The primary function of Audit and Risk Management Committee is to assist the Council in exercising due car, diligence and skill in discharging its oversight and monitoring responsibilities. Its membership primarily consists of nominated external Council members. Its defined responsibilities include liaison with the external auditors and overview of the risk management and internal audit processes.
A committee of Council will be known as the Audit and Risk Management Committee. This charter establishes the responsibilities of the Audit and Risk Management Committee within the governance system of the University of South Australia.
Audit and Risk Management Committee Charter (pdf) (updated March 2011)
Internal Audit Charter (pdf) (updated March 2011)
The primary function of the Audit Committee is to assist the Council in exercising due care, diligence and skill in discharging its oversight and monitoring responsibilities.
The Audit Committee shall consist of the following members:
The Audit Committee provides open lines of communication between Auditors and Council. It shall meet at least 4 times per year. The Chair has the power to call a meeting whenever necessary.
Audit Committee should report to Council after each meeting. The report should cover the following:
Audit Committee has the power to conduct or authorise investigations into matters within the Committee's scope of responsibilities as defined below. The Committee is authorised to retain independent counsel where required to assist in its investigations.
Audit Committee may undertake any matters as directed by Council.
Audit Committee will select the external auditor for the University financial statements, where this is not provided for by legislation. The Committee's selection is subject to approval by Council. The Committee will review external audit fees, and review and approve any dismissal of external auditors.
The Director: Assurance Services shall be subject to appointment by resolution of Council and any questions of appointment, dismissal, replacement, or reassignment shall be determined by resolution of Council on the recommendation of the Audit Committee.
Audit Committee will confirm and assure the independence of internal and external audit.
Audit Committee will obtain an understanding, through consultation with the external auditor, of the audit scope and broad plans for the external audit.
Audit Committee will review and approve the scope of the internal audit plan and work program, and will review plans for the resourcing of the work program.
Audit Committee will consider the coordination of the internal and external audits. The purpose of coordinating these efforts is to assure completeness of coverage, reduce redundancy, and use audit resources effectively.
Audit Committee will consider and review with management and the Director: Assurance Services:
Council has established a Risk Management Policy, with the following responsibilities assigned to the Committee:
Shortly after the annual examination is completed, the Committee will review the following with management and the external auditor: