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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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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


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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


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Corporate Governance

  • Background - Corporate Failures:

  • International

  • Enron, Worldcorp

  • Australian

  • National Safety Council, HIH, One Tel,

  • Ansett, Harris Scarfe

Internal

Audit

Group


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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


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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


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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


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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


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Corporate Governance

  • Internal Audit Issues Identified:

  • Internal Audit function

  • Independence of Audit Committee

  • Effectiveness of Audit Committee

  • Audit Committee Charter

Internal

Audit

Group


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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


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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


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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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