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AOFM - annual report 2010-2011

Posted by on in Political Blindness
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Audit Committee

The AOFM Audit Committee is a forum for the review of audit and related issues. It approves the AOFM’s internal audit plan; reviews audit reports and advises on action to be taken on matters raised by AOFM’s auditors; advises on the preparation and review of the AOFM’s financial statements; reviews operational risks and endorses the plans for implementation of fraud controls and awareness training.

The Audit Committee membership at 30 June 2011 comprised:

  • Peter Warne, independent member of the AOFM Advisory Board (Chair);
  • David Lawler, former Group Auditor, Financial Controller of Institutional Banking and Executive General Manager of the Commonwealth Bank of Australia. Audit Committee member of the Defence Materiel Organisation, the Australian Trade Commission, the Australian Agency for International Development, the Australian Sports Anti-Doping Authority and National ICT Australia;
  • Elizabeth Clegg, Manager, Government Investment, Risk and Debt Policy Unit, the Treasury; and
  • Jason Dakin, Manager, Compliance, AOFM.

Invited attendees included the Australian National Audit Office (ANAO), the AOFM internal auditor (Deloitte Touche Tohmatsu) and the AOFM Chief Finance Officer. The AOFM CEO also attends meetings at his discretion.

The Committee met on four occasions during 2010-11.

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  • doyla66
    doyla66 Saturday, 22 September 2012

    JJ:BFCSA should consider accessing sensitive AUS Gov.'info' thru Freedom of Information(FOI) processes. "AOFM Audit Committee, advises on action to be taken on matters raised by AOFM’s auditors - implementation of ['RMBS'] fraud controls and awareness [real time'RMBS fraud?]"

  • doyla66
    doyla66 Saturday, 22 September 2012

    All I can say - talk about asking Dracula to look after the blood bank! Is the government also trying to say their is no CONFLICTS of interest happening here..!!Gillard claims to the world at the G20 Australia is a world leader in Anti corruption laws and have a fair and transparent systems in place to prevent it.. What BS!!! Sounds like we are Corruption Central..!! What part of the Bank Industry in Australia is clean - NONE. We have been proving that over the last few months!!

  • doyla66
    doyla66 Saturday, 22 September 2012

    History repeating or cycles repeating (circa 1931 when 3 banks failed due to overzealous practices coming home to roost?). H m m m m m - food for thought.

  • doyla66
    doyla66 Sunday, 23 September 2012

    Conflict of interest is a curious animal. Apparently if a committee member declares conflict of interest or if it's obvious it's no longer a conflict of interest.
    The Chairman could have a challenge with the power imbalance.
    The problem isn't in the composition of the committee per se, it's in the "list" of items submitted to the external auditors for consideration. As "audit the RMBS for Frauds" is unlikely to be on the auditor's shopping list then it will not be checked. Why would it be on the list of an audit committee for an organisation that doesn't think there's a problem?
    David Lawler seems to have the credentials for the committee position. At least he doesn't hold a current position with the CBA, according to the information, in the interests of integrity (or keeping up appearances :)). After such an illustrious career would he hold shares or other financial products from the CBA or do they check such things?
    I think this is just another example of "bank blindness".
    For the record PwC are the still the external auditors for CBA. http://www.commbank.com.au/about-us/shareholders/pdfs/annual-reports/2012_Commonwealth_Bank_Annual_Report.pdf

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