In my July post, I discussed the Commission’s prudential audit program and the purpose and benefits of these for residential aged care providers. This month, I’d like to take the opportunity to introduce the Targeted Review program which builds on the prudential audit program.
Unlike a prudential audit which assesses a single provider against the prudential obligations, Targeted Reviews address a specific regulatory issue or a specific group of providers. Previously, we have reviewed governance systems and the management and refunding of refundable accommodation deposits.
Targeted Reviews are an essential part of our strategy to raise provider awareness of financial and prudential obligations. They help us assess provider understanding of financial and prudential obligations, and quantify the impact of non-compliance. They play an important role in our efforts to foster and improve compliance to build a resilient aged care sector.
If your organisation is selected for a Targeted Review, we will start by contacting your Chief Executive Officer. We will then meet with the relevant teams to explain the process, discuss timeframes, and establish expectations. Our involvement with you is ongoing throughout the review process, and we prioritise education and collaboration. Following the completion of the review, we will share our findings and recommendations with you.
We will work closely with you if any non-compliance is identified during the review. This gives you the opportunity to correct the non-compliance before we take further regulatory action. Our aim is to work with providers to build a sustainable sector that Australians can trust.
Over the course of the 2023-24 financial year, we’ll be undertaking seven targeted reviews, each focusing on a specific topic. Findings will be shared via insights reports published on a dedicated webpage. While we are confident that these topics will address sector needs, we welcome your input on areas you believe warrant review. Please email firstname.lastname@example.org. As always, your insight is invaluable in shaping our approach.
Finally, I'd like to take this opportunity to introduce the Financial and Prudential team and the work we do to support you. This video provides insight into their work and collaborative efforts with you. I hope it gives you the chance to get to know us a little better.
Until next time...
Executive Director, Compliance Management Group