Risk management and internal audit

The University Council has established the Audit and Risk Committee with regard to Audit Committee Guidelines – Improving Accountability and Performance published by the Queensland Government Treasury Department.

Risk management

The University of Southern Queensland Council, in conjunction with the Vice-Chancellor, has adopted a risk management approach to manage the strategic, academic, research, operational, financial and hazard risks of the University in accordance with an established risk management system.

Policy

UniSQ has a policy dealing with risk management: Enterprise Risk Management Policy and Procedure.

Internal audit

The Vice-Chancellor has established an internal audit function as a key component of the University’s governance framework. In accordance with the Financial and Performance Management Standard 2009, systems have been developed and implemented for ensuring the internal audit function operates efficiently, effectively and economically.

Internal Audit must operate under an internal audit charter.

Internal audit charter

This preamble is provided to articulate the partnership between, and the role and responsibility of University of Southern Queensland Council, Audit and Risk Committee and the Vice-Chancellor in respect to the internal audit function.

The Council has delegated authority to the Audit and Risk Committee to approve Strategic and Annual Audit Work Plans. The Vice-Chancellor is the chief executive officer of UniSQ and is responsible for the academic, administrative, financial and other affairs of UniSQ. The Vice-Chancellor has all such powers and duties as may be necessary or convenient to enable the position to carry out their responsibilities.

The Audit and Risk Committee approves a framework for the conduct of the internal audit function through the UniSQ Assurance Charter, Internal Audit Strategic Plan, and Annual Internal Audit Work Plans.

The scope and frequency of internal audits is recommended by the Head of Internal Audit in consultation with the Vice-Chancellor for approval by the Audit and Risk Committee.

For the purpose of providing assurance and advisory services to the Vice-Chancellor and the Council, the Head of Internal Audit, in accordance with regulatory obligations, will have the authority necessary to enable internal audit to meet its responsibilities.

The University of Southern Queensland (UniSQ) ("the University") has a responsibility to develop, encourage and implement sound financial, legal and ethical decision-making and organisational practices.

The Fraud Control Plan represents the University's commitment to effective fraud risk management and prevention. The desired outcome of this commitment is to minimise the potential for fraud against the University whether by University personnel or persons external to the University.