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 2017–18, we continued to strengthen our governance framework by:

  • releasing our new Corporate Plan taking us to 2020
  • developing a new process to capture conflicts of interest and threats to professional independence
  • reviewing our Risk Management Framework including our Risk Management Policy, reassessing our risk appetite statement and strategic risks and developing risk tolerances
  • preparing a detailed strategic three-year internal audit plan, linking to our strategic risks and updating our assurance map
  • undertaking an extensive program of stakeholder engagement with our new local government clients.

The year ahead

In 2018–19, we will:

  • undertake an annual review of our Corporate Plan and underlying Future State Roadmap
  • continue to mature our risk management approach by embedding risk management practices throughout our organisation including capturing operational risks at the appropriate level and establishing formal escalation processes
  • develop our performance reporting systems to provide timely, accurate reports on the performance of our organisation
  • under our ‘Influencing for Impact’ strategic initiative, develop a stakeholder engagement strategy to ensure we take a co-ordinated and strategic approach to stakeholder engagement (see the year ahead for more information on our 2018-19 strategic initiatives).