News & Resources

External Scrutiny

During the 2013 - 2014 reporting period the TSRA was a statutory authority of the Australian Government and was accountable to the Parliament of Australia and the Minister for Indigenous Affairs.

The Auditor-General is the TSRA's external auditor. The audit of the TSRA's financial statements is conducted in accordance with an audit strategy agreed to by the Auditor- General and the TSRA. The 2013 - 2014 audit was conducted in August 2014. A copy of the Independent Auditor's report, including the Auditor's Opinion, is provided as part of the Financial Statements in Section 5 of this Annual Report.

Fraud Control

The TSRA has implemented a fraud control framework in accordance with the Commonwealth Fraud Control Guidelines. No incidences of fraud were detected in 2013 - 2014.

Internal Audit

The TSRA Audit Committee is assisted in the internal audit function by an external contractor, PDM Consultancy. PDM Consultancy is responsible for implementing the TSRA's internal audit programme, which aims to provide assurance that key risks are being managed effectively and efficiently, including that the TSRA complies with regulatory requirements and policies.

Compliance Report

In accordance with Section 16(1)(c) of the Commonwealth Authorities and Companies Act 1997 (Cth), the TSRA provided the Finance Minister and the Minister for Indigenous Affairs with a letter from the TSRA directors. The letter advised that the TSRA had:

  • complied with the provisions and requirements of the Commonwealth Authorities and Companies Act 1997 (Cth)
  • complied with the provisions and requirements of the Commonwealth Authorities and Companies Regulations 1997 and the Commonwealth Authorities (Annual Reporting) Orders 2011.

A compliance index is included in Section 7 of this Annual Report, and a table, Compliance with Australian Government Statutes and Policies, is attached in Appendix 5.

Indemnities and Insurance Premiums for Officers

The TSRA indemnifies current and former directors and staff members against liability or costs incurred in connection with any claim brought against them as a result of, or in connection with, their appointment to any office or position in the TSRA. The TSRA holds directors' and officers' liability insurance cover through Comcover, the Australian Government's self-managed fund. As part of its annual insurance renewal process, the TSRA reviewed its insurance coverage in 2013 - 2014 to ensure it remained appropriate for operations.

During the year, no indemnity-related claims were made, and the TSRA knows of no circumstances likely to lead to such claims being made.

The cost of directors' and officers' indemnity insurance for 2013 - 2014 was $6,784.

Directors' Interests Policy

In accordance with the Commonwealth Authorities and Companies Act 1997 (Cth), the TSRA Board has a policy and process to manage all direct and indirect conflicts of interest, including a register of all directors' pecuniary interests and a requirement that directors make a formal declaration of their interests at each TSRA Board meeting. The declarations are recorded in the minutes of the meeting, which are distributed to all communities through their elected TSRA Board Members. The pecuniary interest processes applies to all governance committees of the TSRA.

a photograph of TIB coxwains training participants

TIB coxwains training participants.