Review Of The Audit And Risk Committee Charter & Review Of The Internal Audit Policy · Attachment 1_Audit & Risk Committee Charter_Draft

AUDIT & RISK COMMITTEE CHARTER


context, Council does not have a dedicated resource to perform the internal audit function. Its
practice is to engage external providers to undertake approved internal audits. The internal audit
function is governed by Council’s Internal Audit Policy. The Internal Auditor will be invited to present
on audit reports and recommendations. The Chairperson of the Committee may interact directly with
Council’s Internal Audit provider as required.

11.2 External audit

The Committee has no power of direction over external audit or the way the external audit is planned
or undertaken but will act as a forum for the consideration of external audit findings to ensure they
are balanced with the views of management. The Committee will consult with external audit on that
function’s proposed audit strategy and audit fees for each year and ensure that an integrated audit
process occurs, to the extent practicable. Furthermore, the Committee will report letters and reports
provided by an external auditor.

11.3 Executive and line management

The Committee will liaise closely with Council executive management and ensure, to the extent
practicable, that there is no material overlap between the internal and external audit functions. The
Committee will ensure that there is a frank and meaningful exchange of information between
executive management where this is necessary or desirable. In respect to Council’s line
management, the Committee will focus on assessing whether the actions proposed to address audit
concerns are reasonable, satisfactory, and cost-effective and will ultimately enhance the
effectiveness and efficiency of Council’s operations.

12 MEETINGS

12.1 Secretariat

      A secretariat function may be appointed by the Chief Executive Officer to facilitate
       Committee meetings and reporting duties. The Secretary in consultation with the
       Chairperson will be responsible for the preparation and circulation of the meeting agenda
       and accurately minuting the proceedings of the Committee.

12.2 Meeting agendas and minutes

      Meeting Agendas must be prepared and distributed to all members of the Committee at least
       seven (7) days prior to a meeting.
      In the setting of the Committee Agenda, there will be an emphasis on the most significant
       risks and threats to Council and the ongoing evaluation of what is being done to mitigate such
       risks.
      The Committee Agenda with Attachments are designed for internal reporting processes and
       shall not be released to the public. However, information may be made publicly available in
       a format suitable for external reporting at Council’s discretion.
      The Agenda for each meeting will include provision for a confidential session at the
       Chairperson’s discretion.
      The Committee must prepare prompt and timely meeting minutes and reports to Council as
       soon as practicable after each meeting outlining relevant matters that have been considered
       by it, as well as the Committee’s opinions and recommendations thereon.
      Meeting Minutes must be prepared and reviewed and by the Chairperson prior to being
       distributed to Committee members as soon as possible after the conclusion of the meeting.
      Meeting Minutes will then be confirmed as an accurate record of the meeting at the next
       Committee meeting.
      Recommendations to Council regarding matters considered by the Committee will be made
       to Council in the subsequent Council meeting.


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