Audit Committee

A Sub-Committee of the Finance and Audit Committee


Updated 19 March 2013


TERMS OF REFERENCE

1.1 The role of the Committee is to:

  • review and approve the Audit & Risk Management Strategic Plan and the Audit & Risk Management Work Program at least once annually;
  • review and approve Internal Audit Charter and Manuals from time to time;
  • receive and review audit and other reports from the Director, Audit & Risk Management;
  • monitor the response of the University to recommendations contained in those reports;
  • receive and monitor the follow up of reports on internal controls, governance and other matters by the NSW Audit Office (however approval of the Annual Financial Report remains with FAC);
  • receive and review such further reports as it may require from time to time in relation to the University’s audit function, including the adequacy of its resourcing, the reliability of financial management and reporting, compliance with laws and regulations
    and the maintenance of an effective and efficient audit capability.

1.2 The Committee is authorised by Senate to investigate any activity within its Terms of Reference. It is authorised to seek any information it requires from any employee and all employees are directed to cooperate with any requests made by the Committee.

1.3 The Committee is authorised by Senate to obtain outside legal or other professional advice and to secure the attendance of external advisors with relevant experience and expertise if it considers it necessary.


CONSTITUTION

2.1 The Chair of the Committee shall be the Chair of the Finance and Audit Committee

2.2 Three other members of the Finance and Audit Committee:

  • (a) at least one of whom shall have accounting or related financial management experience; and
  • (b) at least one of who shall be a Fellow of Senate other than a member of staff or a student.

Term of Office

3.1 Appointed members have terms of office of two (2) years and no member is to serve for more than two (2) consecutive terms.

3.2 All term limits are capable of waiver by Senate if recommended by the Nominations and Appointments Committee.


MEETINGS

Quorum

4. At any meeting of the Committee three (3) members shall form a quorum.

Meetings

5. The Committee shall meet at least two (2) times in each year and meetings will be convened in July and November to consider matters arising from or related to the audit of the University’s accounts.