AHV is seeking responses to this RFT to undertake the following functions in connection with the Service:

The successful tenderer will use a risk-based approach to work with the Finance, Audit and Risk Committee (FAR) and management to develop and deliver a meaningful and deliverable audit program, recognising the complexity and risks of Aboriginal Housing Victoria (AHV) having the capability of high-level testing of the controls of risk, rather than simply reviewing mechanisms.

The internal audit contractor will assist the FAR in fulfilling its responsibilities of providing advice to the Board on the appropriateness of the organisation's risk oversight and management and internal controls by providing the following service. Undertake a review of AHV operational and strategic risk registers;

Deliver at least 3 internal audits per annum identified in the current audit program in a professional and timely manner. Each audit is estimated to require approximately 90 hours each on average;

Attendance at AHV FAR Committee meetings four time each year; The Internal Auditor will be required to attend the Risk Committee meetings to present the audit plan, audit progress and final reports and review effectiveness of implementation of past recommendations;

The Internal Audit function is not limited to financial matters but extends to organisational performance, efficiency, and effectiveness while in pursuit of AHV's strategic goals. For the purpose of this Tender, a separation will be maintained between the audit firm selected for end of year statutory financial audit and that selected for the FAR Committee's internal audit program;

The contractor will align risks for audit recommendations by referring to AHV's Risk Framework and Risk Matrix;

The internal audit program is expected to move beyond statutory compliance to also provide enterprise-wide strategic insight and recommendations which support the organisation's cultural and transformational journey. Audit focus and reporting will be expected to highlight strategic, cultural, and business wide improvements;

Prepare scopes for agreed audits for approval by the FAR Committee and conduct audits;

Present the reports and recommendations with management responses and feedback on responses;

Provide industry insights and emergent risk topics for the FAR Committee to consider; and

The provision of internal audit services is for an initial term of 18 months to complete existing audit plan and set up a new plan beyond June 2024.