CQUniversity Annual Report - Central Queensland University

54OUR CORPORATE GOVERNANCEto the operations of the University; and these are also reflected in theUniversity’s Value of Openness. The University’s Leading Towards ZeroTolerance program rolled out in 2012 covered the requirements of our Codeof Conduct and staff obligations under the Act.DELEGATIONS OF AUTHORITYThe University’s Schedule of Authorities and Financial DelegationsPolicy and attached schedules document the authorities within theUniversity to exercise powers and carry out certain actions for whichstaff and officers of the University are accountable. Delegation ofauthority and powers is accompanied by appropriate internal controlstructures and systems to enable effi cient but controlled operation ofthe business. The Schedule and Policy are updated as required andreviewed in accordance with the University’s policy review schedule.AUDIT AND RISK MANAGEMENTAUDIT COMMITTEEThe University Council has an established Audit, Compliance andRisk Committee to assist the Council to discharge its responsibilitiesprescribed in the Financial Accountability Act 2009, the Financialand Performance Management Standard 2009 and other relevantlegislation and prescribed requirements.The purpose of the Audit, Compliance and Risk Committee is to assistthe Council to fulfil its oversight responsibilities regarding:• the University’s frameworks for performance management, riskmanagement 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 promptlyreporting, 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 2012MemberNumber ofmeetings attendedTotal possiblemeetingsMs Sandra Collins (Chair) 6 6Mr Charles Ware 5 6Ms Narelle Pearse 4 6Mr Graham Carpenter 2 2Ms Marni McGrath 4 6Representatives of the University’s senior management regularly attendCommittee meetings to provide members with necessary reports andbriefings. Representatives include the Vice-Chancellor and President;the Deputy Vice-Chancellor (Academic and Research); the DeputyVice-Chancellor (International and Services) and Chief Executive Officer,C Management Services Pty Ltd; the University Secretary; the ChiefFinancial Officer and CFO, C Management Services Pty Ltd; the DirectorCorporate Strategy and Planning Directorate; and the Associate DirectorAudit and Advisory Directorate. A standing invitation has been extendedto the University’s external auditors to discuss any matters with theCommittee regarding its auditing of the University’s financial statements.During 2012 the Committee operated within the framework establishedby its Terms of Reference with due regard to the Audit CommitteeGuidelines issued by Queensland Treasury.The Committee undertook annual self-evaluation and reporting to theCouncil. To ensure a comprehensive evaluation was undertaken, theCommittee survey instrument was aligned with the Committee’s Termsof Reference and was informed by better practice guidance published bythe Queensland Audit Office.In addition, the Committee concentrated on further embedding strongcommittee practice, which had been identified and implemented in recentyears. The Committee continued to focus on high priority areas withconsiderable success; received presentations on key strategic risks ateach meeting; continued to focus on the resolution of outstanding auditrecommendations; and undertook private sessions with the external auditand internal audit functions.INTERNAL AUDIT FUNCTIONOrganisationally, the Audit and Advisory Directorate forms part of theCorporate Governance Division, reporting to the University Secretaryfor administrative purposes, and to the Audit, Compliance and RiskCommittee for functional purposes.Audit and Advisory operates within a Charter approved by the Audit,Compliance and Risk Committee, which is consistent with the Definition ofInternal Auditing, the Code of Ethics, and the International Standards forthe Professional Practice of Internal Auditing as issued by the Institute ofInternal Auditors. The Directorate operates independently of the structuresand systems within the University to provide meaningful assurance. Thepurpose of the Audit and Advisory Directorate is to assist the Council; theAudit, Compliance and Risk Committee; and University management andstaff in the effective discharge of their responsibilities. This is achievedthrough the provision of independent advice and assurance underpinnedby a process of systematic, professional and independent audits, whichmeasure and evaluate the efficiency, effectiveness, economy andcompliance of controls and systems in place.Planning, monitoring, reporting, and review processes exist to ensurethe effective, efficient and economic operation of the Audit and AdvisoryDirectorate. The University Secretary receives regular reports asdoes the Audit, Compliance and Risk Committee. In addition, ongoingmonitoring and regular reviews of audit operations are undertaken.The work of the Audit and Advisory Directorate is guided by itsmulti-year strategy (which outlines objectives and strategies for theDirectorate for a fi ve-year period) and its annual work plan (whichoperationalizes the multi-year strategy for a one-year period). In