ARPC’s internal audit function is outsourced to PwC and overseen by the Audit and Compliance Committee. During 2019-20, PwC continued to provide internal audit services to ARPC. The updated five-year rolling Strategic Internal Audit Plan (SIAP), which is closely aligned to the risk register and risk appetite and tolerance statement, was approved by the Committee and the Board and included in the 2019-20 Internal Audit work plan.
PwC works closely with the Committee, CEO and senior management to identify and analyse business risks. The Committee regularly meets with PwC, its internal auditor, and independent of management periodically. Audit findings are reported to the Committee. Management actions or improvements identified through audits are agreed with management, approved by the Committee and tracked to completion on the Audit Issue Register. Internal audit has routine discussions with external audit to avoid any duplication of work and external audit has full access to internal audit work.
2019-20 Internal audit program
The Internal Audit Workplan for 2019-20 was successfully completed, with all management actions or improvement opportunities accepted, recorded and tracked on the Audit Issues Register. The annual program also has flexibility to accommodate Board or management requests for ad hoc audit reviews.
The following reviews were completed during 2019-20:
- Cedant Review Process
- Risk Management
- Claims Processing, and
- Governance and Compliance Framework Redesign – post implementation review
A review of payroll processes was requested by management and commenced in the reporting period.