Audit and Risk Committee

Terms of Reference


Purpose

The Audit Committee shall, subject to the direction and control of Senate, exercise the following functions:

  • Liaise with the external auditor on the scope and effectiveness of the external audit;
  • Review the actions taken by the University with respect to matters raised in the audit management letter;
  • Review and pass comments to Senate and, where appropriate, through the Standing and Finance Committee, on the annual financial statements and other relevant documents;
  • Advise Senate and, where appropriate, through the Standing and Finance Committee, whether the external auditor is likely to issue an unqualified audit opinion on the annual financial statements;
  • Review the risk management practices of the University in all areas of administration including litigation, fraud control and compliance with legislation; and
  • Consider and report to Senate and, where appropriate, through the Standing and Finance Committee, on such matters as Senate may deem appropriate.

Membership

  • A Chair with Audit committee and expertise in financial matters who may be external to the University and Senate.
  • Four members of Senate appointed under Clauses 13.2 (f) and 13.2(g) of the Constitution (external members), not less than one from each State or Territory;
  • One Academic staff member elected under Clause 13.2(h) of the Constitution;
  • One professional staff member elected under Clause 13.2(i) of the Constitution; and
  • The Chair of the Academic Board.

Review

The Committee reviews its procedures as it deems necessary and recommends to Senate.


Date of Establishment: 31/3/1999 (Senate Resolution 99/16 refers)

Meeting Frequency: 3 times per year

Responsible Officer: Company Secretary

Executive Officer: Governance Officer, Directorate of Governance