A review of internal audit capacity and practices in the NSW public sector has been praised as the standard that should be model for all Australian government jurisdictions.
The report titled Internal Audit Capacity in the NSW Public Sector was published in March 2008 following a 2007 review conducted by the Department of Premier and Cabinet Performance Review Unit. The review included both the general government sector and state owned corporations.
The Institute of Internal Auditors Australia (IIA) endorses the report and recommends the proposed reforms should be adopted by other governments throughout Australia.
According to IIA’s website “This is a must-read publication for anyone involved in internal audit in the public sector. “
In a statement quoted in the media (AFR 18 July), the IIA recommends that internal audit should be mandatory in all government entities, audit committees should be independent of top management, and there should be increased professional development for internal audit professionals.
One of the recommendations of the NSW review is the development of a strategy for better use of technology for internal audit across the NSW public sector. IIA also recommends that ICT skills should be a specific priority for auditors, emphasising the potential ICT offers for better and faster internal audits.