What is a Compliance
Audit?
Compliance audits review the extent to which a Unit is complying
with University policy and procedures, legislation and other Government
requirements, and has established and maintained systems and controls
to ensure a reasonable level of compliance over core financial and
management processes.
What is Performance Audit?
A performance audit evaluates whether an unit is effectively meeting
its objectives, and using its resources economically and efficiently.
It can cover all, or part of, the activities of the unit or department.
Performance audit reports provide an independent assessment of
a unit's activity, seek to improve resource management and add value
to through recommendations on improving operations and procedures.
What are Letters of Assurances?
Under the Financial Management Act 1994, the University is required
to prepare annually financial statements which reflect the financial
position of the University. These statements are presented to the
Auditor General of Victoria, who is required to carry out an audit
of the University records and certify that financial statements
are in accordance with those records. Prior to the completion of
the audit, the Vice-Chancellor is required to provide to the Auditor
General, a signed letter of assurances, stating that the financial
records of the University represent a true and fair view of the
representations made to the Auditor General in the course of their
audit. The University Council in authorising the financial reports,
will also sign a statement to the same effect.
In order to enable the Vice-Chancellor to give such assurances,
the Heads of Management units must sign a similar statement of assurances,
confirming that they have provided to the Finance Department a full
and open disclosure of all financial matters, as applicable to their
area of responsibility.
Due Diligence
Reports can be provided from Dunn & Bradstreet (D&B) to Units who intend to undertake business dealings with companies or other organisations and need to check their credit and other records.
Enquiries regarding D&B's reports should be made to the following people:
I nternational activities: Robertus Halim, x4555
Non-international activities: Caine Vinen, x8617
The various types of report that D&B can provide and costs for each report are in the attached documents. Please note that you are responsible for the costs of these reports.
Commercial Report
Product and Price List
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