Insurance Arrangements Year Insurable risks are risks that are generally related to workers compensation, assets and inventories, Compliance public liabilities and indemnities. They exclude financial risk and legal costs in As part of its corporate governance action. framework, the In line with Northern Territory Government Corporation undergoes several audits and policy, the Corporation self insures. As a GBD, the Corporation can and has elected review to pay a premium to Northern Territory processes during the year. These are Treasury as its host agency for workers compensation insurance, undertaken in lieu of purchasing commercial by both internal and external auditors. insurance. In there were no claims. This is Policy and Procedures consistent with Formal policy and procedure manuals have been created and provided to all Occupational Health and Safety staff members. Policy and procedure Occupational health and safety (OHS) manuals are updated annually or as services are provided to the required. Corporation as part of Northern Territory Treasury’s OHS program. Internal Audit Northern Territory Treasury’s OHS The Corporation has an internal committee meets quarterly and function reporting directly to the regularly reports to Corporation’s Advisory Board, Audit Northern Territory Treasury’s SMG. The Committee and Northern Territory committee reports and advises on Treasury’s Senior Executive. The workplace safety and systems of work, internal auditor, KPMG, audits the developing, implementing and monitoring Corporation’s financial statements and OHS measures, advocating acceptable reviews its risk and operational and responsible practices by employees environments. and others, and promoting a health and External Audit safety ethos. The of the Northern All managers and supervisors are Territory reviews the Corporation’s required to undertake a training financial statements and operating session facilitated by the Department environment and reports these of Business and Employment to findings annually to the Under ensure appropriate awareness of the Treasurer and OHS Northern Territory Parliament. The requirements within the Northern also attends the Territory Public Service. Corporation’s Audit Committee meetings as requested. Table 13: Audits Undertaken During the inion External Unqualified audit opinion Compliance Review Internal No significant matters identified Information technology controls Audit 30/06/12 Internal No significant matters identified Interim period review Audit 30/06/12 Internal/external No significant matters
Insurance Arrangements Insurable risks are risks that are generally related to workers compensation, assets and inventories, public liabilities and indemnities. They exclude financial risk and legal costs in action. In line with Northern Territory Government policy, the Corporation self insures. As a GBD, the Corporation can and has elected to pay a premium to Northern Territory Treasury as its host agency for workers compensation insurance, in lieu of purchasing commercial insurance. In there were no claims. This is consistent with Occupational Health and Safety Occupational health and safety (OHS) services are provided to the Corporation as part of Northern Territory Treasury’s OHS program. Northern Territory Treasury’s OHS committee meets quarterly and regularly reports to Northern Territory Treasury’s SMG. The committee reports and advises on workplace safety and systems of work, developing, implementing and monitoring OHS measures, advocating acceptable and responsible practices by employees and others, and promoting a health and safety ethos. All managers and supervisors are required to undertake a training session facilitated by the Department of Business and Employment to ensure appropriate awareness of the OHS requirements within the Northern Territory Public Service. Table 13: Audits Undertaken During the Year Compliance As part of its corporate governance framework, the Corporation undergoes several audits and review processes during the year. These are undertaken by both internal and external auditors. Policy and Procedures Formal policy and procedure manuals have been created and provided to all staff members. Policy and procedure manuals are updated annually or as required. Internal Audit The Corporation has an internal function reporting directly to the Corporation’s Advisory Board, Audit Committee and Northern Territory Treasury’s Senior Executive. The internal auditor, KPMG, audits the Corporation’s financial statements and reviews its risk and operational environments. External Audit The of the Northern Territory reviews the Corporation’s financial statements and operating environment and reports these findings annually to the Under Treasurer and Northern Territory Parliament. The also attends the Corporation’s Audit Committee meetings as requested. External inion Unqualified audit opinion Compliance Review Internal No significant matters identified Information technology controls Audit 30/06/12 Internal No significant matters identified Interim period review Audit 30/06/12 Internal/external No significant matters
AR-NTTC-1112.docx