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Office of the Auditing and Assurance Standards Board Annual Report 2019-20

Note 3: Expenses

Note 3A: Employee and contractor costs

	AASB		AUASB
	2020	2019	2020	2019
	$	$	$	$
Employee wages and salaries	2,255,932	2,083,999	1,186,097	957,113
Defined contribution superannuation plans	203,258	191,362	112,336	93,213
Leave and other entitlements	212,420	168,689	145,761	103,805
Separation and redundancies	0	159,168	0	0
Total employee benefits	2,671,610	2,603,218	1,444,194	1 154 131
Contractor costs	248,492	484,162	7,700	0
Total employee and contractor costs	2,920,102	3,087,380	1,451,894	1,154,131

Note 3B: Suppliers

	AASB		AUASB
	2020	2019	2020	2019
Direct expenses	$	$	$	$
Board members' services	28,946	24,963	30,770	36,343
Travel	133,206	342,278	65,019	183,445
Publications/Subscriptions	113,107	123,025	46,831	39,897
Conference & Professional Development	74,088	82,532	2,286	32,837
Audit fees (received free of charge)	46,150	46,150	33,000	33,000
Compensation and related FBT expenses	38,627	29,456	0	2,490
Legal Expenses	22,012	19,566	8,000	0
HR – Employee recruitment, training and support	168,400	131,836	1,015	24,945
Research & Data Expenses	0	88,500	-	-
Other	78,737	14,834	109,020	9,304
Total direct expenses	703,273	903,140	295,941	362,261
Common expenses
Consultant costs – Other	12,637	58,840	0	0
Consultant costs – IT	19,590	194,336	0	0
Consultant costs – HR	1,128	79,159	0	0
HR – Employee recruitment, training and support	15,527	54,494	0	0
Administration costs	313,249	235,386	0	0
Legal Expenses	0	18,837	0	0
Other	80,649	54,557	0	0
Total common expenses	442,780	695,609	0	0
Total supplier expenses	1,146,053	1,598,749	295,941	362,261

Refer to Note 2 for further details on all Direct and Common expenses

Note 3C: Depreciation

	AASB		AUASB
	2020	2019	2020	2019
	$	$	$	$
Buildings Right of Use Asset	210,093	0	0	0
Plant & Equipment	39,318	54,563	0	0
Computer Softeare	1,222	0	0	0
Total Depreciation	250,633	54,563	0	0

Note 3D: Volunteer Services

Volunteer services received by the AASB and AUASB of board member sitting fees, secondee arrangements and audit fees can all be reliably measured at fair value and would have been obtained under a commercial arrangement therefore have been recognised as revenue and an expense in the statements. The use of free of charge meeting rooms has been determined as not meeting the recognition requirements. Whilst the use of volunteer Panel members have been assessed as extensive. For the year ended 30th June 2020 AASB engaged fourteen panellists for one meeting and five occasions using meeting rooms free of charge, whilst the AUASB had three occasions of using a meeting room free of charge.

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