ACCOUNTABILITY AND
AUDIT
Insurance
ARTC maintains appropriate insurance
policies to ensure that its financial interests
and liabilities are fully protected and
which comply with its various contractual
obligations. ARTC’s insurance portfolio
provides coverage for damage or
destruction of its rail network infrastructure
assets, liability protection for its general,
professional and statutory liabilities. It
has also established a range of insurance
policies which provide protection for its
Board members and employees whilst such
persons are engaged on ARTC related
business and activities.
Internal audit
In September 2014 ARTC entered into
a five year contract with KPMG for the
provision of internal audit services. ARTC
Internal Audit maintains a three year
Internal Audit Plan which is reviewed
and updated annually. KPMG assisted
Internal Audit to review and update the
FY16 - FY18 Non-Safety Internal Audit
Plan (the Plan).
In May 2015 the Audit and Compliance
Committee approved the revised FY16
- FY18 Plan. A progress report which
provides an update on Internal Audit’s
progress to deliver the annual Plan is
presented to each Audit and Compliance
Committee meeting.
The Audit and Compliance Committee
invite the internal auditors to each
Committee meeting.
External audit
Under section 98 of the Public
Governance, Performance and
Accountability Act 2013, the Auditor-
General is responsible for auditing the
financial statements. In addition ARTC’s
Annual Report is tabled in Parliament and
its financial accounts are lodged with ASIC.
ANAO has contracted with Ernst &
Young to audit the ARTC on behalf of
the Auditor-General. The Audit and
Compliance Committee invite the external
auditors to each Committee meeting and
the papers for each meeting are provided
to both ANAO and Ernst & Young. The
external auditors are also invited to
ARTC’s Annual General Meeting.
OUR SHAREHOLDER
The Commonwealth of Australia
holds all shares in the Group. The
responsible Shareholder Ministers
are the Minister for Finance and the
Minister for Infrastructure and Regional
Development. ARTC recognises,
upholds and facilitates the effective
exercise of the rights of the single
shareholder, the Commonwealth of
Australia. In this regard, the Company
is subject to the PGPA legislation
and the Commonwealth Government
Business Enterprise Governance and
Oversight Guidelines in addition to the
Corporations Act 2001. ARTC has also
negotiated a Commercial Freedoms
Framework with the Shareholder which
agrees to ARTC’s mandate.
Shareholder communication
ARTC complies with the Commonwealth
Government Business Enterprise
Governance and Oversight Guidelines,
including the development of an annual
Corporate Plan, the publication of an
annual Statement of Corporate Intent
and regular Shareholder liaison, including
formal quarterly Shareholder reports
and meetings.
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