2016-11-14 General Committee Agenda

SERVICES & ORGANISATION COMMITTEE MEETING AGENDA   8 NOVEMBER 2016


                                                     ATTACHMENT 2




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SERVICES & ORGANISATION COMMITTEE MEETING AGENDA                                   8 NOVEMBER 2016

                                                                                       ATTACHMENT 2

 |             5      NOOSA                                       Strategic-Council Policy
          @       |   COUNCIL                      AUDIT AND RISK COMMITTEE

          Corporate Plan Reference:          A sustainable Council

          Endorsed by Council on:            27 August 2015

          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 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 issues 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
       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;
       °    Review the draft financial statements prior to submission to the Auditors, and review of the
            final financial statements prior to adoption by Council;
       °    Assess and enhance Council’s corporate governance, including its systems of internal control;
       °    Oversee and appraise Council's financial, operational and compliance reporting processes;
       °    Setting an annual internal audit plan based on risk assessments;
       e    Annually review efCouncil’s insurance coverage;
       °    Review ofexternal and internal audit findings and monitoring -of implementation outcomes;
       °    Providing-Provide advice to Council on the annual internal audit budget and oversight ofthe
            internal audit function;
       °     Review Council's internal controls to ensure they are best practice and for fraud and risk
            prevention; and
       °    Advise Council regarding the management of its strategic risks.
       Other key responsibilities of the Committee, through the respective audit functions, are to assist

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