Internal Audit of the Court’s Financial Management Framework
The audit served to provide assurance as to the adequacy of the Court's financial management and control framework. The audit scope covered the financial structures, tools and processes that contribute to the financial management of the Court.
The audit was carried out by auditors from the firm Spearhead Management Ltd between November 2005 and January 2006.
Overall, the auditors concluded that the Court's
- financial management and control framework is appropriate to ensure the effectiveness of financial management;
- financial systems and internal controls are adequate to ensure reliable and relevant financial information; and,
- financial advice is available and adequate to support the financial management activities of the Court.
Observations of risk areas were identified and recommendations for improvements made to improve the overall effectiveness of the financial management framework. Areas for improvements are:
- The strengthening of access security and recovery process for the financial system;
- The update to financial policies and procedures available to the Court’s staff and internally to the Financial and Materiel Management Branch (FMMB); and,
- The enhancement to the account verification process using a risk-based approach and the implementation of active monitoring.
The Director of Finance has agreed with all of the audit recommendations and has committed to their implementation through the approval of an action plan.