Financial Administration
An Accounting Manual is maintained in accordance with Section 44 of
the
Financial Administration and Audit Act 1985. A
Financial Delegations
and Authorisations Manual, which records the Board's delegation of powers,
obligations and duties, is also maintained.
Independent Professional Advice
The
Insurance Commission of Western Australia Act 1986 empowers the
Insurance Commission to engage, under contract, professional and technical
services to enable it to carry out its functions. Under these powers,
any requests by the Board to seek independent professional advice would
be a matter for them to consider at the time in light of the specific
circumstances.
Internal Audit
The Insurance Commission's Internal Audit Service is undertaken by an
external contractor. This provides the Board with an independent appraisal
of the operation and effectiveness of systems and controls, and assists
it in discharging its responsibilities under the
Financial Management
Act 2007 and relevant Treasurer's Instructions.
The audit assesses financial and administrative control systems and
seeks to improve our management of, and accountability for, the use
of resources. It also aims to address, at a strategic level, key risk
areas and corporate governance issues. The results of all audits are
reported to the Audit and Accounts Committee and include opinions
regarding the adequacy of financial, operational, administrative and
systems controls.
Investments
The Board, in consultation with its independent asset consultants and
input from the Investments Division, oversees the Insurance Commission's
investment strategies. The Board decides on investment strategy, investment
manager appointments and other key investment portfolio construction
issues. These are subject to
Prudential Guidelines for Investments (Guidelines)
issued by the Treasurer of Western Australia. The Guidelines are regularly
reviewed and updated and can be viewed on the Insurance Commission's
website www.icwa.wa.gov.au.
The Board receives detailed monthly and quarterly reports and regular
presentations on investment performance and results from the Investments
Division and the appointed external specialist investment managers.
The Treasurer approves external investment manager appointments. A
Master Custodian carries out the administration of externally managed
funds. There are also three portfolios managed internally by the Insurance
Commission involving the management of Cash, Direct Property, and
Inflation Linked Bonds. The administration and management of property
assets is performed by external property managers who are responsible
for the day-to-day operations of the buildings owned by the Insurance
Commission.
