Shire of Cocos (Keeling) Islands Embarks on Procurement Reform

The Shire of Cocos (Keeling) Islands has taken a significant step towards improving its procurement processes by appointing a dedicated Procurement Officer and introducing mandatory “Conflict of Interest” forms for future tenders.

Background

According to a recent internal audit review, the Shire’s procurement processes were found to be in need of improvement. The review identified several areas for attention, including:

• Lack of clear delegation of authority framework
• Inadequate documentation of procedures for investments and revenue management

Procurement Reforms

To address these issues, the Shire has appointed a Procurement Officer to oversee purchasing and tender processes. Additionally, “Conflict of Interest” forms will now be mandatory for all future tenders.

Key Findings from Internal Audit Review

Other key findings from the internal audit review included:

• The Shire’s Investment Policy was deemed sufficient, but recommendations were made to:
  • Formalize cash flow projections
  • Consider diversifying investments
• A plan is being developed to document policy and procedures for:
  • Revenue management
  • Refunds
  • Accounting for assets

Implementation Timeline

The Shire has committed to implementing these changes by June 2023, with specific targets set for each action item.

Contact Information

For more information, please contact:

Shire of Cocos (Keeling) Islands Email Phone

Note: This article is a rewritten version of the original text in a media-friendly format. It highlights key points and provides context for readers who may not be familiar with the Shire’s procurement processes or internal audit review findings.