95 Internal audit The ASC’s internal audit program provides independent, management-orientated advice on the ASC’s operations and performance. The objective of internal audit is to: > > provide assurance to the ASC Executive and the Finance, Audit and Risk Committee that the key risks to achieving the ASC’s objectives are being appropriately mitigated > > assist management to continuously improve business performance. During 2016–17, the ASC continued its contractual relationship with PricewaterhouseCoopers (PwC) as the Commission’s internal audit provider. The annual internal audit plan, approved by the Finance, Audit and Risk Committee, focused on key areas of operational risk. The development of the plan was informed by discussions with management, business planning and the ASC’s assurance map. Throughout the year the Finance, Audit and Risk Committee maintained oversight of the internal audit program and implementation of open internal audit recommendations. Fraud The ASC continued to fulfil its requirements in relation to fraud control, taking all reasonable measures to minimise the incidence of fraud and to investigate, and to the extent possible, recover the proceeds of fraud against the ASC. The ASC has a documented fraud risk assessment and fraud control plan, and has in place appropriate fraud prevention, detection, investigation, reporting and data collection procedures and processes to meet the specific needs of the ASC. During 2016–17, the ASC implemented recommendations from the 2015–17 Fraud Control Plan to strengthen internal controls and further promoted the fraud awareness training package to new ASC staff members. During the reporting period, one instance of suspected fraud was reported to the ASC and addressed in accordance with the ASC’s Fraud Control Plan. Indemnities and insurance The ASC is insured through the Australian Government’s self-managed fund, Comcover. Insurance includes directors’ and officers’ liability cover to the extent permitted by the PGPA Act. The entire premium is paid by the ASC. In 2016–17 the ASC did not give any indemnity to a current or former officer of the ASC.