Financial Audit Update Thursday 3 March 2011 and Thursday 10 March 2011_part2 ppt

What does the standard say? • ISO 38500 – Corporate Governance of Information Technology – Model is based on directors governing IT through 3 main tasks: • Evaluate current and future use of IT • Direct preparation and implementation of plans and policies • Monitor conformance to policies and performance against plans. This is trial version www.adultpdf.com What does the standard say? • Six guiding principles – Responsibility – Strategy – Acquisition – Performance – Conformance – Human behaviour This is trial version www.adultpdf.com Governance – Management Engagement Evaluate MonitorDirect Vision Strategy Portfolio Program Project Operation Information Security Extract from Waltzing with the Elephant by Mark Toowmey This is trial version www.adultpdf.com What are we seeing in our audits? • Some agencies are on the upward trend on the maturity continuum of IT governance • Some agencies regard the governance of IT as something that relates to good practice rather than their front line business • The Government has good guidance and policy material • Successful implementation of these with the appropriate balance that result in harnessing full benefits of programs and projects is challenging This is trial version www.adultpdf.com Conclusion • Successful deployment and realisation of potential value of IT needs active, informed and effective direction and control by senior management • Deployment of the IT strategy needs to be complemented with enhanced business environment to ensure that modern technology is utilised to its full potential This is trial version www.adultpdf.com Importance of External Audit to a Board / Audit Committee Julie-Anne Schafer Non-Executive Director LLB (Hons), Member AICD (Australian Institute of Company Directors), Member ANZIIF (Australian and New Zealand Institute of Insurance and Finance) This is trial version www.adultpdf.com Queensland Audit Office 2010-11 Financial Audit Update Alison Rayner, CA Principal Accountant Queensland Treasury ACCOUNTING FOR GOVERNMENT GRANTS AND OTHER ASSISTANCE This is trial version www.adultpdf.com Session Outline • Queensland’s Public Sector Accounting and Reporting Framework – Departments & Statutory bodies – Government Owned Corporations (GOCs) – Local Governments • Accounting for Government Grants & Other Assistance This is trial version www.adultpdf.com Queensland Treasury Role of Treasury’s Financial Management Branch • With a focus on supporting departments and statutory bodies, the Financial Management Branch – develops accounting and financial management policy – provides advice on accounting, commercial and governance matters – administers and maintains financial management legislation This is trial version www.adultpdf.com Departments, Statutory Bodies and Government Owned Corporations Statutory Bodies’ Enabling Legislation Statutory Bodies’ Enabling Legislation Local Councils Policy outside the legislative framework Constitution Act 1867 and Constitution of Queensland 2001 Parliament Governor Financial Accountability Act 2009 Financial and Performance Management Standard 2009 Cabinet, CBRC & Ministers Executive Council Statutory Bodies Financial Arrangements Act 1982 Subsidiary Policy Documents (mandated under legislation) Annual Appropriation Acts Legislation administered by Queensland Treasury Government Owned Corporations Act 1993 Local Government Act 2009 Legislation administered by Department of Local Government and Planning Cabinet Decisions Executive Council Minutes Parliamentary Procedures Handbook Department of Premier & Cabinet, Cabinet Handbook (part of the Governing Queensland series of publications) Treasury Financial Circulars Financial Management Practice Manual Corporations Act 2001 Statutory Bodies Financial Arrangements Regulation 1997 Financial Accountability Regulation 2009 Government Owned Corporations Regulation 2004 Government Owned Corporations (Central Queensland Ports Authority ) Regulation 2004 Subsidiary Policy Documents (eg Code of Practice for GOC Financial Arrangements) Subsidiary Policy Documents (mandated under legislation) Local Government (Finance, Plans & Reporting) Regulation 2009 Queensland’s Legislative Framework for Financial Management Other Local Government Regulations This is trial version www.adultpdf.com . Institute of Insurance and Finance) This is trial version www.adultpdf.com Queensland Audit Office 2 010- 11 Financial Audit Update Alison Rayner, CA Principal Accountant Queensland Treasury ACCOUNTING. version www.adultpdf.com Queensland Treasury Role of Treasury’s Financial Management Branch • With a focus on supporting departments and statutory bodies, the Financial Management Branch – develops accounting and financial. framework Constitution Act 1867 and Constitution of Queensland 2001 Parliament Governor Financial Accountability Act 2009 Financial and Performance Management Standard 2009 Cabinet, CBRC &