CQUniversity Annual Report - Central Queensland University

CQUniversity ANNUAL REPORT 201255developing the respective plans a risk assessment is undertaken toprovide a means for rational deployment of limited resources to assureaudit coverage of the areas identifi ed as representing the greatestcurrent risk, while at the same time assuring broad coverage of thebusiness operations of the University over time. Audit and Advisorystaff use their combined experience and judgment, along with inputfrom the University’s executive management, senior managementand external auditors to assess the overall level of risk for an area. Anumber of risk factors are considered as part of the risk assessmentprocess. Each plan is reviewed by the Audit, Compliance and RiskCommittee at its fi nal meeting of the year and recommended to theCouncil for approval.Audit and Advisory staff issued 14 audit reports on fi nancial,compliance, operational and information technology matters during2012. Significant review reports issued during 2012 related to strategicasset 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’sexternal auditors to ensure a properly coordinated overall audit effort.An annual report is provided to the Committee on the performanceof Audit and Advisory. In supporting the operations of the Audit,Compliance and Risk Committee, the Directorate has had due regard toQueensland Treasury’s Audit Committee Guidelines.RISK MANAGEMENT FUNCTIONThe function of risk management at CQUniversity is to manage risk inaccordance with the process set out in the Australian/New ZealandJoint Standard on Risk Management (AS/NZS ISO 31000:2009)to benefit the University and manage the cost of risk by focusingon strategies to minimise risks to University goals and objectives.The University has an integrated Risk Management and PlanningFramework where strategic, corporate and operational risks are linkedto the relevant plans. The Audit, Compliance and Risk Committee ofCouncil has oversight of all enterprise risks which are reviewed againsttheir mitigation strategies within the relevant plan. Any signifi cantoperational or fi nancial risks are dealt with at the senior executivelevel of the University as well as the Committee. Risks are monitoredthrough systematic reviews and within plans in the University.Strategic risks are reported to each Council meeting.ENTITIES CONTROLLED BYTHE UNIVERSITYThe University has formed a number of entities that serve tofurther the functions of the University in accordance with theCentral Queensland University Act 1998. The University Councilmonitors the performance of these entities through its Planningand Resources Committee. The Committee receives quarterlyfinancial statements, an annual report on progress and an annualbusiness plan. Each of the following controlled entities preparesa set of financial statements for audit by the Queensland AuditOffice. Once certified, the financial information is combined withthat of the University to produce a consolidated financial position(refer to annual financial statements in Volume 2).AUSTRALIAN INTERNATIONAL CAMPUSESTRUST AND AUSTRALIAN INTERNATIONALCAMPUSES PTY LTDThe Australian International Campuses Trust is a unit trust and wasestablished to hold the shares of C Management Services Pty Ltd onbehalf of CQUniversity. The Australian International Campuses PtyLtd is the trustee for the trust and CQUniversity is the sole beneficiaryof the trust and holds all units on issue. The Australian InternationalCampuses Pty Ltd Board comprises the following members:CHAIRMs Sandra Collins, BEng(Mining) Qld, MBusAdmin PennsylvaniaBOARD MEMBERSMr Graham Carpenter, GradDipMgt CIAE, MBusAdmin CQU, FICAA, FAICDCOMPANY SECRETARYMs Jenny Roberts, BBusAdmin CQU, GAICDCQU INSTITUTE OF HIGHER LEARNING PTE LTDOn 9 March 2012, CQUniversity incorporated a new company inSingapore for the purpose of ensuring that the University has controlover its transnational education strategy, intellectual property andbrand. The CQU Institute of Higher Education Pte Ltd Board comprisesthe following members:CHAIRProfessor Scott Bowman TDCR, DCR, HDCR CollRadiog, FAETCCity&Guilds, MA GuildHall, MBA USC, PhD OpenUKOUR CORPORATE GOVERNANCEBOARD MEMBERSProfessor Graham Pegg, BSc (Hons), PhD, C.Chem JCUMr David Turner CA, BComm QldMr Patrick LokeMr Cheng Sim KokCOMPANY SECRETARYMrs Jeannete Aruldoss