Terms of Reference
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.
- 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.
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