Internal Audit and Review Policy
To ensure the Canberra Institute of Technology (CIT) audit and review program is conducted in accordance with the ACT Government Internal Audit Framework April 2019 and the International Professional Practices Framework (IPPF).
This policy applies to all audit and review activities relating to the strategic objectives of CIT.
3.1 Audit Risk and Corporate Governance (ARCG) will operate as an independent review function to examine, evaluate and provide assurance of CIT activities. This includes reviewing risks, strengthening internal controls, efficiency, effectiveness, governance, performance and compliance to achieve CIT's strategic goals.
3.2 ARCG, in consultation with CIT Directors and Senior Managers, will develop a draft annual audit and review program for the approval of the CIT Executive Management Committee and the CIT Audit Committee.
3.3 The annual program of internal audit and reviews will be based on the strategic Enterprise Risk Management Profile. This includes risks related to business, Strategic Compass 2020, ICT Security, HR, fraud and corruption, legislative and regulatory requirements and professional standards.
3.4 Key components of all audits and reviews will be based on internal review, evidence, research, benchmarking and lessons learnt.
3.5 Internal audit activities are to remain free of influence and interference by any organisational elements. This includes things such as scope of audit programs and the content of internal audit reports, unless any inaccuracy has been identified.
3.6 When undertaking audits and reviews auditors will adopt a consultative and advisory approach with staff across CIT.
3.7 Audits and reviews will be conducted by CIT staff or external consultants.
3.8 CIT staff who conduct internal audits or reviews will have successfully completed an internal auditing course with the Institute of Internal Auditors and/or be working under the supervision of a trained auditor.
3.9 Contracted auditors will be selected in accordance with ACT Procurement practices and guidelines. Auditors will be required to be impartial and objective, have an unbiased attitude, be able to avoid any conflicts of interest and conduct audits according to the IPPF.
3.10 All CIT staff must cooperate fully in making available any material, system or information requested by any internal or external auditor.
3.11 ARCG will provide the final audit and review reports to the Executive Management Committee for approval and to the Audit Committee for their endorsement.
- International Professional Practices Framework [IPPF]
- ANAO Better Practice Guidelines
- CIT Audit Committee Charter 2019 (internal access only)
- CIT Internal Audit and Review Charter 2019 (internal access only)
Internal Audit - Internal audit is an independent, objective assurance and consulting activity designed to add value and improve an organisation's operations. It helps an organisation accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes (IPPF definition).
Review - A review is an evaluation or an assessment that requires some testing of the information and provides limited assurance to an organisation.
Risk - The chance of something happening that could prevent or impair the achievement of objectives and outcomes. It can be a hazard or an opportunity.
6. Policy Contact Officer
For more information about this policy contact the Senior Manager Audit, Risk and Corporate Governance.
Contact CIT Student Services on (02) 6207 3188 or email firstname.lastname@example.org.
This policy is implemented through the associated procedures. Authority to make changes to the procedures rests with the policy owner.
Policy No: 2017/883
Approved: August 2019
Next Review: August 2020
Category: Corporate Policies
Policy Owner: Executive Director, Corporate Services
| Internal Audit and Review Procedure|
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