WSA has developed formal and rigorous processes that independently verify and safeguard the integrity of its corporate reporting. This includes the annual Directors’ Report and other reports in the Company’s corporate reports portfolio released to the public.
The portfolio of published corporate reports currently comprises the Company’s:
- Corporate Plan; and
- Annual Report, including the Directors’ Report, Remuneration Report, Corporate Governance
Statement, Financial Report and Regulatory Report.
7.1 Internal controls
During the reporting period, the Company implemented additional internal controls to ensure the integrity of 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 the Company’s Procurement Policy.
Prior to the release of any corporate reports to the public, the reports are reviewed by Management, the Audit and Risk Committee, and ultimately approved by the Board. This process helps to ensure that corporate reports are accurate, compliant and comprehensible, and provide Shareholder Ministers with appropriate information to make informed decisions.
WSA will continually seek to improve the effectiveness of its risk management and control processes. In June of 2018, the Board approved the appointment of Deloitte as the Company’s Internal Audit provider for an initial two-year term. The Internal Auditor has a program of regular
evaluation of the Company’s risk management and control processes, and this program is reviewed and endorsed by the Audit and Risk Committee. Similarly, evaluation outcomes are regularly reported to the Audit and Risk Committee.
7.2 External audit
Pursuant to Section 98 of the PGPA Act, the Auditor-General is responsible for auditing the Financial Statements of WSA, as well as compliance with the performance standards prescribed for GBEs. In addition, WSA’s Annual Report is tabled in Parliament and the Company’s Financial Report is lodged with the Australian Securities and Investments Commission (ASIC).
In addition to annual Financial Statement audits, the Auditor-General is also responsible for auditing compliance with the performance standards prescribed for GBE’s, in the circumstances outlined in the Auditor General Act 1997 (Cth).
7.3 Declaration by the Chief Executive Officer (CEO) and Chief Financial Officer (CFO)
Prior to the approval of the Annual Financial Statements by the Board, the CEO and CFO provide confirmation in writing that the financial records of the entity have been properly maintained and that the financial statements give a true and fair view of the financial position and performance of the Company.
They also make representations in relation to the adequacy and effectiveness of the Company’s risk management framework and internal controls.
Based on the evaluation performed as at 30 June 2019, the CEO and CFO concluded that, as of the evaluation date, such risk management, internal compliance and control systems were reasonably designed, that the Financial Statements and notes of the Company are in accordance with the PGPA Act and the Corporations Act 2001 (Cth), and that there are reasonable grounds to believe the Company will be able to pay its debts as and when they fall due.