Internal audit

The Board and Executive Leadership Team are committed to the operation of an objective and independent internal audit function. They support this through allocating resources, by approving the annual audit program and monitoring its completion, reviewing executive summaries of individual audits and monitoring the implementation of audit recommendations.

Internal Audit assists management to achieve Endeavour Energy’s statutory and business objectives by adopting a disciplined approach to evaluating and improving risk management, controls and governance processes.

To support a strong internal audit function, an independent external quality assurance review of internal audit is required at least once in three years. The May 2009 review concluded that the internal audit methodology and practices used are in line with the standards of the Institute of Internal Auditors and good practice. We expect the next review will take place within the next 12 months.

As at 30 June 2011, Internal Audit had delivered the targets in the approved audit program in the year under review. In addition, each division met the key performance indicator of nil overdue audit recommendations aged greater than 90 days.

During the year, Internal Audit also provided assurance and recommendations for control improvements in key operations and activities in the network and retail businesses and support functions, as well as a pre-implementation review of the governance and controls relating to the transition of the retail business.

External audit

The Auditor-General of New South Wales provides independent external audit services through the Audit Office of New South Wales. It provides no other services to Endeavour Energy.

Insurance

Endeavour Energy reviews the adequacy of insurance policy coverage and limits during each annual insurance renewal process and ensures all participating markets meet acceptable insurer security requirements.

Board of Directors

Board of Directors – profiles

Executive Leadership Team – profiles

Ethics and conduct

Fraud risk register

Conflicts of interest

Compliance

Audit and Insurance