Achievements

The IIA-Australia has been involved in a range of regulatory reforms across all jurisdictions and sectors.  Wins by the IIA-Australia on behalf of the profession include:

NSW State Government Implements Global Best Practices for Agency Governance

The IIA-Australia has been working closely with the NSW Government on their blueprint for best practice in risk management and internal audit. Their blueprint implements six core requirements including mandatory internal audit and mandatory independent audit and risk committees for every department, agency cluster and reporting entity; as well as mandatory use of risk management standards and the International Standard for the Professional Practice of Internal Auditing. Implementation is mandatory and is scheduled for a compliance audit by the NSW Auditor General. IIA-Australia believes that this approach is leading internal audit best practice in the public sector in Australia, if not internationally.

NSW Department of Local Government Internal Audit Guidlines for Councils and Country Councils

In October 2008, the NSW Department of Local Government released its internal audit guidelines local government. The purpose of the guidelines was to assist councils and county councils develop and implement internal audit and risk management frameworks to enhance their managerial performance. The IIA-Australia's New South Wales Chapter Council (Neil Adams, Stephen Horne, Jeff Simpson, Sue Morrison) together with the Local Government Internal Audit Network extensively contributed to the development of the guidelines and the consultation process.

ASX Corporate Governance Council

The ASX Corporate Governance Council sets the standard for corporate governance in Australia. Under the ASX's listing rules, listed companies are required to adopt eight principles and report against their compliance with 26 recommendations ranging from board structure to remuneration and risk management. As an active member of the ASX Corporate Governance Council since its inception, IIA-Australia has contributed towards better practices in internal control, internal audit, risk management and other areas of good corporate governance. 

Advocating Internal Audit to Securities Regulators

Martin Wheatley gave an excellent lecture to a big audience of 125 in Melbourne on 2 May, at an event organised by the Australian Centre for Financial Studies.  Mr. Wheatley is currently CEO of the Hong Kong Securities and Futures Commission, and is CEO designate of a new UK regulator, the Financial Conduct Authority, that will have similarities to ASIC as the UK moves to a ”twin peaks” regulatory model, with the Bank of England taking on the role of prudential supervisor. Read on..