2020-05-12 Services & Organisation Committee Agenda

SERVICES & ORGANISATION COMMITTEE MEETING AGENDA   12 MAY 2020




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SERVICES & ORGANISATION COMMITTEE MEETING AGENDA                                                     12 MAY 2020

                                                                                        ATTACHMENT 1

             a MENees                                                               Council Policy
             © | COUNCIL                              AUDIT AND RISK COMMITTEE

            Corporate Plan Reference:          ‘Excellence as a Council’

            Endorsed by Council on:            21 May 2020

            Policy Owner and Department: | Chief Executive Officer

           1.    Function, Role and Duties of the Audit Committee
           The Audit Committee will act as an advisory committee to Council in the effective discharge of the
           responsibilities prescribed in the Queensland Local Government Act 2009, the Local Government
           Regulation 2012 and other relevant legislation and prescribed requirements. In doing so, it will
           provide independent comment, advice and counsel on audit and risk management matters covering
           all Council operations and projects reported and considered by the Committee at its regular meetings.
           The Committee does not replace or replicate established management responsibilities and
           delegations, the responsibilities of other executive management groups within Council, or the
           reporting lines and responsibilities of the internal audit, external audit or risk management functions.
           The Committee will provide prompt and constructive reports on its findings directly to Council,
           particularly when issues are identified that could present a material risk or threat to Council.
           In the discharge of its responsibilities, a key duty of the Committee will be to provide reasonable
           independent assurance to Council that its core business goals and objectives are being achieved in
           an efficient and economical manner, within an appropriate framework of internal control and risk
           management. The discharge of this responsibility principally involves the consideration of audit-
           related findings and risks highlighted and reported in respect of performance management.
           In the assessment of audit findings, the Committee must take into account management's responses
           and recommendations in relation to such matters.

           The Audit and Risk Committee’s core duties are to:

           e   Assess and contribute to the audit planning processes relating to the risks and threats to Council,
               taking into account the financial and operational environment in which it operates and its
               performance management framework;
           e   Review the draft financial statements prior to submission to the Auditors, and review of the final
               financial statements prior to adoption by Council;
           e   Review Council’s draft Annual Report prior to adoption by Council;
           e   Assess and enhance Council’s corporate governance, including its systems of internal control;
           e   Oversee and appraise Council's financial, operational and compliance reporting processes;
           e   Review and approve annual internal audit plan based on risk assessments;
           e   Annually review Council’s insurance coverage;
           e   Review external and internal audit findings and monitor implementation outcomes;
           e   Provide advice to Council on the annual internal audit budget and oversight of the internal audit
               function;
           e   Review Council’s internal controls to ensure they are best practice and for fraud and risk
               prevention; and
           e   Advise Council regarding the management of its strategic risks.

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