Internal Audit & Risk Management Policy

What’s this about?

In 2009, NSW Treasury introduced the Internal Audit and Risk Management Policy for the NSW Public Sector (TPP09-05). Since then, the policy has undergone revisions in 2015 and 2020, resulting in TPP20-08: the Internal Audit and Risk Management Policy for the NSW Government Sector. Despite these updates, key elements have remained consistent since 2009.

We are now actively seeking feedback from stakeholders and encourage your participation in this major review.

Purpose and policy scope

• Purpose: TPP20-08 sets minimum standards for risk management, internal audit, and Audit and Risk Committees (ARCs) of in-scope agencies.
• Application: The Accountable Authority for all GSF Agencies must have effective risk management and internal audit arrangements. The policy currently applies specifically to Accountable Authorities of agencies that produce Annual Reports. Agencies scope is subject to changes from consultation results.
• Supporting accountability: The policy aligns with the Government Sector Finance Act 2018, emphasising effective systems for risk management, internal control, and assurance.
• Financial stewardship: TPP20-08 supports strong financial stewardship by:
  • Enabling effective risk management practices
  • Informing management through internal audit functions
  • Providing relevant advice via independent ARCs.

Known areas of interest

There is interest in mandating risk practices similar to those mandated for internal audit and ARCs.  Additionally, stakeholders seek clarity regarding ARC requirements and practices.

Have your say

Have your say online by 30 August 2024.

Please email any questions and your thoughts to finpol@treasury.nsw.gov.au. We encourage all stakeholders to share their views, especially on all key themes outlined in the consultation paper.