AUSTRAC engaged Chartertech to undertake a review of its finance function and framework to provide assurance its activities, processes and outcomes met contemporary public service standards and were being delivered efficiently and effectively.
From our findings, we developed recommendations which were prioritised based on an assessment of impacts, benefits and timeframe to deliver. Our recommendations addressed the following broad themes:
- Corporate Governance, including options to improve business and strategic planning, project governance and performance reporting (KPIs).
- Financial Governance, including an enhanced framework for investment decisions and resource allocation, a revised internal budget methodology, improved financial reporting capability and enhanced capital expenditure planning.
- Policies and Processes, including improved arrangements for procurement, support for users of financial services and processing efficiencies.
- People, including a more structured approach to continuous improvement and enhancement of the management accounting capability.
- Systems, including opportunities to enhance the finance system functionality through automation and customisation of software modules, noting these needed to be considered in the context of a proposed shared services agenda.
Our recommendations were supported by an implementation roadmap which included cost, risk and interdependencies. AUSTRAC accepted all of our recommendations and subsequently engaged Chartertech to assist with their implementation.
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