Risk Management and Audit
Internal Audit and Risk Management
Internal Audit Section is responsible for planning and delivering the Directorate’s annual audit program, monitoring the Directorate’s compliance and governance controls and coordination of audit sponsors, auditees and audit providers. It also undertakes reviews and investigations as requested by the Senior Executive Responsible for Business Integrity Risk (SERBIR), Senior Executive Team (SET) and the Audit Committee.
The Directorate’s risk management functions are managed by the Chief Internal Auditor and the Director, Governance and Community Liaison. 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 on the implementation of audit recommendations.
The Directorate’s risk management framework is based on the Australian and New Zealand Standard ISO 31000:2009 Risk Management – principles and guidelines. Risks are identified and mitigated through the Directorate’s internal governance control structure, which includes:
- Risk Management Framework;
- Strategic Risk Profile;
- School compliance reporting;
- Fraud & Corruption, Prevention & Response Plan 2016-2018;
- Internal audit program;
- Detailed financial policies and controls, such as the Director-General’s Financial Instructions and the School Management Manual; and
- Detailed financial operating procedures and practices.