STEPHEN G. MARKS & CO. PTY. LTD.

CHARTERED ACCOUTNANTS

The Stephen G. Marks & Co Approach to Probity

Outline

What is Probity Auditing?

  • It is peculiar to the public sector
  • The overseeing of the process to ensure that equity and procedural fairness is accorded to all participants
  • It ensures the transparency of the process
  • It ensures the defensibility of the process
  • Provides total accountability

The Probity Auditor's Primary Areas of Involvement

  • Establishes the rules of the process
  • Assists in the preperation of the procedures and benchmarks for assessment
  • Oversee the rules governing access to management of the business
  • Ensure equity in respect of bidder communications and access to information
  • Briefing of participants/stakeholders
    • Board (if applicable)
    • Minister, Politicians and their Advisers
    • Management
    • Transaction Advisor
    • Project Team
  • Deal with issues arising from conflicts of interest
  • Ensure confidentiality is retained

The Issue of Perception

  • An area of considerable risk
  • Creates and awareness to enable the early identification of problems
  • Need to consider accountability
  • Perception is a major issue in respect of conflicts of interest

Adding Value to the Process

  • We provide objectivity and independance
  • We develop mutual respect
  • We ensure openness and regular communication
  • We are your "insurance policy" and provide confidence in the process

Methodology

  • Identify and Establish protocols for key aspects of the process
    • Expression of interest phase
    • Formal bidding phase
    • Evaluation of the bids
    • Negotiation witht the bidders
    • Contract Closure
  • Establish the underlying probity objectives
  • Provide the probity briefing to all relevant parties
  • We provide specialist advice
  • We attend project team meetings
  • We provide regular reporting
    • Need to develop a close but independant working relationship
    • Regular - oval/written communication
    • Sign off at agreed milestones

Conclusion

Stephen G. Marks & Co. Add value and independence to the process through:

  • The provision of specialist experience
  • Viewing the process from outsite
  • Maintaining our independance
  • Sensitivity to and having a thorough understanding of the requirements