Review Of The Audit And Risk Committee Charter & Review Of The Internal Audit Policy · Attachment 2_Internal Audit Policy_Draft

INTERNAL AUDIT POLICY




      Provide assurance to the Chief Executive Officer and the Audit and Risk Committee
       that the Council’s financial and operating controls designed to manage risks and
       achieve corporate objectives are operating in an efficient, effective, economical, and
       ethical manner.
      Assist management in improving our business performance and ensuring Council’s
       operations comply with Council policies and procedures.

The scope of internal audit shall be sufficiently comprehensive to ensure the effective and
regular review of key activities which may extend to all areas of council including but not be
limited to the following key areas:

      Audit of Council’s activities, processes, control frameworks, compliance obligations
       and to recommend any business process improvement requirements.
      Advisory services to offer professional objective and independent advice to Council on
       a range of matters including for new services, systems and processes and risk
       management.
      Detecting and reporting irregularities so that Council can take action and report such
       irregularities in accordance with legislative requirements.
      Risk assessment and management, including the identification and assessment of
       risks – current and emerging - to which Council’s operations are exposed.

A risk based Annual Internal Audit Plan which outlines the scope, objectives, and schedule of
audit activities to be undertaken will be developed and reviewed by the Audit and Risk
Committee before being recommend for Council’s endorsement. The Annual Audit Plan
ensures effective utilisation of audit resources and appropriate coverage of Council systems
and operations.

An effective internal audit function will seek to achieve the following outcomes:

   a) Assess and evaluate Council’s processes, procedures and internal control
      environment to assist with the management of strategic and operational risks.
   b) Appraise the relevance, reliability and integrity of management, business systems,
      financial and operating records and reports.
   c) Assist the Chief Executive Officer (CEO) and Council in the effective discharge of their
      responsibilities by providing them with analyses, appraisals, reports, recommendations
      and information concerning the activities reviewed.
   d) Provide advisory services to offer professional objective and independent advice to
      Council on a range of matters including for new services, systems and processes and
      risk management.
   e) Undertake risk assessments and risk management, including the identification and
      assessment of risks to which Council’s operations are exposed.
   f) Assess compliance with Council policies and procedures, legislative compliance and
      reporting processes, and best practice.
   g) Detect any reporting irregularities so that Council can act and report such irregularities
      in accordance with legislative requirements, and
   h) Provide outcomes that will generally improve practices across Council.
   i) Examine and evaluate operational functions to maximise the economic, efficient, and
      effective use of all council resources in the achievement of council’s priorities and
      objectives.



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