CQUniversity Annual Report - Central Queensland University

54
OUR CORPORATE GOVERNANCE
to the operations of the University; and these are also reflected in the
University’s Value of Openness. The University’s Leading Towards Zero
Tolerance program rolled out in 2012 covered the requirements of our Code
of Conduct and staff obligations under the Act.
DELEGATIONS OF AUTHORITY
The University’s Schedule of Authorities and Financial Delegations
Policy and attached schedules document the authorities within the
University to exercise powers and carry out certain actions for which
staff and officers of the University are accountable. Delegation of
authority and powers is accompanied by appropriate internal control
structures and systems to enable effi cient but controlled operation of
the business. The Schedule and Policy are updated as required and
reviewed in accordance with the University’s policy review schedule.
AUDIT AND RISK MANAGEMENT
AUDIT COMMITTEE
The University Council has an established Audit, Compliance and
Risk Committee to assist the Council to discharge its responsibilities
prescribed in the Financial Accountability Act 2009, the Financial
and Performance Management Standard 2009 and other relevant
legislation and prescribed requirements.
The purpose of the Audit, Compliance and Risk Committee is to assist
the Council to fulfil its oversight responsibilities regarding:
• the University’s frameworks for performance management, risk
management and internal control
• the performance of the internal audit and external audit functions
• the integrity of the University’s fi nancial reporting processes
• ensuring a healthy and safe workplace
• the application of good corporate governance principles
• ensuring strong compliance with legislative requirements.
The Committee is responsible for reviewing, discussing and promptly
reporting, as appropriate, to the Council in relation to the above areas.
Meeting attendance in 2012 was as follows:
TABLE 18: AUDIT, COMPLIANCE AND RISK COMMITTEE 2012
Member
Number of
meetings attended
Total possible
meetings
Ms Sandra Collins (Chair) 6 6
Mr Charles Ware 5 6
Ms Narelle Pearse 4 6
Mr Graham Carpenter 2 2
Ms Marni McGrath 4 6
Representatives of the University’s senior management regularly attend
Committee meetings to provide members with necessary reports and
briefings. Representatives include the Vice-Chancellor and President;
the Deputy Vice-Chancellor (Academic and Research); the Deputy
Vice-Chancellor (International and Services) and Chief Executive Officer,
C Management Services Pty Ltd; the University Secretary; the Chief
Financial Officer and CFO, C Management Services Pty Ltd; the Director
Corporate Strategy and Planning Directorate; and the Associate Director
Audit and Advisory Directorate. A standing invitation has been extended
to the University’s external auditors to discuss any matters with the
Committee regarding its auditing of the University’s financial statements.
During 2012 the Committee operated within the framework established
by its Terms of Reference with due regard to the Audit Committee
Guidelines issued by Queensland Treasury.
The Committee undertook annual self-evaluation and reporting to the
Council. To ensure a comprehensive evaluation was undertaken, the
Committee survey instrument was aligned with the Committee’s Terms
of Reference and was informed by better practice guidance published by
the Queensland Audit Office.
In addition, the Committee concentrated on further embedding strong
committee practice, which had been identified and implemented in recent
years. The Committee continued to focus on high priority areas with
considerable success; received presentations on key strategic risks at
each meeting; continued to focus on the resolution of outstanding audit
recommendations; and undertook private sessions with the external audit
and internal audit functions.
INTERNAL AUDIT FUNCTION
Organisationally, the Audit and Advisory Directorate forms part of the
Corporate Governance Division, reporting to the University Secretary
for administrative purposes, and to the Audit, Compliance and Risk
Committee for functional purposes.
Audit and Advisory operates within a Charter approved by the Audit,
Compliance and Risk Committee, which is consistent with the Definition of
Internal Auditing, the Code of Ethics, and the International Standards for
the Professional Practice of Internal Auditing as issued by the Institute of
Internal Auditors. The Directorate operates independently of the structures
and systems within the University to provide meaningful assurance. The
purpose of the Audit and Advisory Directorate is to assist the Council; the
Audit, Compliance and Risk Committee; and University management and
staff in the effective discharge of their responsibilities. This is achieved
through the provision of independent advice and assurance underpinned
by a process of systematic, professional and independent audits, which
measure and evaluate the efficiency, effectiveness, economy and
compliance of controls and systems in place.
Planning, monitoring, reporting, and review processes exist to ensure
the effective, efficient and economic operation of the Audit and Advisory
Directorate. The University Secretary receives regular reports as
does the Audit, Compliance and Risk Committee. In addition, ongoing
monitoring and regular reviews of audit operations are undertaken.
The work of the Audit and Advisory Directorate is guided by its
multi-year strategy (which outlines objectives and strategies for the
Directorate for a fi ve-year period) and its annual work plan (which
operationalizes the multi-year strategy for a one-year period). In