2001 Annual Report

The Council has a written statement on ethics, and has written policy and procedures on conflicts of interest, which require disclosure by all Council members, and by all senior staff who have decision making authority or who serve on decision-making committees and full reporting where conflict of interest situations arise.
The University maintains systems of internal control over financial reporting and safeguarding of assets against unauthorised acquisition, use or disposition of such assets. Such systems are designed to provide reasonable assurance to the University and Council regarding the preparation of reliable published financial statements and the safeguarding of its assets. It includes a documented organisational structure and division of responsibilities, established policies and procedures, which are communicated throughout the University, and the careful selection,
training and development of its people. Internal auditors monitor the operation of the internal control systems and report findings and recommendations to management. Corrective actions are taken to address control deficiencies and other opportunities for improving the systems when identified. Council, through its Audit
Committee, provides oversight of the financial reporting process.
The University has undertaken an extensive review of its systems, procedure and controls under the Analysis of Integrated Management Systems (AIMS) initiative. The AIMS initiative was started in 1999 and culminated in June 2001 and its recommendations have either already been, or are in the process of being, implemented and/or integrated into the management systems of the relevant departments. Procedures are in place to ensure that the ‘continuous improvement’ of systems, service and internal controls envisaged in AIMS will be sustained into the future.