Power and Water requires delivery of internal audit program through an outsourced model. The conduct of this internal audit service will be in accordance with corporate practice and appropriate professional standards, including those under the Institute of Internal Auditors (IIA).

The service types will comprise of audit and assurance services, advisory services, and other professional consulting services which may be requested by the Power and Water Board.

The service provider will develop a risk-based, 3-year rolling strategic internal audit plan for approval by the Power and Water Board via Audit and Risk Management Committee by March/ April each year.

The service provider will plan and perform all internal audits in line with the approved 3 year plan. Subject matter experts appropriate to the nature and risks of the audit area must be included in each engagement. A detailed scope document to be approved by the relevant executive sponsor is required for each internal audit. Fieldwork requires attendance at Power and Water sites, unless agreed otherwise. Internal audits must meet key milestones and timeframes as agreed with Power and Water.

The service provider is required to attend and present audit outcomes at the Audit and Risk Management Committee meetings (approximately 5 meeting per year).

Other Power and Water business units/ functions may choose to use the service provider for other audit and assurance activities.

The contract will be managed by Safety, People and Governance business unit.