Victorian Auditor-General's Office

1 Audit context

When planning a financial audit, our auditing standards require that we understand and evaluate an entity's information technology (IT) environment and any risks arising from this that relate to the reliability of financial reporting.

During the audit we may then test the effectiveness of selected IT controls to determine whether they are operating as the entity's management intended and are effectively mitigating risk.

Audit overview

This report is in its third year and builds on last year's Financial Systems Controls Report: Information Technology 2014–15. In this report we provide a high-level overview of the strength of information technology (IT) controls that operate across a number of entities to protect their financial information.

Financial Systems Controls Report: 2015–16

Body
This report builds on last year’s Financial Systems Controls Report: Information Technology 2014–15. In this report we provide a high-level overview of the strength of information technology controls that operate across a number of entities to protect their financial information.

Appendix B. Audit Act 1994 section 16—submissions and comments

Introduction

In accordance with section 16(3) of the Audit Act 1994, a copy of this report, or part of this report, was provided to the Department of Economic Development, Jobs, Transport & Resources, the Department of Education & Training, the Department of Environment, Land, Water & Planning, the Department of Health & Human Services, the Department of Justice & Regulation, the Department of Premier & Cabinet, the Department of Treasury & Finance and Victoria Police.

5 Monitoring implementation of audit actions

At a glance

Background

Where significant risks have been identified through audits and agencies have committed to addressing those risks through proposed actions, it is important that actions are completed in a timely manner and in a way that fully addresses the underlying issues. If not, the agency could be exposed to risk.

Audit committees have a key role in monitoring agencies' implementation of agreed actions agreed in response to internal and external audits.

4 Oversight of internal

At a glance

Background

For an audit committee, the internal audit function is a major source of information and assurance about the agency's performance and risk management activities. The audit committee has a key role in directing and reviewing internal audit.

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