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Internal Audit Group

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Corporate Governance The Implications for Internal Audit David Blunden M.Eng (Civil), M.B.L., C.P.Eng Assoc. Director Internal Audit Group RMIT University. Internal Audit Group. Corporate Governance. Outline of Presentation: Focus on issues related to Internal Audit

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Internal Audit Group

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  1. Corporate Governance The Implications for Internal Audit David Blunden M.Eng (Civil), M.B.L., C.P.Eng Assoc. Director Internal Audit Group RMIT University Internal Audit Group

  2. Corporate Governance • Outline of Presentation: • Focus on issues related to Internal Audit • Background - Corporate Failures • Corporate Governance Reviews • University Governance – The Council • Internal Audit Groups, Audit Committees • & management Internal Audit Group

  3. Corporate Governance • Background - Corporate Failures: • International • Enron, Worldcorp • Australian • National Safety Council, HIH, One Tel, • Ansett, Harris Scarfe Internal Audit Group

  4. Corporate Governance • Recent Reviews of Corporate Governance: • “Principles of Good Corporate Governance and Best Practice Recommendations”, Aust. Stock Exchange Corp. Gov. Council, March 2003 • “The Failure of HIH Insurance”, HIH Royal Commission, April 2003 Internal Audit Group

  5. Corporate Governance • Recent Reviews of University Governance: • “Meeting the Challenge – The Governance and Management of Universities”, DEST, Aug. 2002 • “Review of University Governance”, • Vic. Dept Ed.&T., May 2002 • “Review of New Zealand Tertiary Education Institution Governance”, M. of Ed., NZ Gov., May, 2003 • “Report of the Auditor-General on RMIT’s finances”, Vic. A-G, June 2003 Internal Audit Group

  6. Corporate Governance • Federal Budget – Additional Funding tied to Governance: • Council numbers restricted to 18 • Councilors as ‘trustees’, not representatives of particular constituencies • Formal program of professional development of Councilors • Restrictions on Council delegations • Industrial relations and student unionism requirements Internal Audit Group

  7. Corporate Governance • Council Issues Identified: • Independence of Councilors • Remuneration of Councilors • Non-delegation of primary responsibilities • Councilor Code of Conduct • Management information • Risk management Internal Audit Group

  8. Corporate Governance • Internal Audit Issues Identified: • Internal Audit function • Independence of Audit Committee • Effectiveness of Audit Committee • Audit Committee Charter Internal Audit Group

  9. Corporate Governance • Internal Audit Groups & Audit Committee • Effectiveness directly related to effectiveness of • the Audit Committee: • Independence • Skill set • Process management • Relationship with management • Annual Audit Program focus: • Strategic • Risk based • Management input • Flexibility Internal Audit Group

  10. Corporate Governance • In Summary: • A background of Corporate Failures • Corporate Governance Reviews • The makeup of University Councils • Implications for Internal Audit Groups • Where to now? … … Internal Audit Group

  11. Corporate Governance • A way forward: • Government focus on University Councils • Independence of Councilors • Effective Audit Committees • Internal Audit relationships – management & Council • “Effectiveness” of Internal Audit Internal Audit Group

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