Audit Committee

The Audit Committee has no executive powers. It undertakes an oversight and advisory role with the aim of ensuring financial management and control remains effective, it meets 4 times a year such meetings aligned with key accountability frameworks such as annual budget development and preparation of financial statements. Internal Audit may request an extraordinary meeting if they consider it necessary.

Audit Committee Charter

The Audit Committee is regulated by a charter which defines its authority and responsibilities.

Key Responsibilities of the Audit Committee

Financial and Reporting
Coordinate the Departments interaction with the ACT Auditor General and consider the Auditor Generals reports.

Internal Control
Understand the key areas of risk associated with the Departments operations, systems, functions and activities and monitor the control process.

Compliance with Legislation, Regulations and Ethics
Monitor and review, adherence to relevant legislative requirements and monitor and review the Department's approach to business ethics and corporate conduct.

Fraud Control
Monitor compliance with ACT Government and best practice standards on fraud control practices and review and monitor the implementation of recommendations contained in the Fraud Control Plan.

Systems
Evaluate the Department's financial, technical and management systems to ensure these adequately meet management and legislative requirements. Ensure that overall assessment of risk is performed or reviewed and updated annually, ensuring compliance with any recommendations.

Composition of the Audit Committee

The Audit Committee is comprised of 5 members; 2 external members (1 as Chair) and 3 internal members.

Other members of staff or management may be invited to attend on an observational basis or to provide information, as is considered necessary.