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C1 Risk management and internal audit


C1 Risk management and internal audit

The Directorate's risk management framework is based on the Australian and New Zealand Standard (43:60) and the AS/NZS ISO 31000:2009. The Directorate's Audit Committee Charter reflects the Australian National Audit Office and the ACT Treasury best practice guides for Audit Committees.

Through both the 2012-13 business planning process and the 2011 Assurance Plan risks are identified and mitigated through the Directorate's internal governance controls including:

The Directorate's risk management and internal audit functions are managed by the Director, Information, Communications and Governance and senior staff of the Risk Management and Audit section. The section is complemented with additional resources through a panel of external audit service providers.

The Directorate's senior executive and the Audit Committee receive regular risk management reports, providing an overview of significant risks, mitigation strategies, responsibilities and an oversight of the implementation of audit recommendations.

The senior executive and the Audit Committee assist with the allocation of resources and timeframes to ensure appropriate mitigation and monitoring strategies are implemented.

Monitoring and reporting on risk management occurs through:

The Directorate manages financial risks through a well-defined financial management framework that includes:

Audits conducted in 2012-13 included:

Ten financial acquittals were conducted in 2012-13.

The Audit Committee met seven times during 2012-13. The Committee membership and attendance are displayed in Table C1.1.

Table C1.1: Audit Committee membership and meetings in 2012-13

Members

Title

Meetings attended

Ms Jenny Morison

Chairperson (external)

6

Ms Diane Fielding

External member

7

Ms Jayne Johnston

Internal member

7

Ms Leanne Cover

Internal member

6

Mr Mark Whybrow

Internal member

5

Source: Manager, Risk Management and Audit

For more information contact:
Manager
Risk Management and Audit
(02) 6207 1974