# LIGHTHOUSE EOFY ASSURANCE

## PACKAGE

### LIGHTHOUSE BY TORQUE SOFTWARE

---

### ABOUT LIGHTHOUSE
Lighthouse is a commercial-off-the-shelf software system. It is designed to assist organisations (across all industries) in meeting their legislative and regulatory obligations to achieve better practice in areas of Risk, Governance, Compliance and Assurance.

The End-of-Financial-Year (EOFY) Assurance Package is an extension suite delivered in Lighthouse. This package has been designed by governance specialists at Torque Software to ensure key policy and legislative requirements relating to EOFY are met. The package is comprised of four elements:

1. **MANAGEMENT ASSURANCE CERTIFICATION (MAC)**  
   Management Sign-Off: Section 16(b) of the Public Governance, Performance
   
   Significant Non-Compliance: Section 19 of the PGPA Act requires, among other things, that accountable authorities of Commonwealth entities notify their responsible Minister, as soon as practicable, of any significant issue that has affected the entity. A significant issue, under section 19 of the PGPA Act, includes significant non-compliance with the finance law (significant non-compliance). Resource Management Guide (RMG) 214 provides further guidance about identifying and reporting significant non-compliance. The Management Assurance Certificate process, referred to above, will, among other things, seek assurance from management that all known instances of non-compliance, including significant non-compliance, have been reported. The EOFY Assurance Package includes a Management Assurance Certificate process that is run at the end of the financial year.
  
2. **CONFLICTS OF INTEREST**  
   Section 29 of the PGPA Act requires Commonwealth officials to disclose material personal interests. A material personal interest is one that can give rise to a real or apparent conflict of interest that could affect the ability of an official to discharge their duties impartially. It is important that declarations of interests are obtained from at least senior staff, and from external members of boards and committees. The EOFY Assurance Package includes annual collection of Conflicts of Interest declarations from nominated staff, and external members of boards and committees.
  
3. **KEY MANAGEMENT PERSONNEL (AASB 124) DISCLOSURES**  
   Under AASB 124, disclosure of related party transactions that are individually or collectively significant is required. A related party is a person or entity that is related to the reporting entity. For example, a person or a close member of that person’s family is related to a reporting entity if that person has control, joint control, or significant influence over the reporting entity or is a member of its key management personnel. A related party transaction is a transfer of resources, services or obligations between a reporting entity and a related party, regardless of whether a price is charged.  The objective of AASB 124 is to draw attention to the possibility that an entity’s EOFY Assurance Package includes collection of a declaration from Key Management Personnel (KMP) to identify potential related party transactions.  The outcomes of the EOFY Assurance activities are detailed in a draft brief for CFO review. The brief is suitable for presentation to senior management in your organisation and the Audit and Risk Committee as part of year-end documentation.

---

The Management Assurance Certificate (MAC) interface.

Authorised users can generate reports to view submitted data in real-time.