Aligning Internal Audit & Risk Management Under the Governance Umbrella An Audit Committee Chair’s perspective Jon Isaacs NSW Public Sector Audit & Risk.

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Presentation transcript:

Aligning Internal Audit & Risk Management Under the Governance Umbrella An Audit Committee Chair’s perspective Jon Isaacs NSW Public Sector Audit & Risk Practitioners Network

Key principles Governance Role of Audit and Risk Committee is understood Risk is a leadership and management issue Key Relationships are underpinned by trust Continuous learning is a core value Jon Isaacs 26 November 20082

1. Governance Role of Committee is understood Charter approved by governing authority Value of independents Committee members have diverse backgrounds Audit Committee accounts for its activities and signals emerging issues Jon Isaacs 26 November 20083

2. Risk is a leadership and management issue Strategic risks are understood and discussed – threats and opportunities Risk profile and appetite are reviewed Internal Audit Plan is based on risk profile Internal Audit is resourced to adhere to Plan Internal Audits are implemented and followed up Financial statements endorsement process adds value Jon Isaacs 26 November 20084

3. Key Relationships are underpinned by trust Committee Chair, Members, Auditors (internal and external), Board Chair (or Department Head), CEO and CAE Open culture of Committee meetings Role of auditors at meetings Members model appropriate behaviours Meeting processes are productive Jon Isaacs 26 November 20085

4. Continuous learning is a core value Executives are assessed for honesty, forthrightness, communication and innovation Members offer support and feedback to executives Committee members keep up to date Committee is regularly assessed Jon Isaacs 26 November 20086