Australia
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October 19, 2009 Achieving High Performance in Internal Audit Protiviti and the Institute of Internal Auditors – Australia, conducted research with chief audit executives from over 150 organizations exploring how organizations enable their internal audit function to advance good corporate governance. The research found a significant number of internal audit functions lack the appropriate framework to operate independently and objectively; an excessive level of influence is exercised by executive management over audit committee activities and the oversight and management of the internal audit function; and the majority of internal audit functions are unable to demonstrate compliance with the International Standards for the Professional Practice of Internal Auditing. CONTENT AREA: Survey Reports TOPICS: Corporate Governance, Australia, Internal Audit, Audit Committee & Board, Quality Assessment Review, Risk Management & Assessment, Benchmarking, GRC October 19, 2009 Achieving High Performance in Internal Audit Poll This week’s poll question asks: Is your internal audit function able to demonstrate compliance with the International Standards for the Professional Practice of Internal Auditing? CONTENT AREA: Articles Support TOPICS: Corporate Governance, Australia, Audit Committee & Board, Risk Management & Assessment, Audit Committee & Board, Quality Assessment Review, Benchmarking, GRC April 6, 2009 Risk and assurance at Salmat, Australia’s leading communications company Salmat is organised under four main divisions: Salmat MediaForce; Salmat MediaForce; Salmat BusinessForce; and Salmat DigitalForce. In this profile, David Gunn, group manager of risk and assurance at Salmat, discusses how his team facilitates the organisation’s risk management and risk assessment framework. Gunn’s view is that “…we should make sure the risk framework is simple and that the principles and the basics are right.” Read this profile to learn why Salmat is Australia’s leading communications company. CONTENT AREA: Performer Profiles TOPICS: Cross Border & Non-US Issues, Australia, Communications Industry, Internal Audit, Risk Management & Assessment, Performance Management/Measurement, GRC September 29, 2008 Providing assurance in the midst of tremendous change SPI (Australia) Assets (SPIAA/Alinta East), or simply, Alinta East, is a subsidiary of Singapore Power. In this profile, Geoff Henry, group manager of risk and assurance at Alinta East, describes how “change” is the word that best describes Alinta. Henry emphasizes the importance for his group to understand a complex business structure and build relationships in the midst of change. CONTENT AREA: Performer Profiles TOPICS: Cross Border & Non-US Issues, Australia, Energy & Utilities Industry, Internal Audit, Audit Committee & Board, COSO, Performance Management/Measurement September 22, 2008 National Australia Bank’s diverse audit team has a four-part vision for the future As an organisation, National Australia Bank Group has a statement of corporate principles, which outline the way the group conducts business with both external customers and colleagues. In this profile, Alastair Pearce, chief audit officer, discusses the audit team’s four-part vision – trust, connecting, provoking, and famous. Pearce also describes the “three lines of defence” model, which is used by many organisations in Australia, the United Kingdom and New Zealand for corporate governance compliance. CONTENT AREA: Performer Profiles TOPICS: Corporate Governance, Audit Committee & Board, Cross Border & Non-US Issues, Australia, Financial Services Industry, Internal Audit, Audit Planning, Sarbanes-Oxley Act, Section 404 - Internal Control Reporting, GRC September 1, 2008 A combined assurance framework at Rio Tinto Group Rio Tinto Group locates mines and processes the earth’s mineral resources – metals and minerals essential for making thousands of products. In this profile, Stephen Helberg, head of Corporate Assurance for Rio Tinto Group, discusses the importance of providing a combined assurance framework to the organisation, driven by top-down, risk-based analysis. In addition, Helberg describes the method used to assess the maturity of nine key building blocks of the internal audit function and how Rio Tinto successfully complies with multiple country-specific corporate governance regulations. CONTENT AREA: Performer Profiles TOPICS: Corporate Governance, Audit Committee & Board, Cross Border & Non-US Issues, Australia, Energy & Utilities Industry, Internal Audit, Audit Planning, Risk Management & Assessment, GRC August 18, 2008 Mirvac, Gearing for Growth Mirvac’s development division is responsible for some of Australia’s best residential projects and currently has approximately 30,000 lots under its control that will be developed over the next eight to 10 years. In this profile, Grant Katz, Mirvac’s head of internal audit, discusses the tools and technology his group uses to effectively execute internal audit and risk management projects. Katz’s team uses KnowRisk to conduct risk management workshops and undertake controls testing; it enables detailed analysis and helps the internal audit team identify and focus on key risks and controls. CONTENT AREA: Performer Profiles TOPICS: Cross Border & Non-US Issues, Australia, Financial Services Industry, Real Estate Industry, Internal Audit, Audit Planning, Risk Management & Assessment, Compliance, GRC July 28, 2008 Audit and Assurance Framework Poll This week’s poll question asks: "Does your internal audit organization use an organized audit and assurance framework?" CONTENT AREA: Articles Support TOPICS: Cross Border & Non-US Issues, Australia, Government, Internal Audit, Audit Committee & Board, Audit Testing, Quality Assessment Review, Performance Management/Measurement July 28, 2008 Corporate Governance at ComSuper ComSuper has two primary areas of operation – one area serves the Australian Government public servants past and present, while the other focuses on current and former members of the Australian military. In this profile, Richard Bridge, chief governance officer for ComSuper, discusses the four components of their audit and assurance framework and how each component provides unique insight into the organization. The framework’s components include: external auditors, an internal audit program, a quality assurance program, and management assurance. CONTENT AREA: Performer Profiles TOPICS: Cross Border & Non-US Issues, Australia, Government, Internal Audit, Audit Committee & Board, Audit Testing, Quality Assessment Review, Performance Management/Measurement July 14, 2008 Two great cities, one great bank – One leading-class audit team A retailer of banking and wealth management services to households and small to medium businesses, Bendigo Bank has a major presence across Victoria and Queensland and is growing its networks throughout Australia. In this profile, Michael Wilson, senior manager of Group Audit at Bendigo Bank, discusses how the organization continues to review the in-house and outsourced audit strategies as a result of a recent merger. Wilson’s team is looking to strike a balance of in-house and outsourced talent. CONTENT AREA: Performer Profiles TOPICS: Cross Border & Non-US Issues, Australia, Financial Services Industry, Internal Audit, Audit Committee & Board, Internal Audit Administration, Internal Controls, Outsourcing/Co-sourcing/Shared Services July 7, 2008 Internal Auditing Around the World: Protiviti’s publication Internal Auditing Around the World - Volume IV continues to detail internal audit best practices, processes and strategies being employed at some of the world’s most successful companies. These 19 companies represent different regions, industries and markets. They are highly successful organizations operating with only a handful of full-time personnel – some staff members working on-site, others based in different business units and distant locations. CONTENT AREA: Protiviti Booklets TOPICS: Cross Border & Non-US Issues, Australia, Canada, France, Germany, Italy, United Kingdom, Internal Audit, Audit Committee & Board, Risk Management & Assessment, GRC May 26, 2008 Audit and Assurance at Airservices Australia Airservices Australia is government-owned organization that provides critical safety services such as air traffic control, aviation rescue, and fire fighting services at 19 of the nation’s busiest airports. In this profile, Michelle Bennetts, general manager of audit and assurance at Airservices Australia, discusses how operating in an extremely complex regulatory environment impacts the audit function. Bennetts’s group must ensure compliance with Australian government laws, International Civil Aviation Organization regulations, and Civil Aviation Safety Authority safety regulations, to name a few. CONTENT AREA: Performer Profiles TOPICS: Cross Border & Non-US Issues, Australia, Airline Industry, Government, Internal Audit, Audit Committee & Board, Risk Management & Assessment, Compliance, Performance Management/Measurement, Training & Development, GRC February 11, 2008 Regulatory Compliance Management - Survey of Practices in the Australian Utilities Sector This article presents the results of a survey of major utility businesses in Australia. Survey participants were asked a range of questions on a variety of topics, including: the regulatory environment, policy and procedure frameworks for managing compliance, organizational structure, oversight arrangements relating to compliance, and IT systems that support effective compliance. CONTENT AREA: Survey Reports TOPICS: Australia, Energy & Utilities Industry, Compliance, Laws & Regulations, GRC January 14, 2008 The practical challenges of enterprise risk management Enterprise risk management (ERM) is currently front of mind for many senior executives and board members. Many companies have been challenged to implement ERM in a practical manner that meets the requirements of its board while not introducing unnecessary administration and costs on management and staff. This is not an easy balance to strike. So, what works in practice? CONTENT AREA: Articles TOPICS: Corporate Governance, Audit Committee & Board, Cross Border & Non-US Issues, Australia, Internal Audit, Risk Management & Assessment, Enterprise Risk Management, Project Management, GRC December 24, 2007 Group Audit’s “Passion to Succeed” at Commonwealth Bank of Australia The Commonwealth Bank of Australia is a leading provider of integrated financial services and one of the largest listed companies on the Australian Stock Exchange. In this profile, Grant Lowen, executive general manager of group audit, describes the “Passion to Succeed” program as the most significant aspect of group audit’s success. This program allows auditors to work on a number of “pillars”—customers, people, operational excellence, or leadership & innovation. Lowen also details the key change derived from this program: the “three layers of defense” model for risk and control governance. CONTENT AREA: Performer Profiles TOPICS: Corporate Governance, Audit Committee & Board, Cross Border & Non-US Issues, Australia, Financial Services Industry, Internal Audit, IT Audit, Risk Management & Assessment, GRC December 24, 2007 Risks and Governance Practices Poll
In this week’s Performer Profile, Grant Lowen, the executive general manager of group audit at Commonwealth Bank of Australia talks about the company’s “three layers of defense” model for risk and control governance. Lowen reports that this model was developed as a joint effort with risk management to define accountabilities. This week’s question asks: Does your company employ a similar model to evaluate company risks and governance practices? CONTENT AREA: Articles Support TOPICS: Corporate Governance, Audit Committee & Board, Cross Border & Non-US Issues, Australia, Financial Services Industry, Internal Audit, IT Audit, Risk Management & Assessment, GRC October 15, 2007 In a Time of Change at Coles Group Limited, a Renewed Focus on Risk Coles Group Limited specialises in retail grocery, liquor and fuel products. Coles operates stores in Australia and New Zealand and maintains a presence in well-known retail outlets such as Kmart, Target and Officeworks. In this profile, Fiona Bennett, the group general manager of Assurance Services, describes the impact deregistering will have on the company’s internal control environment. With this process, Bennett admits that the company faces a challenge to make sure the organisation is committed to implementing a sustainable control monitoring framework. CONTENT AREA: Performer Profiles TOPICS: Australia, Consumer Products & Retail Industry, Cross Border & Non-US Issues, Internal Audit, Risk Management & Assessment, Sarbanes-Oxley Act, GRC August 27, 2007 Internal Auditing at One of Australia’s Fastest Growing Financial Institutions Macquarie Bank has six operating groups that specialise in investment banking, equity markets, treasury and commodities, funds management, banking and property, and financial services. In this profile, Brent Green, the head of Internal Audit (IA), describes his people strategy, the IA strategy of realistic risk assessment based on the likelihood and business impact, accountability based on the completion of the audit plan, and adapting as the business environment changes. CONTENT AREA: Performer Profiles TOPICS: Cross Border & Non-US Issues, Australia, Financial Services Industry, Internal Audit, Audit Committee & Board, Risk Management & Assessment, Training & Development, GRC July 30, 2007 Foster’s Group: An International Brand with a Strategically Aligned Internal Audit Approach Foster’s Group is a premium global multi-beverage company that produces and distributes beer, wine, spirits, cider and non-alcohol beverages around the world. In this profile, Dr. Craig Nisbet, group audit manager at Foster’s, describes how his group assists the board in determining the effectiveness of financial reporting and helps management meet the principles-based requirements set by the Australia Securities Exchange (ASX). Additionally, Nisbet discusses the outsourcing, performance measurement, corporate governance recommendations, and the independent and objective vision for the internal audit function. CONTENT AREA: Performer Profiles TOPICS: Corporate Governance, Audit Committee & Board, Cross Border & Non-US Issues, Australia, Consumer Products & Retail Industry, Internal Audit, Audit Testing, Internal Audit Administration, Compliance, GRC July 9, 2007 Internal Auditing Around the World: Protiviti’s publication Internal Auditing Around the World - Volume III continues to detail internal audit best practices, processes and strategies being employed at some of the world’s most successful companies. These 16 companies represent different regions, industries and markets. They are highly successful organizations competing in a dynamic global landscape where their internal audit functions have been shaped and, in some cases, reinvented. CONTENT AREA: Protiviti Booklets TOPICS: Cross Border & Non-US Issues, Australia, Canada, European Union, France, Japan, United Kingdom, Internal Audit, Audit Committee & Board, Internal Audit Administration, Risk Management & Assessment, Sarbanes-Oxley Act, Internal Controls, GRC June 25, 2007 A Renewed Focus: Comprehensive Risk Management at Metcash Metcash demonstrates a clear commitment to its employees by developing strong communication channels and establishing thorough training programs that reinforce the organisation’s core values and support its growth and evolution. In this article, John Gilpin, chief internal auditor at Metcash, discusses how internal audit demonstrates a similar level of commitment through the team’s constitution, written by Glen Laslett, group audit manager. The internal audit team’s constitution states: “A team is more than the sum of its parts. Working together, our individual skills and strengths can combine to create a powerful and effective instrument for positive change.” CONTENT AREA: Performer Profiles TOPICS: Audit Committee & Board, Australia, Cross Border & Non-US Issues, GRC, Internal Audit, Internal Audit Administration, Manufacturing & Distribution Industry, Risk Management & Assessment, Training & Development May 28, 2007 Delivering Audit Services Across the Organisation at Australia Post The three core business areas of Australia Post are letters; retail and agency services; and parcels and logistics. Services are delivered by three key operational divisions, support functions, and other subsidiaries and joint venture companies. Dave Mallard, the group manager for corporate audit services for Australia Post for the past eight years, oversees a team of 18 auditors who are supplemented by outsource providers. In this profile Mallard discusses the corporate audit mission, audit scope, finding the right people for the team, strategic goals, and team performance measures. CONTENT AREA: Performer Profiles TOPICS: Cross Border & Non-US Issues, Australia, Internal Audit, Audit Committee & Board, Audit Reporting, Audit Testing, Internal Audit Administration March 12, 2007 Company Secretary and internal auditor: joint guardians of governance, risk management and control The internal auditor within any organisation is an important ally and supporter of the Company Secretary. Separately, they represent the two primary organisational managers who focus entirely on governance and risk. Together, they can represent a real force in terms of changing behaviour and driving improvement in governance, risk management and control. In this article, Protiviti’s Mark Harrison discusses interactions between these two roles and how the Company Secretary can utilize internal audit most effectively. CONTENT AREA: Articles TOPICS: Audit Committee & Board, Australia, Corporate Governance, Cross Border & Non-US Issues, Internal Audit, Internal Audit Administration, Internal Controls, Risk Management & Assessment, GRC August 28, 2006 Centrelink’s Audit & Risk function implements risk-based auditing at the federal government level Centrelink, a federal government agency in Australia charged with streamlining processes and improving communication, is reducing gaps and avoiding redundancies by applying risk-based auditing across the organization. Bob McDonald, the general manager of Audit & Risk, oversees a team responsible for coordinating risk management and providing assurance regarding information systems. In this profile, McDonald shares his long-term strategies for making a difference through a risk-based audit approach. CONTENT AREA: Performer Profiles TOPICS: Internal Audit, Internal Audit Administration, Audit Testing, Cross Border & Non-US Issues, Risk Management & Assessment, Australia, GRC July 3, 2006 Influencing change at ANZ ANZ is one of the five largest companies in Australia and the largest bank in New Zealand. In this profile, Richard Moore, Group General Manager – Audit at ANZ, discusses creating a new audit methodology while retaining the original risk-based approach. In addition, Moore introduced the balanced scorecard for performance measurement that includes five critical components. CONTENT AREA: Performer Profiles TOPICS: Cross Border & Non-US Issues, Internal Audit, Sarbanes-Oxley Act, Audit Reporting, Audit Testing, Financial Services Industry, Performance Management/Measurement, Australia June 19, 2006 Internal Auditing Around the World: Protiviti’s publication Internal Auditing Around the World - Volume II continues to detail internal audit best practices, processes and strategies being employed at some of the world’s most successful companies. These 14 companies represent different regions, industries and markets. They are highly successful organizations competing in a dynamic global landscape where their internal audit functions have been shaped and, in some cases, reinvented. CONTENT AREA: Protiviti Booklets TOPICS: Audit Committee & Board, Audit Reporting, Audit Testing, Australia, Canada, Consumer Products & Retail Industry, Cross Border & Non-US Issues, Germany, Internal Audit, Italy, Japan, United Kingdom, Aerospace & Defense Industry May 22, 2006 Group Internal Audit at Amcor Amcor is one of the world's largest packaging companies with substantial packaging businesses in five geographic areas - Australia, North America, Latin America, Europe and Asia. Amcor offers a wide range of packaging and packaging-related services, including corrugated boxes, flexible plastic packaging, and tobacco packaging and specialty folding cartons. In this profile, Peter Black, general manager of the company’s Group Internal Audit function, describes his team’s mission as providing independent assurance to the Amcor board of directors through the Audit and Compliance Committee. This is achieved by focusing on five key strategic areas: organization, people, working practices, communication, and measurement. CONTENT AREA: Performer Profiles TOPICS: Audit Committee & Board, Audit Reporting, Australia, Cross Border & Non-US Issues, GRC, Internal Audit, Manufacturing & Distribution Industry, Risk Management & Assessment October 17, 2005 Harassment and Discrimination Policy (Non-US) The purpose of this document is to increase all employees’ understanding of policies regarding discrimination and harassment in the workplace. This sample is based on the procedures and legislation applicable in Australia, but is generally applicable to many other non-US countries. CONTENT AREA: Policies & Procedures TOPICS: Cross Border & Non-US Issues, Human Resources, Australia October 3, 2005 Complaint Handling Procedures (Non-US) The following sample outlines a set of policies and procedures governing the handling of complaints regarding harassment, discrimination, and bullying. This sample is based on the procedures applicable in Australia, but is generally applicable to many other countries (except US). CONTENT AREA: Policies & Procedures TOPICS: Cross Border & Non-US Issues, Human Resources, Whistleblower/Complaint Reporting, Australia July 18, 2005 Internal Auditing Around the World: This publication from Protiviti details internal audit best practices, processes and strategies being employed at some of the world’s most successful companies. Each of the 13 profiles describes successes, challenges and lessons learned by audit teams from a variety of industries and countries. The booklet was produced as part of the Performer Profile series on KnowledgeLeader. CONTENT AREA: Protiviti Booklets TOPICS: Airline Industry, Audit Testing, Australia, Automotive Industry, Consumer Products & Retail Industry, Cross Border & Non-US Issues, Financial Reporting, France, Internal Audit, Internal Audit Administration, Italy, Japan, Risk Management & Assessment, United Kingdom, GRC May 30, 2005 Qantas: A leading Australian airline develops a new face of internal audit Qantas Airlines is Australia's largest domestic and international airline. The Internal Audit mandate at Qantas has always been to improve the effectiveness of the company’s risk management, internal control and compliance systems. In this profile, Qantas’ head of internal audit, Rob Kella describes how his department is organized and aligned to meet these objectives. Kella also discusses how corporate governance requirements have impacted his organization and the challenges that lie ahead. CONTENT AREA: Performer Profiles TOPICS: Internal Audit, Cross Border & Non-US Issues, Internal Audit Administration, Australia, Airline Industry February 7, 2005 The Role of Internal Audit – A Prudential Perspective In this speech, John F. Laker, Chairman of the Australian Prudential Regulation Authority (APRA), addresses the NSW Chapter of the Institute of Internal Auditors to offer an APRA perspective on the role of internal audit within the institutions the APRA supervises. He discusses how internal audit is one of the fundamental “checks and balances” for sound corporate governance but is a separate function from risk management. Laker also describes the expectations of internal audit by prudential regulators at the international level and how APRA assesses whether internal audit in the institutions it supervises meets these expectations. CONTENT AREA: Articles TOPICS: Internal Audit, Sarbanes-Oxley Act, Accounting Organizations, Cross Border & Non-US Issues, Internal Audit Administration, Internal Controls, Australia December 20, 2004 International demand for internal audit The Sarbanes-Oxley Act is creating an international impact. One of the primary effects is the increased demand for internal auditors and other financial professionals in Europe, Australia and New Zealand. This article discusses the international demand for financial professionals, perception of internal audit’s strategic value outside the US, and perceived benefits versus the cost of this legislation. CONTENT AREA: Articles TOPICS: Accounting Organizations, Australia, Corporate Governance, Cross Border & Non-US Issues, European Union, Internal Controls, Sarbanes-Oxley Act, GRC November 1, 2004 ASX Principle 7 Risk Management Survey Regulators in Australia have responded quickly to the outcry following many high profile company collapses. Extensive debate then ensued concerning the relative merits of the ASX’s “principles” based approach to control and risk management, versus the “detailed checklist” and verification approach driven by the Sarbanes-Oxley Act in the U.S. Protiviti and the Institute of Internal Auditors commissioned a major research project to provide some insight to the progress and substance of work being done to implement the ASX Principle 7 risk management guidelines. CONTENT AREA: Survey Reports TOPICS: Internal Audit, Laws & Regulations, Sarbanes-Oxley Act, Corporate Governance, Enterprise Risk Management, Internal Controls, Australia, GRC April 12, 2001 Managing Security of Information: Guidelines This guidance from the International Federation of Accountants (IFAC) identifies core principles of information security and an implementation approach. CONTENT AREA: Guides TOPICS: Best Practices, Technology, Risk Management & Assessment, Security, Accounting Organizations, IT Infrastructure, Security Management Practices, Australia, GRC Audit and Accounting Standards and Organizations This page provides links to authoritative auditing and accounting standards set forth by domestic and global organizations and associations. CONTENT AREA: Standards & Organizations TOPICS: Accounting Organizations, Accounting/Finance, Australia, Canada, Cross Border & Non-US Issues, European Union, Financial Reporting, Germany, Internal Audit, Japan, United Kingdom Australian Institute of Petroleum Visitors can access summaries of major stories from the Petroleum Gazette as well as full text articles from AIP news and views. Other features include information on statistics, pricing, and educational resources. CONTENT AREA: Best Business Links TOPICS: Australia, Energy & Utilities Industry Institute of Chartered Accountants in Australia
The Institute of Chartered Accountants in Australia represents the Australian accounting profession and sets the technical and ethical standards for members along with current accounting and auditing standards. This site features full text accounting and auditing standards as well as technical documentation on business law, tax, and workers compensation. CONTENT AREA: Best Business Links TOPICS: Cross Border & Non-US Issues, Accounting/Finance, Accounting Organizations, Australia International Corporate Governance Resources This page provides information on, and links to, information on corporate governance standards, guidelines, and principles around the world. CONTENT AREA: Best Business Links TOPICS: Australia, Canada, Corporate Governance, Cross Border & Non-US Issues, European Union, France, Germany, Italy, United Kingdom, GRC Laws, Regulations and Statutes This page provides information on, and links to, major U.S. and International laws, regulations, and statutes in the areas of corporate governance, privacy, security, fraud, intellectual property, and other risk-related areas. Information specific to a particular industry is not included unless the information also has a more general application. CONTENT AREA: Laws & Regulations TOPICS: Corporate Governance, Fraud, Intellectual Property, Laws & Regulations, Privacy, Security, Compliance, Cross Border & Non-US Issues, Canada, United Kingdom, European Union, Australia, France, GRC SafetyLine This site is an online workplace safety information service of the government of Western Australia. CONTENT AREA: Best Business Links TOPICS: Human Resources, Australia
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