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  1. Grant Thornton Australia | Audit, Tax and Advisory
  2. Client alerts
  3. 2016
  4. The Victorian State Government call for stronger accountability to manage the risk of fraud and corruption

The Victorian State Government call for stronger accountability to manage the risk of fraud and corruption

02 Mar 2016
  • The Victorian State Government call for stronger accountability to manage the risk of fraud and corruption

The Victorian State Government this week announced a number of significant changes to the 2003 Standing Directions of the Minister for Finance.

The 2016 Standing Directions calls for stronger accountability to manage the risk of fraud and corruption by agency boards, CEO’s and CFO’s. 

From 1 July 2016, it will now be necessary to immediately report significant and systemic incidents to your Portfolio Department. In addition, incidents of fraud need to be reported both internally (to an audit committee) and to the government (the minister, department and the auditor-general) together with remedial plans.

Whilst it is not mandatory for local Councils to adhere to the Standing Directions, it is good practice to consider and adopt industry benchmarks.

Critically, CEO’s and CFO’s are now personally accountable for strong financial management.  Standing Direction 3.5 sets out the Governance requirements in relation to Fraud, Corruption and Other Losses.  It makes reference to having fraud, corruption and other losses policy, recordkeeping requirements, as well as reporting significant or systemic fraud, corruption and other losses and having remedial plans for such.

These changes represent a significant increase in accountability and may test many organisations in terms of their preparedness.  Boards and those charged with governance will need to ask the question; how ready is our organisation to comply with these requirements and how can our Board, CEO and CFO demonstrate that obligations have been met?

Immediate steps may need to be taken to identify gaps in existing fraud and corruption control frameworks: including the capacity of organisations to determine whether incidents of fraud and corruption are ‘significant’; how to prepare remedial plans; and reporting such to Audit Committees and Government.

The guidance to the 2016 Standing Directions recommends five areas of focus, policy, risk assessment, prevention and detection, response and audit. To assist you in the process our Forensic Consulting team has designed a number of useful questions to help you understand the requirements under Standing Direction 3.5.

Policy
  • Do you have a fraud, corruption and other losses prevention and management policy in place?
  • Is the policy aligned to Australia Standard AS8001-2008?
  • Does it fit the size and complexity of the organisation?
Risk Assessment
  • How does your organisation identify and manage fraud and corruption risks?
  • Are your fraud and corruption risks refreshed every two years?
  • Is your organisation fraud and corruption risk conscious?
  • Does your fraud and corruption control plan align to identified fraud and corruption risks?
Prevention and Detection
  • How do you maintain an ethical culture?
  • Are roles, and responsibilities for fraud and corruption control clearly defined?
  • Are your fraud and corruption controls well documented?
  • Do you have screening / vetting processes in place for employees and suppliers?
Response
  • Do you have an approach for investigations?
  • Are investigations performed and managed by appropriately qualified investigators?
  • Are there processes in place which complies with Protected Disclosures Act 2012?
  • What is your organisation's policy on recovery of assets and losses?
Policy
  • Are business processes most vulnerable to fraud and corruption included in the strategic audit plan?
  • Are targeted reviews of controls to prevent fraud and corruption performed?
  • Have appropriate treatment plans and remedial actions been implemented?

For more information:

Katherine Shamai
Senior Manager - Forensic Consulting
E Katherine.Shamai@au.gt.com
T +61386636123

Wayne Gladman
Senior Manager - Forensic Consulting
E Wayne.Gladman@au.gt.com
T +61 3 8320 2311

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