Strong governance foundations

Driven by the eight core Australian Securities Exchange (ASX) corporate governance principles

Our governance processes leading the way

Our governance processes and behaviours guide us to achieve our purpose, conform to all relevant laws, standards and directions and meet public expectations of probity, accountability and transparency. They provide our employees with a clear sense of purpose and focus, guiding their behaviour when dealing with each other, parliamentarians, our audit clients and other stakeholders.

 

ASX Corporate Governance Principles and Recommendations

Our governance framework, the Governance Lighthouse, reflects the eight core Australian Securities Exchange (ASX) Corporate Governance Principles. Under these eight core principles, the Audit Office has developed 17 major points of good governance. We use the Governance Lighthouse as a way to develop, manage and report on our governance arrangements.

 

Lighthouse Principle

 

Continuous enhancement

In 2016–17, we continued to strengthen our governance framework by:

  • developing a new long term Strategic Plan including a new vision for the organisation
  • releasing our updated Gifts and Benefits Policy
  • releasing a new standard risk assessment template to capture operational risks across the business
  • undertaking an extensive program of stakeholder engagement with our new local government clients.

 

The year ahead

In 2017–18, we will:

  • release our new Strategic Plan taking us to 2020
  • review our Risk Management Framework including a reassessment of our risk appetite statement, review of our strategic risks and Risk Management Policy, and develop risk tolerances
  • develop our performance reporting systems to provide timely, accurate reports on the performance of our organisation
  • Under our ‘Influencing for Impact’ strategic initiative, develop an overarching stakeholder engagement strategy to ensure we take a coordinated and strategic approach to stakeholder engagement
  • undertake our biennial fraud control health check
  • revise our Complaints Policy and Public Interest Disclosure Policy to reflect the evolving nature of our work following the change to our mandate to include local government audits.