Internal Audit Services

⁠⁠⁠Federation University Australia is seeking to appoint a highly capable and diligent auditor to undertake the internal audit function for a period of three years (with the possibility of an extension of up to two years subject to performance criteria). The internal audit function is established, independent of management, to assist the University Council to meet its obligations further to the Financial Management Act 1994 and the Standing Directions of the Minister for Finance. To ensure its independence, the internal audit function functionally reports to the Audit and Risk Committee (A&RC) of the University Council and administratively to management.

Scope of Services

A key deliverable of the internal audit function is to provide the A&RC and the University Council with a level of assurance that key risks to the achievement of the University’s strategic priorities are adequately addressed.

The internal audit function will also deliver independent and objective advice to the A&RC to ensure that the University meets it legal and regulatory obligations and achieves business process improvement goals and efficiencies.

As part of this assurance function, and further to Guidance 3.2.2 – Internal Audit issued further to the Standing Directions of the Minister for Finance, the appointed auditor will be required to:

* develop an internal audit charter, in compliance with the Standing Directions of the Minister for Finance, for approval by the A&RC;
* develop, in consultation with management and the A&RC, a strategic three year rolling internal audit plan based on the University’s governance, risks and controls for approval by the A&RC. The strategic internal audit plan must reflect:
* the University’s status a body corporate and politic further to the Federation University Australia Act 2010;
* best practice governance standards and, where applicable, compliance with the Standing Directions of the Minister for Finance;
* strategic risks specific to the University; and
* a cycle of routine assurance reviews (e.g. payroll, accounts payable/receivable, delegations and financial controls).
* in consultation with management and the A&RC, annually prepare, maintain and implement an audit work program to support the strategic * internal audit plan for approval by the A&RC (the program includes conducting individual audits, interviewing management, drafting reports and preparing recommendations). Administrative support in coordinating interview meetings will be provided by the University;
* in the strategic internal audit plan and annual audit work program include audits of areas likely to be vulnerable to fraud, corruption and other losses;
* report the findings of internal audits to management and the A&RC and recommend improvements and efficiencies to processes and procedures;
* attend at meetings of the A&RC and advise the Committee on audit findings and recommendations;
* apply relevant professional standards relating to internal audit; and
* report to the A&RC on the effectiveness of the internal audit function including the collection of stakeholder feedback.

Mandatory Criteria

* Any proposal that does not meet the following mandatory criteria will not be considered:
* Demonstrated experience performing audit services (either internal or external) for a Victorian dual sector university (higher education and vocational educational) within the past 5 years
* Financial viability
* Required insurances
* Referees
* Confidentiality Agreement and Conflict of Interest Declaration
* Collusive Tendering Statutory Declaration