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Audit & Risk Management Charter
This Charter establishes the authority and responsibilities conferred by
the Council of Monash University on the University's Audit & Risk Management
Office.
1. Role
The Audit & Risk Management Office comprises an important part of the
University’s governance framework. The role of the Office is to assist
management at all levels to achieve goals and objectives consistent with the
University’s strategic plan. The Office provides independent assessments as
to the economy, efficiency, effectiveness, compliance and financial
regularity of the University’s operations and evaluates the adequacy of the
University’s risk management framework.
2. Independence
The Audit & Risk Management Office has independent status within the
University and for that purpose:-
- the Director, Audit & Risk Management reports directly to the
Vice-Chancellor and holds office on the authority of the Chairperson of
the Audit Committee;
- the Director, Audit & Risk Management has no executive or managerial
powers, authorities, functions or duties, except those relating to the
management of the Audit & Risk Management Office itself.
3. Authority
Council has determined that staff from the Audit & Risk Management Office
shall:-
- have the right of access to all premises of the University and the
right to inspect all correspondence, files, records, accounts and all
other forms held by the University as is necessary to properly perform
their duties;
- have the right to require all officers of the University and its
controlled entities to supply
such information, explanations and documentation as is necessary for the performance of
their duties;
- receive every assistance from University staff whilst carrying out their duties.
4. Responsibilities
The Audit & Risk Management Office is responsible to the
Vice-Chancellor and to the Audit Committee of Council for the following
activities:-
- appraising the adequacy of controls in the University’s
administrative systems;
- evaluating the adequacy of controls in the University’s computing
and communications systems;
- reviewing systems and procedures and recommending improvements to
existing processes and procedures, where appropriate;
- ensuring that effective risk management strategies and policies are
in place;
- reviewing the University’s risk management guidelines, policies and
procedures;
- reviewing the adequacy of the risk management framework;
- reporting significant risk exposures and serious incidents of
non-compliance to management;
- ensuring that appropriate resources are directed towards areas
of high risk;
- overseeing the implementation of the University’s compliance
framework;
- assessing the extent of compliance with relevant legislation,
regulations and industry codes;
- assessing the extent of compliance with University and/or other
relevant policies, guidelines and procedures;
- appraising the economy, efficiency and effectiveness with which
University resources are employed;
- assessing the accuracy and adequacy of management information;
- providing an on-going audit of the income and expenditure of the
University;
- providing audit certifications and audit opinions as required by
various granting bodies;
- providing advice on a range of administrative and financial matters;
- maintaining contact and liaising with the University’s external
auditors to ensure an effective use of resources and to avoid possible
duplication of effort; and
- conducting ad hoc and confidential investigations at the request of
senior management of the University.
5. Scope of Activities
The scope of the Audit & Risk Management program shall include the total
activities and operations of:
- all academic and administrative departments, organisational and
functional units and centres of Monash University;
- all auxiliary operations; and
- all controlled entities.
A Strategic Plan shall be prepared for approval by the Audit Committee.
This Plan will provide for the audit of significant operations of the
University based on an assessment of risk and the achievement of University
goals. In addition, a comprehensive annual work plan shall be prepared which
ensures an effective and regular audit is conducted of all high risk
activities.
Version Date: November 2004
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