Annual Report 2008 - Central Queensland University

Corporate
Governance
Audit, Compliance and Risk Committee 2008
Member Meetings Present Meetings Eligible
Mr Jim Tolhurst (Chair) 5 5
Dr Victor Mason 4 5
Mr Thomas Rosier 5 5
Mr Charles Ware 5 5
Ms Marni McGrath 4 5
22
The University
is committed to
providing a safe
and nurturing
environment across
all of its various
campuses and
facilities, requiring
a robust system
of management,
consistent standards
and effective
communication
of priorities. The
result is a vibrant
and interconnected
network, which
provides opportunity
for growth.
Several representatives of Senior Management regularly attend the Committee to
provide members with the necessary reports and briefings. These include: Deputy
Vice-Chancellor; Executive Director (Resources); Executive Director (Corporate
Services); Director, Financial Services Division; and Manager, Internal Audit and
Risk. A standing invitation was extended to the External Auditors to discuss any
matters with the Committee regarding their auditing of CQUniversity’s financial
activities.
During 2008 the Committee operated within the framework established by its
Terms of Reference and had due regard to the Audit Committee Guidelines issued
by Queensland Treasury. The Committee undertook annual self-evaluation and
reporting to Council. To ensure a comprehensive evaluation was undertaken,
the Committee survey instrument was aligned with the requirements of the
Committee’s Terms of Reference and was informed by the Queensland Audit
Office’s better practice document – “Governance and Risk Management – Self
Assessment Program – Universities” (2003).
During 2008, the Committee continued to focus on high priority areas with
considerable success. The evaluations, by members of the Committee indicate that
performance of the Committee, in most areas, continued to improve. In those
areas where that was not the case, action will be taken in 2009 to address the issues
which have been identified. The Committee’s achievements for 2008 included:
enhancement of the Committee’s risk management role through presentation on key
corporate risks at each meeting and regular reports received regarding workplace
health and safety matters; continued attention to resolution of audit register matters;
revision and consolidation of the Committee’s Terms of Reference and Charter into
one document; improved communication with the Manager (Internal Audit and
Risk) through the initiation of private sessions following each meeting.
The Committee liaises closely with the Planning and Resources Committee of
Council, to ensure there is a frank and meaningful exchange of information between
the committees where this is necessary or desirable. The Planning and Resources
Committee recommends the strategic directions of the University to Council, in the
context of development of the University’s plans and their resourcing strategies. The
key areas of concern to the Planning and Resources Committee are planning and
strategy, financial resources, commercial undertakings, asset management (including
information technology), and human resources.
Internal Audit
Organisationally, the Internal Audit and Risk Office forms part of the Corporate
Services portfolio, reporting to the Executive Director (Corporate Services) for
administrative purposes, and to the Audit, Compliance and Risk Committee for
functional purposes.
The purpose of the Internal Audit and Risk Office in the University 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.