropriate.
All partners and employees complete mandatory eLearning on independence obligations when commencing at William Buck, and then refreshers on a biennial basis, to help them understand and comply with our policies and processes. We also ran an independence campaign during the year to remind partners and employees of their obligations.
Annual Compliance Declaration All partners and employees must follow our Independence Policy and confirm in writing each year in November that they comply with our policies and procedures on independence and applicable legal and regulatory requirements. New and returning employees must confirm their independence within three months of starting or rejoining William Buck.
Monitoring and governance The annual compliance declaration process is led by Group Risk. Independence monitoring is included in the system of quality management monitoring discussed in the Quality Management section. Each February, Group Risk presents the WBL Board with a report on independence matters.
Independence framework
Group-wide conflict checking
Formal client acceptance process in all service lines
Group-wide restricted entities listing
Requirement to consult prior to acceptance of non-audit services where a conflict is identified
Independence Policy
Annual declaration of compliance with William Buck’s policies and procedures in relation to ethics and independence. Completed by all partners, employees and contractors
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
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Quality management Our quality management systems enable us to deliver high-quality services to our clients. Compliance with quality management standards An effective system of quality management is fundamental to the delivery of high-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.
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.
Annually, Group Risk leads a process where we review our quality objectives, the risks that could affect their achievement, and the policies, procedures and processes designed to address those risks. Where appropriate, we enhance our systems and refine and improve our approach throughout the year in response to regulatory and professional developments, liaison activity and the results of monitoring activities.
— ASQM 2 / PES 4 Engagement quality reviews. — 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.
Components of our system of quality management
Governance and leadership
Relevant ethical requirements
rces sou Re
and technology tion ma r fo In
Risk assessment process
A quality audit
Engagement performance
Client acceptance and continuance
Monitoring and remediation process
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Quality management (cont’d) Responsibility and accountability
The WBL Board’s commitment to quality is demonstrated through:
The Managing Partner of each member firm has ultimate responsibility and accountability for their system of quality management.
— 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 of quality in all engagements. Board members serve as role models for the entire firm, as outlined in the WBL Board Charter.
The Audit Leader of each member firm has operational responsibility for their system of quality management and maintains a direct line of communication with the Managing Partner, enabling seamless coordination and oversight. Operational responsibility for specific aspects of the system of quality management, including monitoring, is assigned to Group Risk which reports results to the Audit Leaders, Managing Partners and WBL Board.
Leading from the top As outlined in our strategic plan, delivering high-quality services to our clients is our top priority. We recognise that delivering quality audit services not only strengthens our relationships but also upholds the public interest and supports confidence in the financial reporting system and capital markets. By prioritising quality, we protect William Buck’s reputation while delivering value to our clients. The WBL Board plays a central role in promoting a culture of quality across all member firms and their audit practices, and its actions, decisions and communication set a consistent and clear message about the importance of quality.
— Leadership communication: Our leaders, including the Chair, Managing Partners, Group Chief Operating Officer and Group 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 and enhancing the audit methodology, tools and other resources needed to support and continuously improve audit quality. — Dedicated resources: The Group maintains dedicated risk and technical resources to support our audit professionals and quality frameworks. — CARE values: The WBL Board, guided by William Buck’s values of CARE – Collaborative, Aspiring, Relationship-driven 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 high-quality services and exceptional client service.
Our professional standards The One William Buck strategy includes our professional standards – Integrity, Quality and Professionalism. Everything we do is built on these professional standards that are non-negotiable. They protect our reputation, earn client trust and define how we operate every day. Integrity We do what’s right, always.
Quality We go beyond good enough.
Professionalism We act with respect, trust and pride in all we do.
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Quality management (cont’d) Client acceptance and reacceptance Robust client acceptance and reacceptance considerations are a key foundation of audit quality. Client acceptance procedures are conducted before a client is formally engaged, and reacceptance is performed annually prior to commencement of each current year engagement.
We carefully assess potential clients before accepting them and regularly review our existing client relationships to manage risk. Our risk assessment process is designed to identify key risk factors, determine the appropriate level of approval required from firm leaders, and guides consultation with Group Risk, when considering whether to accept or continue an engagement.
Key aspects of client acceptance and reacceptance risk assessment criteria Conflicts of interest and independence assessment
— Group-wide conflict checks are performed to identify any potential conflicts of interest. — Any proposed non-assurance services are assessed to ensure auditor independence is not impaired, and if necessary, safeguards are put in place or engagements declined. — Determine whether financial interests or other relationships of the engagement team, and where relevant, the wider firm, exist.
Client risk assessment
Assessment of the: — 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.
Engagement risk assessment
Consideration of: — The experience, expertise, and availability of proposed team members. — The adequacy of the proposed fee to ensure a quality audit can be conducted. — Involvement of specialists when appropriate.
A risk-based audit approach We adopt a risk-based audit approach as a fundamental principle in all our engagements. This begins with the engagement team developing a thorough understanding of the entity and its operating environment so that risks can be identified and assessed effectively.
Understand the entity
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Identify risks
We tailor our audit procedures to respond to the risks identified, focusing the audit effort on the areas of greatest significance. This approach supports the effective allocation of our resources and enhances both the quality and effectiveness of the audit.
Assess risks
Respond to risks
Quality management (cont’d) Professional scepticism and professional judgement The mindsets of professional scepticism, and sound professional judgement are fundamental behavioural requirements for all audit professionals. At William Buck, we actively promote and reinforce these mindsets through our policies, procedures, training and ongoing evaluation of our audit personnel. Professional scepticism involves a questioning mind as well as critically assessing audit evidence. Professional judgement is the informed decision-making process that applies training, knowledge and experience in the context of an audit engagement.
By embedding professional scepticism and professional judgement into our audit approach, we strengthen the quality and effectiveness of our engagements.
Supervision and reviews The engagement partner takes overall responsibility for the direction and supervision of the engagement team and for achieving high standards of quality on their engagements. This includes ensuring that team members have the appropriate competence, capabilities and resources to perform the engagement effectively. Below are our review processes for supervising and reviewing all audit engagements.
Review conducted
The review is conducted by
Purpose of the review
At least one level of detailed review
A member of the engagement team that has more experience than the person who completed the work
Consideration whether: — 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.
Overriding review
Engagement Partner
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.
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Quality management (cont’d) Engagement Quality Reviewer
Collaborative consultation culture
The Engagement Quality Reviewer (EQR) provides an objective evaluation of significant judgements made by an engagement team and conclusions reached in forming the audit report. An EQR is assigned to all Public Interest Entities and to other high-risk audits as required under the Group’s Quality Management Manual.
William Buck fosters a collaborative consultation culture, recognising that it is a fundamental element of professional practice. Partners and employees are encouraged to consult on challenging or contentious matters, particularly those that fall outside their experience or involve new or complex circumstances.
Key areas of review and challenge by the EQR include:
This collaborative approach draws on research, collective experiences and input from subject matter experts. This supports sound decision making and the delivery of quality outcomes. In addition to formal consultation requirements under our Consultations Policy, our broader culture encourages audit professionals to seek advice whenever required to enhance professional judgement and audit quality.
— Adherence to the applicable ethical requirements relating to independence. — Whether the audit team’s conclusions on significant judgement matters are appropriate and supported by the work paper documentation. — The 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, in accordance with the William Buck Consultations Policy along with the resulting conclusions. — Relevant findings from internal monitoring programs. EQRs are experienced and independent audit partners or principals with competence, capabilities and authority to perform an objective evaluation of the engagement team’s significant judgements and conclusions. These EQRs are required to be registered company auditors with sufficient time and capacity to conduct the review effectively.
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Quality management (cont’d) Review conducted
When review is required
The review is conducted by
Purpose of the review
Financial statements prior to issuance
Listed and higher public interest entities are reviewed annually if certain criteria are met; otherwise, every alternate year.
Group Technical
To assess the financial statements for compliance with the financial reporting framework.
Audit opinions
All engagements where an emphasis of matter paragraph or modification is proposed. Public interest entity engagements where a material uncertainty related to going concern section is proposed. In addition, all long form audit reports for new engagements and new or revised key audit matters for existing engagements.
Panel of selected partners, Group Technical
To consider and review the appropriateness of the proposed audit report and the wording of the modification, material uncertainty or emphasis of matter paragraphs, and the relevant disclosures in the financial statements if applicable.
Consultations
Mandatory consultations are required in specific circumstances following the Consultations Policy. In addition, teams also consult using their professional judgement.
Group Technical, Corporate Finance, Tax, other specialists
To support engagement teams to adopt the correct interpretation for difficult or contentious issues.
Our consultation culture Consultation is essential for high-quality audits. In addition to formal consultation requirements, our consultative culture encourages partners to regularly seek advice from other practitioners or the technical team.
Differences of opinion
Audit partner rotation
Differences of opinion between the engagement partner, Group Technical and/or other specialists involved in the audit are escalated to the Audit Leader, the Chief Risk Officer or Managing Partner, depending on the circumstances. The audit report is not issued until the difference is resolved.
The William Buck partner and EQR rotation policy complies with the requirements of APES 110 Code of Ethics for Professional Accountants (including Independence Standards), the Corporations Act 2001 and Professional and Ethical Standard 1 (PES 1). A rotation register is maintained by each Audit Leader to manage compliance at the member firm level. Regular rotation of the engagement partner and EQR supports audit quality by bringing a fresh perspective to the engagement.
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Quality management (cont’d) Information and communication
Internal quality monitoring
Internal communication
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 are conducted both at a firm-wide and engagement level and provide the basis for identifying and addressing deficiencies.
Effective communication is an important enabler of audit quality. We communicate using various channels to share information and key messages. These include Group Risk newsletters, focus group meetings, partner forums, firm webinars, online and face-to-face training and audit and accounting technical sessions. Communication and collaboration channels including a Group-wide intranet, and Group-wide social networking platform are used to share announcements and updates. We also hold an annual partner conference, a principal to manager conference and in-person audit leader meetings to strengthen knowledge sharing and connections across member firms. External communications
Each audit partner is reviewed internally at least once every three years through a rigorous peer review program led by Group Risk, which: — Selects the partners and their engagements, and allocates the appropriate reviewers. — Maintains the review program which includes the requirements of the Code of Ethics for Professional Accountants (including Independence Standards), auditing standards and applicable legal and regulatory requirements.
We value open and transparent communication and are committed to clear, consistent communication to build and maintain trust with our clients.
— Moderates the results of the reviews.
Communicating to management and those charged with governance
— Reports results to member firms, the WBL Board and the Audit Focus Group.
Significant matters are communicated in writing to management and/or those charged with governance. This includes the audit plan before commencing the audit. At the completion phase, we communicate key findings and provide our audit response to significant risk areas and recommendations on any deficiencies. Regular and open communication throughout the engagement is key to ensure the audit process is transparent and there are no surprises. Financial Reporting webinar and publications Each year, we host a Financial Reporting webinar to update our clients on the latest developments in financial and sustainability reporting. We also issue financial reporting publications throughout the year to provide in-depth information and guidance on topics relevant to our clients. Our goal is to share industry insights and best practices, empowering our clients to make well-informed financial decisions and remain compliant with evolving regulations and standards.
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— Assesses whether remedial action is required, including changes to the audit plan and responses in future periods.
— Coordinates with member firms through the Audit Focus Group to determine the root cause of quality issues identified and to take actions to continuously improve quality. — Communicates the thematic results of the peer reviews to audit professionals across the Group. — Implements changes to policies or training to address thematic results. Root cause analysis is a critical component of this process enabling us to move beyond surface-level symptoms and identify the underlying factors contributing to quality issues. This structured approach allows for targeted and effective corrective actions, supports continuous improvement and reinforces the integrity of our system of quality management.
Continuous improvement We are committed to enhancing audit quality through the continuous improvement of audit methodology, technology and processes. Our quality programs incorporate root cause analysis results from internal and external monitoring, feedback from our client listening program and insights from liaison activity.
Tania Marti-Warren Partner, Audit & Assurance William Buck Transparency Report 2026 | 23
Harnessing technology to enhance audit quality and client outcomes Innovation is central to our commitment to continuous improvement and delivering high-quality audit services. At William Buck, we continue to invest in emerging technologies to meet evolving client needs and strengthen the effectiveness of our audit methodology. We continue to use and explore further use of data analytics and artificial intelligence (AI) to support our audit teams in delivering deeper insights and more focused procedures. These initiatives include:
Deploying data analytical tools to efficiently analyse large datasets, enabling our auditors to identify anomalies and trends that enhance audit quality and effectiveness.
Utilising purpose-built AI technology to assist in the review of financial reports, allowing our teams to focus on high-risk areas and exercise greater professional scepticism.
We recognise that the successful adoption of new technologies is underpinned by a robust governance framework. All technologies are evaluated to ensure they are fit-for-purpose and new tools rigorously tested prior to implementation. We provide targeted training so our people are equipped to use these technologies responsibly and in accordance with professional standards. Our AI Policy establishes how William Buck adopts, governs and uses AI in a responsible, confident and safe way. The policy focuses on appropriate and inappropriate use of AI and establishes principles to guide the responsible and ethical use of AI. The policy also establishes a risk framework for how AI usage should be considered, managed and governed to protect our people, clients and data.
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Developing agents to support and enhance audit procedures and improve audit quality.
Client data protection and confidentiality are paramount. Our technology practices comply with relevant privacy laws and regulations and are aligned with our Code of Conduct and audit methodology. Looking ahead, we remain committed to exploring future-focused solutions that enhance audit quality, support our people and deliver value to our clients in an increasingly digital environment.
Responding to evolving climate-related financial disclosure requirements Large Australian entities are subject to phased-in climate-related financial disclosures under the AASB’s Australian Sustainability Reporting Standards (ASRS), marking a significant shift in the financial reporting landscape. William Buck has taken proactive steps to support our people and clients in navigating the new ASRS mandatory climate reporting obligations. These initiatives, outlined below, reflect our commitment to continuous improvement and audit quality.
Establishment of a Sustainability Reporting Working Group to drive initiatives and share insights.
Partnering with the Governance Institute of Australia to host Sustainability sessions for clients across Australia.
The appointment of leaders in each firm’s audit practice to lead sustainability assurance services.
Engaging with independent third-party specialists to support our assurance requirements with respect to ASRS reporting.
Producing a series of publications on key sustainability reporting topics to build capability among our people and clients.
Delivering technical training workshops and web-based learning for audit staff related to the requirements of ASRS frameworks and reporting.
Delivering a webinar series to upskill our people and our clients on sustainability reporting requirements and best practices.
Implemented a methodology and risk framework and adopted a technology driven platform to support sustainability reporting and assurance engagements.
These measures reflect our belief that climate-related financial disclosures are not only a regulatory requirement but also an opportunity to strengthen transparency, build capability and enhance reporting to stakeholders. As expectations around Environmental, Social and Governance (ESG) practices continue to evolve, we remain committed to growing our sustainability reporting capabilities to support clients throughout their ESG reporting journey.
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People, learning and culture Our award-winning culture of CARE continues to evolve and strengthen. It’s a culture where our people are valued for what they bring, respected for where they want to go and supported through authentic relationships built on trust and inclusion.
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People, learning and culture (cont’d) Our culture
Employee engagement
Our company culture is built on our four CARE values: Collaborative, Aspiring, Relationship-driven and Enterprising. Relationships are at the core of who we are, and every decision we make is grounded in these values. Combined with the mindset and behaviours our people bring to work, they create an environment where careers flourish and client relationships thrive.
Our 2026 engagement survey results show consistent, healthy employee experience and validate our continued investment in culture and development:
Our culture encourages and rewards open and honest conversations. Our partners champion this by creating a psychologically safe environment where people feel respected, can contribute new ideas and challenge the status quo. We back our people to grow into future leaders, and we support each other to succeed. This commitment to openness, safety and trust shapes how we review and refine our people practices. We listen through regular pulse checks, focus groups and anonymous feedback channels, and we act on what we hear. Our leaders are accessible and engaged, and they take an active role in encouraging innovation and continuous improvement. Our engagement surveys consistently show that our people feel this sense of safety and trust.
Performance excellence We understand that high-quality service delivery starts with hiring the right people. Our approach to recruitment is comprehensive, with multiple interviews and, for relevant roles, psychometric assessment. Performance excellence is embedded in our approach to developing and managing talent. Our competency framework defines clear expectations and career pathways from graduate to partner level, supported by regular performance reviews and transparent promotion criteria.
Recognised employer of choice William Buck has been recognised with the Xref Engage Best Workplace Award for 2026, the fourth consecutive time the firm has received this independent recognition. The award reflects the overall strength of our employee experience and our employer position relative to the broader market. Strong, stable engagement Our overall engagement score of 84% sits well above industry benchmarks and is consistent with prior years. 89% of our people say they are proud to tell others they work for William Buck, reflecting the depth and maturity of our cultural foundation. Values-driven excellence The survey reinforces that our CARE values are genuinely lived. 95% of our people believe William Buck is ethical, 94% have confidence in our purpose and values, and 93% report a culture of respect. The highest scoring item in the survey – 97% confidence in the firm’s focus on positive client outcomes – reflects the alignment between how our people experience the firm internally and what they deliver for clients. This alignment creates the psychological safety and trust that underpins both individual growth and exceptional client service. Our approach to employee engagement includes regular feedback mechanisms that drive meaningful change, including: — Annual Group-wide anonymous engagement surveys: comprehensive assessment with 91% response rate across the Group in 2026. — Onboarding and offboarding surveys: understanding the complete employee lifecycle experience. — Continuous pulse monitoring: early identification of engagement trends and opportunities.
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People, learning and culture (cont’d) Cultural inclusion and social responsibility A strong culture paired with professional competency equips our people to both perform excellent work and inspire excellence in others. We value diversity in all forms: cultural background, life experience, working style and ways of thinking. Diverse perspectives strengthen our judgement, sharpen our professional scepticism and lead to better outcomes for our clients. We demonstrate this commitment through:
— NAIDOC Week: celebrating Aboriginal and Torres Strait Islander culture and contributions across our offices. — Flexible work arrangements: supporting diverse needs and life circumstances. — Recognition programs: celebrating achievements and contributions at all levels. — The William Buck Foundation: our registered charity coordinates community giving, pro bono work and volunteer initiatives.
Our culture of CARE isn’t just about policies and programs – it’s about genuine relationships, open conversations and shared commitment to excellence that defines the William Buck experience for our people and our clients.
The values that bind us
C
A
R
E
Collaborative
Aspiring
Relationship-driven
Enterprising
We are One William Buck, working together to achieve amazing things.
We challenge ourselves to achieve our goals and unlock the potential in everyone.
We put people first in everything we do, prioritising relationships and delivering exceptional client results.
We unearth possibilities and provide value through our innovative approach.
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Mwamba Mwamba Partner, Audit & Assurance William Buck Transparency Report 2026 | 29
People, learning and culture (cont’d) We believe learning and development is fundamental to supporting our people’s career aspirations while building the capabilities needed to deliver exceptional client outcomes. Our focus goes beyond technical training: we want every person to have the skills, confidence and desire to perform at their best.
Learning We invest in learning and development to help our people grow beyond meeting professional requirements. We create pathways for genuine career progression, build technical skills and develop leadership qualities. This translates directly to better outcomes for our clients, who benefit from our people’s growing expertise. Our approach includes: — In-person conferences: Group-wide conferences bring everyone together to learn, network and stay ahead of industry developments. We facilitate programs for every level, from graduates building foundational knowledge through to partners developing strategic leadership capabilities. — Role-specific workshops: Tailored workshops address the challenges our people face in their day-to-day work. These targeted sessions support the practical skills they need to succeed in their current role while preparing for their next career step. — Mentoring and coaching: We connect our people with experienced leaders across the Group. These relationships provide personal guidance that accelerates professional development and builds the connections needed for long-term career success.
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— Blended learning programs: We combine online and face-to-face learning so people can build knowledge in their own time, and when required, and apply it immediately in practical, supervised settings. — Self-directed online learning: Our people have access to extensive digital resources to help them develop new skills or deepen existing expertise. This flexibility allows them to learn at their own pace, whenever and however works best for them. — Professional qualifications and accreditations: We help our people achieve and maintain certifications that advance their careers and enhance their professional standing, providing them with both financial support and study leave arrangements. — Regulatory compliance: Working to achieve the best outcomes for our clients requires more than technical competence. We deliver risk and compliance training so that everyone understands their legal and ethical obligations, protecting both our people and our clients. People join us knowing they’ll be supported to grow, take on new challenges and build careers that are both professionally rewarding and personally fulfilling. This investment helps us to attract and retain talent that drives our success.
People, learning and culture (cont’d) I thoroughly enjoyed Grad College. I found the technical audit sessions invaluable in my work and development since the conference. The knowledge shared enabled me to grasp the pillars of assertion testing, sampling, and other day-to-day audit procedures comfortably before implementing them on jobs. It felt special to be a part of a firm-wide conference in a different city, and the chats with colleagues from different states and divisions quickly helped me develop a clear picture of the firm and accounting industry. — Thomas Woods, Graduate, Victoria
Seniors College provided the opportunity to network with colleagues across the country (and ocean) and share valuable insights about how they work within their teams. Training provided by the technical, risk, and management teams expanded my knowledge in particular areas and I have integrated these new skills and techniques into my everyday work. — Kaitlin Ruck, Senior, Western Australia
The Partner and Manager training struck the right balance between complex technical financial reporting and audit topics and key challenges currently facing our profession. The use of real-world examples helped bring the content to life and provided valuable insight into areas of focus for our engagements. The sessions were engaging, encouraged critical thinking around audit risks and provided practical actions that we can take to further strengthen audit quality and consistency across our engagements. — Deepthi Narula, Principal, New South Wales and Australian Capital Territory
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People, learning and culture (cont’d) Professional, client service and leadership development programs to support our people’s growth and development as professionals.
Our development programs centre on both technical and professional skills and are aligned with the Group’s capability framework.
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 and development to support the practical application of learning and to develop professional expertise.
Audit and accounting technical development The professional development of William Buck audit employees is guided by an Audit Learning Committee, with representatives from each member firm across the Group and 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. Development opportunities are clearly defined in our role-specific Audit Learning Pathway, which outlines the opportunities to enhance skills at each level in an auditor’s career. The curriculum in our program includes: — William Buck’s audit methodology under a staged approach over several years, dependent on staff level — Professional ethics and independence — William Buck’s audit documentation platform — Updates to accounting standards — Professional, client service and leadership development — Awareness and application of new policies
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Our 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 — Face-to-face training for partners, principals and managers focusing on technical financial reporting and audit topics. These are informed by new requirements and internal and external monitoring findings. This targeted training ensures that leadership-level professionals are equipped to address emerging risks, reinforce audit quality and drive continuous improvement across the Group. Audit employees also receive training as required based on specific needs or because of legal or regulatory change. We also provide opportunities for partners and employees to attend professional development and training through external providers. Our people are required to meet all the professional development requirements of their professional bodies.
Effectiveness of William Buck’s system of quality management The description of the system of quality management for the year ended 30 June 2026, 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.
Greg Travers Chair William Buck Group
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Part B
William Buck firm-specific disclosures
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Todd Evans Principal, Audit & Assurance William Buck Transparency Report 2026 | 35
Introduction 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 Regulations 2001. At 30 June 2026, 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.
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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 2026 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.
Partner remuneration model The partner remuneration model for William Buck Audit (VIC) Pty Ltd and William Buck Audit (WA) Pty Ltd rewards partners based on quality performance, responsibility, experience and respective contributions. The performance and contribution of each partner is assessed on an ongoing and annual basis and they receive remuneration in accordance with their performance and contribution.
— Development and care of professional and administrative employees
The key components of the criteria which partners are assessed upon are:
— Practice management
— Leadership — Technical competency — Ethical conduct
— Client service
— Business development* — Commitment to continuing professional education — Commitment to quality assurance — Building brand and firm value
* William Buck Audit (VIC) Pty Ltd and William Buck Audit (WA) Pty Ltd partners are not incentivised or remunerated in any form for cross-selling of non-assurance services to audit clients.
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Financial information
Fees for audit services for listed entities Fees for non-audit services for listed entity audit clients* Total fees for listed entity audit clients Total audit fees for all audit clients
William Buck Audit (VIC) Pty Ltd
William Buck Audit (WA) Pty Ltd
2026
2026
$4,175,206
$704,053
$449,749
$31,830
$4,624,955
$735,883
$12,379,309
$4,049,495
*The fees for non-audit services are provided by related entities of William Buck Audit (VIC) Pty Ltd and William Buck Audit (WA) Pty Ltd.
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Audited bodies (VIC) The following William Buck Audit (VIC) Pty Ltd audits meet the criteria of s332A(1) of the Corporations Act 2001: Altair Minerals Limited
Hexima Limited**
Percheron Therapeutics Limited
Alvo Minerals Limited
HitIQ Limited
Perpetual Resources Limited
American Tungsten & Antimony Ltd
Iltani Resources Limited
Powerhouse Ventures Ltd
Anagenics Limited*
Invion Limited
Prescient Therapeutics Limited
Aureka Limited
Ion Video Ltd
QuickFee Limited
Auric Mining Limited
Iris Metals Limited
ReNerve Limited
Beam Communications Holdings Limited
Island Pharmaceuticals Limited
Rhythm Biosciences Limited
Bison Resources Limited
Kaoko Metals Limited
Ronin Resources Ltd
Black Bear Minerals Limited
Keybridge Capital Limited
Sequoia Financial Group Ltd
ChemX Materials Limited
Knosys Limited
Spenda Limited
Connexion Mobility Ltd
Lakes Blue Energy NL
Stellar Resources Limited
De.mem Limited*
Leeuwin Metals Ltd
Sun Silver Limited
ECS Botanics Group Ltd*
Lumos Diagnostics Holdings Limited
Syntara Limited
Entertainment Rewards Ltd**
MRG Metals Limited
Taiton Resources Limited
Environmental Clean Technologies Limited
MyEco Group Ltd
Unico Silver Limited
Equus Energy Limited
Novatti Group Limited
Vertex Minerals Limited*
Evergold Minerals Limited
Noxopharm Limited
Vitasora Health Limited
Flynn Gold Limited
Nyrada Inc.
Wellnex Life Limited
Forte Energy Limited
Optiscan Imaging Limited
West Wits Mining Limited
FOS Capital Limited*
Pathkey.AI Limited
Wide Open Agriculture Limited
Heavy Rare Earths Limited
PC Gold Ltd
Wingara AG Ltd
HeraMED Limited
Peako Limited
* No longer a client ** Delisted during the year
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Audited bodies (WA) The following William Buck Audit (WA) Pty Ltd audits meet the criteria of s332A(1) of the Corporations Act 2001: Apollo Minerals Limited
Merino & Co. Limited*
Basin Energy Limited
NGX Limited
Black Horse Mining Limited
Odyssey Gold Ltd
Brazilian Critical Minerals Limited
Peregrine Gold Ltd
Constellation Resources Limited
Province Resources Ltd
Eagle Mountain Mining Limited
Solstice Minerals Limited
GBM Resources Limited
Terra Metals Limited
Grand Gulf Energy Limited
Triton Minerals Ltd
LTR Pharma Ltd
Westar Resources Limited
M3 Mining Limited
* No longer a client
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External quality assurance reviews William Buck Audit (VIC) Pty Ltd and William Buck Audit (WA) Pty Ltd are subject to the following regulator and professional body reviews: Entities
Reviews conducted during the period
ASIC
No review conducted
CA ANZ
William Buck Audit (VIC) Pty Ltd William Buck Audit (WA) Pty Ltd (in-progress on 30 June 2026)
CPA Australia
William Buck Audit (VIC) Pty Ltd (in-progress on 30 June 2026)
William Buck Transparency Report 2026 | 41
Contact New South Wales
Queensland
South Australia
Sydney Level 29 66 Goulburn Street Sydney NSW 2000
Brisbane Level 22 307 Queen Street Brisbane QLD 4000
Adelaide Level 6 211 Victoria Square Adelaide SA 5000
Parramatta Level 7 3 Horwood Place Parramatta NSW 2150
Gold Coast Wyndham Corporate Court Centre Suite 8A Level 8/1 Corporate Court Bundall QLD 4217
T (61 8) 8409 4333 sa.info@williambuck.com
T (61 2) 8263 4000 nsw.info@williambuck.com
Australian Capital Territory Canberra Level 4 23 National Circuit Barton ACT 2600 T (61 2) 6126 8500 act.info@williambuck.com
Victoria
T (61 7) 3229 5100 qld.info@williambuck.com
Western Australia Perth Level 3 15 Labouchere Road South Perth WA 6151 T (61 8) 6436 2888 wa.info@williambuck.com
New Zealand Auckland Level 4 21 Queen Street Auckland 1010 Tauranga The Kollective 145 Seventeenth Ave Tauranga 3112 T (64 9) 366 5000 info@williambuck.co.nz
Melbourne Level 20 181 William Street Melbourne VIC 3000 T (61 3) 9824 8555 vic.info@williambuck.com
This report contains general information about the William Buck Group and its member firms as is required by the Corporations Act 2001 and Corporations Regulations 2001 and as such should not be read as professional services or advice. Liability limited by a scheme approved under Professional Standards Legislation.