During the year, our internal audit forward work program was delivered in line with the schedule agreed with the Audit Committee. During 2010-11, 69 audit reports were tabled, compared to 71 tabled in 2009-10. These reports contained 131 recommendations to improve operations and controls, down by 36%. We implemented 132 recommendations during the year, including those carried over from previous years.
Our Audit Committee benchmarked the activities of internal audit against the Institute of Internal Auditors Policy Agenda, and was satisfied that we reasonably complied with the principles and recommendations.
In May 2011 we had a quality assessment review conducted by Andrew Cox and Associates using an accredited global framework. The review concluded that internal audit conforms with professional auditing standards and operates at a high level of maturity. Our internal auditors demonstrate the required skills, knowledge and experience, and their operating processes and work are representative of leading practice. All of our internal auditors are members of the Institute of Internal Auditors.