Internal audit should demonstrate its performance and value as part of the department's governance framework. It can do this by delivering on its objectives, communicating meaningful insights, reporting on implementation of audit recommendations, and showing commitment to quality and continuous improvement by establishing, measuring and reporting against performance measures. This builds credibility and trust with the audit committee and management.

For the internal audit function to be effective, it must be able to carry out its responsibilities independently and objectively, without interference. Operational independence ensures that internal audit operates free from conflicts of interest, bias and management influence.

Internal audit is a key pillar of good governance. It provides the audit committee, the Secretary of a department, senior executives and stakeholders with an independent view on whether the department has an appropriate risk and control environment. It also helps promote a strong risk management and compliance culture within a department.

According to the IIA, internal audit helps a department accomplish its objectives by bringing a systematic, disciplined approach to evaluating and improving the effectiveness of risk management, internal controls and governance processes.

Internal audit is intended to be an independent, objective assurance and consulting activity designed to add value and improve an agency's operations. It can be an important part of the internal control framework and help an agency accomplish its objectives by bringing a systematic, disciplined approach to evaluating and improving the effectiveness of risk management, internal controls and governance processes.

Ordered to be printed

VICTORIAN GOVERNMENT PRINTER August 2017

PP No 257, Session 2014–17

Ordered to be printed

VICTORIAN GOVERNMENT PRINTER August 2017

PP No 259, Session 2014–17

To assess the efficiency of V/Line passenger train services, we established a set of agreed measures in consultation with V/Line and PTV. V/Line provided data for each performance measure for the years 2012−13 to 2015−16 and forecasts for 2016−17.

Figures E1 to E14 show V/Line's relative performance on a range of measures using 2012−13 as the baseline year, with dollar figures adjusted for inflation. Figures E15 to E18 show long-term trends where data was available from the 'Should Cost' Bid to Operate V/Line Franchise Agreement report (the 2013 review).

Network train loadings

Figure D1 shows the average number of train seats occupied, during March 2017, for morning inbound and evening outbound peak services.

Figure D1
Maximum seat capacity of peak train services, March 2017