CQUniversity Annual Report - Central Queensland University

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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
CQUniversity ANNUAL REPORT 2012 55 developing the respective plans a risk assessment is undertaken to provide a means for rational deployment of limited resources to assure audit coverage of the areas identifi ed as representing the greatest current risk, while at the same time assuring broad coverage of the business operations of the University over time. Audit and Advisory staff use their combined experience and judgment, along with input from the University’s executive management, senior management and external auditors to assess the overall level of risk for an area. A number of risk factors are considered as part of the risk assessment process. Each plan is reviewed by the Audit, Compliance and Risk Committee at its fi nal meeting of the year and recommended to the Council for approval. Audit and Advisory staff issued 14 audit reports on fi nancial, compliance, operational and information technology matters during 2012. Significant review reports issued during 2012 related to strategic asset management, mobile phone usage, timesheet management, compliance with the Education Services for Overseas Students (ESOS) Act, and contract management. Audit and Advisory also has responsibility for supporting the Audit, Compliance and Risk Committee and for liaising with the University’s external auditors to ensure a properly coordinated overall audit effort. An annual report is provided to the Committee on the performance of Audit and Advisory. In supporting the operations of the Audit, Compliance and Risk Committee, the Directorate has had due regard to Queensland Treasury’s Audit Committee Guidelines. RISK MANAGEMENT FUNCTION The function of risk management at CQUniversity is to manage risk in accordance with the process set out in the Australian/New Zealand Joint Standard on Risk Management (AS/NZS ISO 31000:2009) to benefit the University and manage the cost of risk by focusing on strategies to minimise risks to University goals and objectives. The University has an integrated Risk Management and Planning Framework where strategic, corporate and operational risks are linked to the relevant plans. The Audit, Compliance and Risk Committee of Council has oversight of all enterprise risks which are reviewed against their mitigation strategies within the relevant plan. Any signifi cant operational or fi nancial risks are dealt with at the senior executive level of the University as well as the Committee. Risks are monitored through systematic reviews and within plans in the University. Strategic risks are reported to each Council meeting. ENTITIES CONTROLLED BY THE UNIVERSITY The University has formed a number of entities that serve to further the functions of the University in accordance with the Central Queensland University Act 1998. The University Council monitors the performance of these entities through its Planning and Resources Committee. The Committee receives quarterly financial statements, an annual report on progress and an annual business plan. Each of the following controlled entities prepares a set of financial statements for audit by the Queensland Audit Office. Once certified, the financial information is combined with that of the University to produce a consolidated financial position (refer to annual financial statements in Volume 2). AUSTRALIAN INTERNATIONAL CAMPUSES TRUST AND AUSTRALIAN INTERNATIONAL CAMPUSES PTY LTD The Australian International Campuses Trust is a unit trust and was established to hold the shares of C Management Services Pty Ltd on behalf of CQUniversity. The Australian International Campuses Pty Ltd is the trustee for the trust and CQUniversity is the sole beneficiary of the trust and holds all units on issue. The Australian International Campuses Pty Ltd Board comprises the following members: CHAIR Ms Sandra Collins, BEng(Mining) Qld, MBusAdmin Pennsylvania BOARD MEMBERS Mr Graham Carpenter, GradDipMgt CIAE, MBusAdmin CQU, FICAA, FAICD COMPANY SECRETARY Ms Jenny Roberts, BBusAdmin CQU, GAICD CQU INSTITUTE OF HIGHER LEARNING PTE LTD On 9 March 2012, CQUniversity incorporated a new company in Singapore for the purpose of ensuring that the University has control over its transnational education strategy, intellectual property and brand. The CQU Institute of Higher Education Pte Ltd Board comprises the following members: CHAIR Professor Scott Bowman TDCR, DCR, HDCR CollRadiog, FAETC City&Guilds, MA GuildHall, MBA USC, PhD OpenUK OUR CORPORATE GOVERNANCE BOARD MEMBERS Professor Graham Pegg, BSc (Hons), PhD, C.Chem JCU Mr David Turner CA, BComm Qld Mr Patrick Loke Mr Cheng Sim Kok COMPANY SECRETARY Mrs Jeannete Aruldoss
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