Auckland Council, the amalgamation of five individual councils known as the super city, understood the consequences of inadequate treasury governance and were eager to mitigate these risks by reaching out for a safe pair of hands. Having recognised the need for specialised treasury outsourcing services, they approached trusted advisor, Lesley Mitchell, Deloitte Audit & Assurance partner.
From the onset, Lesley and her team integrated themselves as part of the Auckland Council team by adopting their culture and taking the time to understand their unique needs, their business, and their people. The relationship has remained strong for close to ten years, and Lesley and her team are deeply integrated into the Auckland Council, working daily with their staff in close collaboration.
Underpinning this long-lasting relationship are the skills and expertise that Lesley and her team bring to the table. Strict controls and procedures are implemented throughout the treasury process, as outlined in the treasury policy, which establishes rules and parameters for buying and managing the organisation's financial portfolio. Specific controls such as confirmation checks are established to ensure accurate fund transfers into the Auckland Council treasury system. This verification process of fund transfers ensures alignment between the client and the bank in transaction details, minimising discrepancies and ensuring the books remained balanced.
As well as being a proven treasury outsourced service, Lesley and her team were able to provide cost efficiencies by leveraging advanced tools and systems at scale, providing unrivalled accuracy and responsiveness.
“There’s comfort in knowing that the day-to-day back-office function is well-managed, well controlled and audited annually, with all the appropriate controls and risks taken care of by Deloitte,” says John Bishop, Auckland Council Group Treasurer.
By entrusting their treasury functions to Lesley and her team, Auckland Council gains more than just transactional support; they enjoy the peace of mind that comes from a symbiotic relationship. The seamless continuity of their treasury functions during periods of disruption, unwavering compliance with regulatory requirements, and optimised financial performance are just some of the many benefits of this collaborative relationship.
“I don’t know why more people don’t give treasury back-office outsource a go. From a straight economic perspective, it stacks up,” continues John.
If you’re thinking of outsourcing your treasury functions, or have any questions, please contact Lesley Mitchell or Bruce Edhouse below.