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An audit committee plays a key role in assisting Council to fulfil its governance and oversight responsibilities in relation to financial reporting, internal control structure, risk management systems, legislative compliance, ethical accountability and the internal and external audit functions.
Council’s Audit Committee Charter further defines the role of the Committee.
The Local Government Act 2009 requires that each large local government must establish an Audit Committee.
This Audit Committee Charter (Charter) sets out the objective, role, authority, membership, tenure, reporting and other requirements that apply to and govern the Audit Committee of Council (Committee), in accordance with the Local Government Act 2009 and the Local Government Regulation 2012.
3.1 The Committee:
4.1 The Local Government Act 2009 requires Audit Committees to:
The Committee does not replace or replicate established management responsibilities or the reporting obligations of either internal audit or external audit functions.
5.1 The Committee:
6.1 The Committee:
6.2 The Committee is administratively supported by the Governance and Legal Services Branch for Council.
7.1 Committee Composition
The Committee composition will be:
7.2 Appointment of members
For the Committee:
7.3 Appointment of Chairperson
7.4 Remuneration:
External Members are entitled to be remunerated by Council on a per Committee meeting basis, as follows:
7.5 Committee Meetings:
7.6 Agenda and Meeting Process
7.7 Qualities and attributes of Audit Committee Members
Audit Committee members are collectively expected to possess the following expertise and personal qualities:
7.8 Removal or Resignation of members
The Committee’s duties shall include:
Provide feedback on Councils:
9.1 Evaluation of Committee Activities
9.2 Assessment of the Internal Audit function’s Effectiveness
9.3 Review and Approval of the Charter and Induction of Members
The Charter will be reviewed at minimum once every four (4) years by the Council.
Members are required to declare any interests that could constitute a real, potential or perceived conflict of interest with respect to participation on the Committee. The declaration must be made on appointment to the Committee and in relation to specific agenda items at the outset of each Committee meeting and be updated as necessary.
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