Audit and Risk Committee

The committee has no executive powers, except those expressly delegated to it by the President.

The committee is directly responsible and accountable to the President for the exercise of its responsibilities. The primary responsibility for management of the organisation rests with the CEO, but this does not impede the work of the committee.

The responsibilities of the committee may be revised or expanded in consultation with, or as requested by, the President from time to time.

The committee’s responsibilities include oversight of:

 

• review whether management has in place a current and comprehensive risk management framework and associated procedures for effective identification and management of the organisation’s financial and business risks, including fraud;
• review whether a sound and effective process has been followed in developing strategic risk management plans for major projects or undertakings;
• review the impact of the organisation’s risk management framework on its control environment and insurance arrangements;
• review whether a sound and effective process has been followed in establishing the organisation’s business continuity planning arrangements, including whether disaster recovery plans have been tested periodically; and
• review the organisation’s fraud control arrangements and satisfy itself that it has appropriate processes and systems in place to capture and effectively investigate fraud related information.

 

• review whether management’s approach to maintaining an effective internal control framework, including over external parties such as contractors and advisors, is sound and effective; 
• review whether management has in place relevant policies, procedures, and internal controls and that these are periodically reviewed and updated;
• determine whether the appropriate processes are in place to assess, at least once a year, whether policies and procedures are complied with;
• review whether appropriate policies and procedures are in place for the management and exercise of delegations;  consider how management identifies any required changes to the design or implementation of internal controls; and
• review whether management has taken steps to embed a culture which is committed to ethical and lawful behaviour. 

• advise the President on whether key controls are designed appropriately and are operating effectively;
• review the annual financial statements and provide advice to the President (including whether appropriate action has been taken in response to audit recommendations and adjustments), and recommend their signing by the President;
• satisfy itself that the financial statements are supported by appropriate management signoff on the statements, and on the adequacy of the systems of internal controls;
• review the processes in place designed to ensure that financial information included in the organisation’s annual report is consistent with the signed financial statements.

 

• determine whether management has appropriately considered legal and compliance risks as part of the organisation’s risk assessment and management arrangements; and
• review the effectiveness of the system for monitoring the organisation’s compliance with relevant laws and regulations.

• act as a forum for communication between the senior management and internal and external audit;
• adopt a risk based approach to planning internal audits, with the selection of audits being closely related to the key risks identified in the strategic risk reviews, and providing broad coverage over time;
• ensure the internal audit work plan assesses the adequacy of the organisation’s internal controls including those underpinning the reliability of the financial reporting and statements;
• consider all audit reports and provide advice to the President on significant issues identified in audit reports and action taken on issues raised, including identification and dissemination of good practice;
• monitor management’s implementation of internal audit recommendations;
• review the internal audit charter to ensure appropriate organisational structures, authority, access and reporting arrangements are in place; and
• periodically review the performance of the internal audit providers.

• provide input and feedback on the financial statements audit coverage proposed by external audit and provide feedback on the audit services provided;
• review all external plans and reports in respect of planned or completed audits and monitor management’s implementation of audit recommendations; and
• provide advice to the President on action taken on significant issues raised in relevant external audit reports

2024 Meeting Dates

Members:

• Stewart Chapman (Chair) 
• Garry Murphy
• Andrew McPhillips 
• Brian Stacey

Advisers:

• Lucy Hohnen (CEO)
• Antony Allen (COO)

Secretariat:

• Fran Neuss

Audit and Risk Committee Charter