Jeff delivered the internal audit program for for the Industry Superannuation Property Trust over three years, inlcuding conducting audits of head office financial processes, outsourced property accounting contract management, project management processes, property services delivery, capital expenditure, budgeting and financial performance reporting. Jeff’s assessments provided benchmarking across the portfolio, enabling consistent practices and process efficiencies to be shared.
For a national property portfolio, visited numerous buidlings and evaluted the effective property management processes used to monitoring and manage the properties, including:
Tendering and procurement processes for major contracts
Lease management, including confirming tenant schedule details to actual lease details, and confirming appropriate certificates of insurance and bank guarantees were held
Invoice authorisation process
Arrears process, which involved a review of the current debtors ledger and confirmed any collection actions taken
Out of budget capital expenditure approval process.
Assessed compliance frameworks supporting unit pricing and ASFL compliance, including policies and procedures, monitoring processes and reporting. Key to an effective framework are clear and documented roles and responsibilities, regular risk assessments, training, accountability through performance indicators, compliance monitoring programs and formal Board/Executive reporting.
Acquisitions and investments evaluated included joint ventures and wholly-owned property. Our review confirmed the importance of an investment strategy, investment planning policies and procedures, detailed cost analyses (investment Rate of Return, cost variance analysis, etc), formal agreements, investment monitoring, investment reporting and post project completion review (lessons learnt).
For joint ventures, evaluated the joint venture partner selection process, including vetting process, selection criteria and risk assessment, alignment of project plans, selection approval, Project Control Board reporting and compliance with Key Performance Indicators or Joint Venture Agreement milestones. Developed a Joint Venture Partner Risk Assessment/ Due Diligence Checklist to minimise selection risk. It considers Directors, businesses past projects, financial viability, asic, police and legal checks, and insurances.
Assessed joint venture project reporting including ongoing monitoring of project status against targeted outcomes at each milestone, independent verificaiton of project financial reports and conducted a process walkthroughs to gain an understanding of the controls in place to mitigate the risks identified.