Financial Services

Overarching Audit Policy

The University must be certain that effective controls are in place regarding matters of income, expenditure, assets and liabilities.

This includes the management and accounting of all public or other property which the University administers, either through Financial Services or as devolved to its Schools/Areas. To monitor that such controls are established and are in use, the University has an Internal Audit Group.

Internal Audit helps sections of the University management to effectively discharge their financial responsibilities by supplying each section with objective analyses, appraisals, recommendations and comments concerning the activities reviewed. The University is also audited annually by the Office of the Auditor General or its delegate.

Policy statement

The University is recognised as a statutory authority within Section 53 of the Financial Management Act 2006 (FMA) and is, therefore, bound to the requirements of that Act. Under this Act, the University Senate is given responsibility of specific functions, including:

  • Unless otherwise directed in writing by the Treasurer, developing and maintaining an effective internal audit function.

The University Senate, under The University of Western Australia Act 1911, through its delegated officers, is responsible for keeping proper accounts and maintaining adequate systems of internal control, preparing and presenting the financial statements, and complying with the FMA and any other relevant written law.

The Senate is indirectly informed through the Senior Deputy Vice-Chancellor and/or the Audit and Review Committee on the existence and/or effectiveness of the financial support structure, policies and procedures.

In addition, the University maintains an Audit and Review Committee to investigate and report regularly to Senate on financial and non-financial matters, either within an audit program that it determines or as directed by Senate. It ensures that proper standards of financial accountability, statutory accountability and operational accountability are maintained and it receives and comments on annual reports from University areas.

The Office of the Auditor General conducts an annual audit of the accounts and financial statements of The University of Western Australia under the provisions of the FMA and the Auditor General Act 2006.

The University provides financial statements which include the consolidated accounts of the consolidated entity made up of the University and the entities it controls at the year's end or periodically during the financial year.

The Office of the Auditor General may choose to conduct the audit of the University through a body contracted by the Office of the Auditor General.