Appendix A. Key Standing Directions requirements for audit committees
Figure A1
Key 2003 and 2016 Standing Directions requirements for audit committees
Category |
2003 Standing Directions |
2016 Standing Directions |
|---|---|---|
Role |
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.
3 Oversight of risk management
At a glance
Background
One of the primary tasks of an audit committee is to provide independent oversight of and advice on the agency's risk management framework.
2 Audit committee governance and operations
At a glance
Background
To maximise the effectiveness of the audit committee, it must have appropriate membership, access to information and operational support, and be subject to regular performance reviews.
1 Background
1.1 Introduction
1.1.1 The importance of good public sector governance
Good governance is integral to the Victorian public sector effectively managing its operations, conforming to applicable legislative and policy requirements, and being accountable for the expenditure of public funds and the achievement of outcomes. Good governance also assists in meeting public expectations of transparency and integrity and enhances confidence in decisions and actions.
Auditor-General's comments
|
Dr Peter Frost Acting Auditor-General |
Audit team Andrew Evans—Engagement Leader Verena Juebner—Team Leader Stefania Colla—Team member Engagement Quality Control Reviewer Matthew Zappulla |
Audit Committee Governance: Message
Ordered to be published
VICTORIAN GOVERNMENT PRINTER August 2016
PP No 183, Session 2014–16
The Hon. Bruce Atkinson MLC
President
Legislative Council
Parliament House
Melbourne
President
Legislative Council
Parliament House
Melbourne
The Hon. Telmo Languiller MP
Speaker
Legislative Assembly
Parliament House
Melbourne
Speaker
Legislative Assembly
Parliament House
Melbourne
Dear Presiding Officers
Audit Committee Governance
Body
This audit examined the effectiveness of governance arrangements for public sector audit committees, including their composition, operational arrangements and the information they received.
Annual Plan 2017–18
Body
Section 7A of the Audit Act 1994 requires the Auditor-General to develop an annual plan and present it to Parliament, following consultation with Parliament's Public Accounts and Estimates Committee. The annual plan is a key accountability mechanism for the office of the Auditor-General. It gives Parliament, the public sector and the community an opportunity to assess our goals, understand our audit priorities and scrutinise our program. It sets out, for the coming financial year, our work program and the resources required to implement the program.