The ARC oversees all assurance processes, including internal and external audit planning, evaluation of results and supervision of corrective action, with quarterly reports maintaining transparent oversight. The ARC confirms it fulfilled its mandate as set out in its terms of reference and work plan during the period under review.
Based on information provided by management, the ARC, Internal Audit and the external auditor, the Board confirms that the Fund's system of internal controls is adequate and effective for the year ended 30 June 2026, with no material breakdown identified that would materially affect the financial statements or the integrated report.
Together these mechanisms close the loop this chapter opened with the Chairman's account of the year: governance set the direction, the framework and the people carried it forward, and assurance confirms it held.
Established in 1985, Internal Audit plays a key role in enhancing governance and operational effectiveness, having evolved to adopt a risk-based approach and embrace technological innovation.