Todays Date: May 17, 2012
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Internal Audit and Risk Management in Treasury

Treasury’s internal audit program is governed by the Internal Audit and Risk Management Policy for the NSW Public Sector (TPP 09-05).  This policy was developed in Treasury’s Budget and Financial Management Directorate and applies statewide.  A contextual page linked to the policy provides more information.

Treasury’s internal audit (IA) function is a practitioner of the policy, bound by the same rules as all NSW public sector agencies.  

TPP 09-05 is consistent with the Institute of Internal Auditors International Professional Practices Framework (IPPF). Treasury’s IA function strives to keep pace with updates to best practice, such as the 2011 IPPF Standards. 

Disclaimer:

The template and publications on this site are the working documents of Treasury’s internal audit function and were not developed by the policymakers. 

Bearing this in mind, agencies are welcome to use them as models to adapt to their own needs if they wish.   Treasury makes every effort to ensure they reflect good practice and are kept up to date, however it is the responsibility of agencies to ensure their documents are current and compliant with relevant policies and standards.

Acknowledgments:   In the development of these documents Treasury consulted the websites of the Australian National Audit Office, the Institute of Internal Auditors, HM Treasury United Kingdom and Queensland Treasury.  We extend thanks to all of them.

Treasury Audit Manual PDF  Word
The publication which guides our entire IA function is the Treasury Audit Manual.   This Manual conforms with TPP 09-05 and describes in detail every aspect of internal audit as it is carried out in Treasury, including flowcharts showing the audit cycle and the detailed path of an individual audit (start of Section 5) and an outline of the way internal and external audit intersect (Section 6).

Audit & Risk Committee Charter PDF  Word and Internal Audit Function Charter PDF  Word
The Audit & Risk Management Committee Charter and Treasury’s Internal Audit Function Charter are appendices in the Manual as well as standalone documents.   They closely follow the model Charters in TPP 09-05, but have been adapted to Treasury’s specific needs.

Treasury has developed a range of tools in response to other requirements of TPP 09-05 and of better practice.  These are posted for the information of other agencies, noting the disclaimer in the box above.

Conflict of Interest Declaration PDF  Word  
Audit & Risk Management Committee members should declare whether they have any new conflicts of interest at each meeting, but once a year they are required to put their declarations in writing.  Treasury has developed a Conflict of Interest Declaration for this purpose.

Assessment Tools

Audit & Risk Committee Self-Assessment Guide PDF  Word  
Every year, the policy requires that the Committee assess its own performance.  Following application of the Guide and analysis of the results, Treasury’s Committee develops and implements an improvement plan based on any responses where the average score was below the middle of the range, or has fallen significantly since the previous survey.

The Committee also annually assesses the performance of the Internal Audit Function as a whole.   This assessment will also result in an improvement plan if required.

Chair and Member Assessments

In Treasury the assessment tool is filled out and is then the basis for an annual conversation between the Secretary and Chair, or between the Chair and each Committee member.

The Chair is required to assess all members, independent and internal, at least annually.  This assessment must be carried out prior to the extension of a member’s term: Member Assessment PDF  Word .

The agency head is required to assess the performance of the Chair annually and/or prior to extension of his/her term: Chair Assessment PDF  Word .

Post-Audit Assessments

Following each audit, Treasury asks the service provider PDF  Word   the audited area PDF  Word   and the Chief Audit Executive PDF  Word  to assess their experience of the audit.   Click the links for those tools.

Audit & Risk Committee’s Annual Report to the Secretary PDF  Word  
Each Committee is required to report annually to its agency head (in Treasury’s case this is the Secretary) on its activities for the year.   The outline of Treasury’s Report is provided.

Assessing Compliance with TPP 09-05 PDF  Word  
This table sets out the provisions of TPP 09-05 in a format which allows agencies to indicate clearly, for the benefit of senior management and the Audit and Risk Committee, how well the agency complies with the policy.  Committees may wish to re-check it annually prior to recommending that agency heads sign the Attestation Statement required in the policy.

Quality Assurance PDF  Word
In keeping with the Standards, Treasury has a quality assurance and improvement program for its internal audit function (QAIP), which is outlined in this table.

Chief Audit Executive

Last updated: 4 April, 2012