Submission on NSW local government risk management framework implementation

CA ANZ supports the proposed new guidelines underpinning the new framework for managing risk in NSW local councils via the establishment of independent Audit Risk and Improvement Committees (ARIC) which oversee new risk management, internal audit and quality assurance functions.

The mandatory use of such committees are a key element of points 6, 7, 9 and 12 of the 15 point plan we recently tabled to the Parliamentary Joint Inquiry into the Regulation of Auditing in Australia, which addresses how the risks associated with fraud, misconduct and financial mismanagement facing the Australian community should be best be addressed and managed.