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C2 Risk Management and Internal Audit

The Directorate's risk management framework is based on the Australian and New Zealand Standard ISO 31000:2009 Risk Management - principles and guidelines. 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 2013-14 business planning process and the 2011 Assurance Plan, risks were identified and mitigated through the Directorate's internal governance controls including:

The Directorate's risk management and internal audit functions were managed by the Director, Governance and Assurance Branch and senior staff of the Audit and Assurance Section. The Section was complemented with additional resources through a panel of external audit service providers.

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

The senior executive and the Audit Committee assisted with the allocation of resources and timeframes to ensure appropriate mitigation and monitoring strategies were implemented. Monitoring and reporting on risk management occurred through:

The Directorate managed financial risks through a well-defined financial management framework that included:

The audits conducted in 2013-14 included:

Financial acquittals were conducted in accordance with Australian Accounting Standards.

The Audit Committee met seven times during 2013-14. The Committee membership and attendance are displayed in Table C2.1.

Table C2.1: Audit Committee membership and attendance in 2013-14

Members Title Meetings attended
Ms Carol Lilley Chairperson (external)a 1
Ms Diane Fielding External member 7
Ms Leanne Cover Internal member 7
Ms Joanne Garrisson Internal member 2
Ms Jenny Morison (former member) Chairperson (external)b 7
Mr Mark Whybrow (former member) Internal memberc 1
Ms Jayne Johnston (former member) Internal memberd 1

Source: Chief Internal Auditor, Education and Training Directorate

a. Ms Lilley appointed May 2014
b. Ms Morison resigned effective April 2014
c. Mr Whybrow resigned June 2014
d. Ms Johnston resigned February 2014

For further information contact:
Director, Governance and Assurance
(02) 6205 9329