NHFIC is developing formal and rigorous processes that independently verify and safeguard the integrity of its corporate reporting, including the Corporate Plan, Annual Report and other reports and media releases NHFIC’s issues to the public.
During the year, NHFIC implemented a number of internal controls to ensure the integrity of its corporate reporting systems, including the accuracy of financial reporting. These internal controls take the form of appropriate financial delegations, financial planning and reporting and compliance with appropriate procurement standards.
Prior to the release of any corporate reports to the public, the reports are reviewed by members of the Executive and, in the case of the Corporate Plan and Annual Report, the Audit and Risk Committee and Board before their release to the public. This process helps to ensure that corporate reports are accurate, balanced and understandable and provide the responsible Minister with appropriate information to make informed decisions.
In August 2019, NHFIC appointed McGrathNicol as its internal auditors and approved a three-year internal audit program to evaluate and continually improve the effectiveness of its risk management and internal control processes.
The Auditor-General is responsible for auditing the financial statements. The external audit for 2018–19 was performed by the Australia National Audit Office. In addition, NHFIC’s Annual Report is tabled in Parliament.
Declaration by the Chief Executive Officer and Chief Financial Officer
Prior to the approval of the annual financial statements by the Board, the CEO and CFO provide confirmation in writing that our financial records have been properly maintained and that the financial statements give a true and fair view of the financial position and performance of NHFIC.
The CEO and CFO also make representations over the adequacy and effectiveness of NHFIC’s risk management framework and internal controls.