The ESC will shortly be issuing their regulatory audit scope for
2011 in accordance with the guideline for 'Approving,
Conducting and Reporting Audits for Victorian Water Businesses'
issued on 22 June 2005.
Moore Stephens have been an approved regulatory auditor for a
number of years and are well regarded for our contribution to the
Water Industry. Our utility clients over the years have
included:
| Clients | |
|---|---|
| South West Water Authority | Yarra Valley Water |
| South Gippsland Water Authority | East Gippsland Water Authority |
| North East Water | Westernport Water |
| Central Highlands Water | Wannon Water |
| Glenelg Region Water Authority | Western Water |
| Melbourne Water | SPI Power Net |
| North Victorian Irrigation Renewal Project | NU Energy |
| Red Energy | GasNet |
| Transgrid | Cummins |
As the 9th largest provider of professional accountancy services in Australia and the 13th largest globally, we have proven experience in providing top quality and personalised services to our clients across a variety of technical disciplines. As you will see from our numerous reference sites, we recognise the importance of providing an effective and responsive service.
Our understanding of the Water Industry
The Water industry operates in a complex and changing business environment. An overview of some of the regulatory challenges we believe it faces in the future are:
- Effective and efficient management of legislative and regulatory compliance including the prevention of duplication between activities (e.g. ESC requirements, Victorian Government requirements, External Audit and Internal Audit);
- There may be pressure from the Essential Services Commission for water retailers to increase demand forecasts in order to try and lower price increases. Lower actual water usage below demand forecasts may have significant financial implications for water retailers;
- Maintenance of a reliable and safe water supply and wastewater management system;
- Effective negotiation of suitable pricing outcomes with the Essential Services Commission;
- Cost effective operations that meet current and future demands; and
- Effective management of the condition of assets including considering the balance between asset maintenance vs asset replacement.
Our Team
Our professional team is lead by Jonathan Thomas who has
extensive experience within the Victorian utility sector.
Jonathan has been involved in the detailed planning and performance
of a large number of regulatory, financial and operational reviews
at various Utility clients and specialises in providing assurance
services to the Water sector.
At Moore Stephens, we have an experienced and multi-disciplined
team that support Jonathan and have:
- A deep understanding of risk management issues in the water and government sector;
- Very experienced regulatory auditors with extensive knowledge of this sector;
- Pragmatic people who are experienced in achieving on-time delivery whilst coping with challenges and delivering quality; and
- Proven delivery of results in Water organisations.
Regulatory Audits with a difference
To assist your organisation; our review relates to both the
Performance Indicators, as well as to the information, systems,
policies and procedures to collect and report the Performance
Indicators to the Essential Services Commission. Our
engagements are conducted in accordance with the ESC regulatory
audit scope and in accordance with Australian Accounting Standard
ASAE 3500.
Unlike traditional assurance services, we will also identify areas
for improvement in your processes and provide recommendations to
enhance the way you operate. In this way we provide both
assurance and value which can be transformed into better
operational performance.
This publication is issued by Moore Stephens Australia Pty Limited ACN 062 181 846 (Moore Stephens Australia) exclusively for the general information of clients and staff of Moore Stephens Australia and the clients and staff of all affiliated independent accounting firms (and their related service entities) licensed to operate under the name Moore Stephens within Australia (Australian Member). The material contained in this publication is in the nature of general comment and information only and is not advice. The material should not be relied upon. Moore Stephens Australia, any Australian Member, any related entity of those persons, or any of their officers employees or representatives, will not be liable for any loss or damage arising out of or in connection with the material contained in this publication. Copyright © 2011 Moore Stephens Australia Pty Limited. All rights reserved.