Audit & Risk Management

Support Service: Audit & Risk Management Report Date: January 2005 Service: Conduct special auditing projects Service description: Conduct operational, financial system, risk management and due diligence reviews upon request of Dean/Divisional Director KPI Result Date reported/ date to be reported January 2005 / December 2004 100% compliance January 2005 / December 2004 100% compliance January 2005 Period covered by statistics January 2004 – December 2004 January 2004 – December 2004 January 2004 to December 2004 Frequency to be reported Annually Measured by Financial reports relating to external grants for outside parties identified & completed within 10 days Requests by Senior Management for Special Audit Investigations carried out Findings of review discussed within 10 working days of completion of audit. 100% compliance Reports completed issued to the relevant outside parties Reports completed Annually Annually Measured by client satisfaction survey Support Service: Audit & Risk Management Report Date: January 2005 Service: Provide internal audit and risk management services Service description: Assist management at all levels to achieve goals and objectives consistent with the Monash Plan by providing independent assessments as to the efficiency, effectiveness, economy, compliance and financial regularity of the University’s operations. Coordinate the implementation of Risk Management across the University KPI Result Date reported/ date to be reported January 2005 / December 2004 Period covered by statistics January 2004 – December 2004 Frequency to be reported Annually Measured by Assessments of identified University operations concerning effectiveness and compliance carried out Conducted fifteen (15) assessment reports of University operations Reports issued to the relevant Divisional Director of the areas concerned as a summary of the outcomes agreed with middle management. 90% of staff involved in reviews report that they are satisfied overall with the audit process and outcomes i.e. Client Survey completed by appropriate staff after issue of final report Not yet available January 2005 January 2004 to December 2004 Annually Measured by client satisfaction survey During the year the office issued fifty-four (54) final reports. Of these reports, twenty-four (24) were Financial Reports addressed to outside parties relating to external grants received by the University during the preceding 12 months Another fifteen (15) reports concerning Special Audit Investigations, requested by senior management, were completed and forwarded to the appropriate personnel. The remaining fifteen (15) reports, which assess different University operations concerning effectiveness and compliance, were all issued to the relevant Divisional Director of the areas concerned as a summary of the outcomes agreed with middle management.