Some observations

• Audit committee operations
  • High-level review for independence, competence, clarity of purpose, and open and effective relationships
  • Generally good, but some committees could enhance their operations
  • A few TEIs due to their sizes have no audit committees
• Managing conflicts of interest
  • A few instances noted, but we encourage TEIs to actively manage conflicts and probity matters diligently on an ongoing basis
• Procurement policy review follow-up
  • Improvements noted in some TEIs, but not in others
• Capital asset management plans
  • Many TEIs have some distance to go to meet good practice, for example, whole-of-life asset management cycle, linkage to budgets, financial statements