No such risky business for NSW councils
Local councils across the State will have the tools to minimise financial risk and prevent fraud and corruption under a new statutory framework released for public consultation.
Minister for Local Government Shelley Hancock said the proposed new framework would mandate the appointment and operation of Audit, Risk and Improvement Committees at the State’s 128 local councils.
“This initiative will provide NSW councils with the strongest risk management and internal audit framework in Australia,” Mrs Hancock said.
“Nearly 70 per cent of NSW councils have already established these committees in a strong show of support by the local government sector for improving their governance and financial management for the benefit of their local communities.”
The proposed new framework will ensure each council has:
- An independent Audit, Risk and Improvement Committee
- A robust risk management framework to accurately identify and mitigate risk
- An internal audit function with independent assurance the council is functioning effectively and its internal controls are working
- Minimum standards for these mechanisms based on international standards. Read more...