Risk and audit at a glance
The Adelaide Festival Centre Trust is committed to ensuring that effective risk management is integrated into regular work activities. The aim is to ensure that risk management is embedded in decision‑making and operational processes, contributing to the achievement of the Trust’s strategic objectives and the creation of a positive organisational risk culture.
The Risk and Audit Committee is responsible for providing independent assurance and assistance to the Trust on the operation and effectiveness of risk management, internal controls, legislative compliance, and internal and external accountability.
The Committee met on four occasions during 2023-24. Membership consists of three board members from the Adelaide Festival Centre Trust.
Activities undertaken by the Committee during 2023-24 include:
- Approved and monitored the delivery of the 2024 internal audit plan.
- Reviewed the quality of the 2022‑23 annual financial statements including variance analyses and other explanatory commentary prior to signing and lodgement with the Audit Office of South Australia.
- Provided oversight of the Trust’s strategic and operational risk registers.
- Considered correspondence to and from the Audit Office of South Australia.
- Provided oversight of risk management, business continuity management, financial management compliance, insurance and budget management.
Fraud detected in the agency
There were no actual or reasonable suspected instances of fraud detected in the agency during 2023-24.
Strategies implemented to control and prevent fraud
The Adelaide Festival Centre Trust has in place controls, appropriate to the nature of its business, to ensure that any risk of fraud is effectively managed. These controls include:
- Oversight by an independent Board of Trustees and an internal Risk and Audit Committee;
- Operations being governed by a charter and performance statement, Treasurer’s Instructions, and the Trust’s own policies;
- Management’s ongoing consideration of the risk within its normal business operations;
- Internal controls and procedures throughout the business, including segregation of duties, ongoing monitoring and review and financial systems controls; and
- Annual audits by the Auditor-General's department and in independent internal audit function that reports to the Risk and Audit Committee.
Data for previous years is available at: https://data.sa.gov.au/data/dataset/afct-fraud-detected
Public interest disclosure
Number of occasions on which public interest information has been disclosed to a responsible officer of the agency under the Public Interest Disclosure Act 2018:
Nil
Data for previous years is available at: https://data.sa.gov.au/data/dataset/afct-whistleblower-s-disclosure
Note: Disclosure of public interest information was previously reported under the Whistleblowers Protection Act 1993 and repealed by the Public Interest Disclosure Act 2018 on 1/7/2019.
Reporting required under any other act or regulation
N/A
Reporting required under the Carers’ Recognition Act 2005
N/A