2.6 - Audit Committee
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The Audit Committee oversees the University’s external audit program, recommends the annual financial statements for approval, monitors the University response to the annual audit and, jointly with the University Risk Committee, oversees the annual internal audit program. The Audit Committee reports to Council.
- Three members of Council, at least two of whom are external and one of whom is the Chair, as appointed by Council
- Up to an additional three persons, with audit expertise, appointed by Council
The Vice Chancellor, Senior Vice-Principal, Chief Finance Officer, Director Finance, Director Internal Audit, and representative(s) from the Victorian Auditor-General’s Office (and its agents), are invited to attend each meeting of the Committee.
The Quorum for the Committee is three members.
B. Terms of Reference
Review the scope and monitors the conduct of the annual external audit undertaken by or on behalf of the Auditor-General;
Review the annual Financial Statements and statutory Annual Report and;
- advise on any significant accounting and financial reporting issues identified by management or the external auditor;
- advise whether, having regard to relevant accounting policies and practices, the accounts fairly represent the financial position and the results of operations for the year; and
- where satisfied, recommend them for approval;
- Monitor the Auditor General’s Management Report and Report to Parliament on the annual audit and the University’s response to those Reports;
- Monitor the effectiveness of the working relationship between the external auditor and management;
- Monitor the adequacy and effectiveness of the University’s financial internal controls and integrity of the financial system through receipt of reports from the internal and external auditors;
- Monitor the application by the University of accounting and tax policies and standards and review any changes to, or changes in application of, those policies and standards;
- Monitor other audits of the University undertaken by the Auditor-General or other relevant bodies and the University’s response to them;
- Approve the annual internal audit program, having regard to the requests and needs of the Risk Committee, and receive reports at each meeting on its implementation;
- Review reports issued by the Director, Internal Audit and monitor any follow up action that may be required in light of those reports.
The Committee reports to Council. The Committee normally meets three times a year. It meets on other occasions as necessary.