Manual of Policies and Procedures

A/3.3 Risk and Audit Committee charter

Contact Officer

Director, Governance and Legal Services

Approval Date

25/11/2019

Approval Authority

Council

Date of Next Review

01/12/2020

3.3.1 Purpose
3.3.2 Accountability
3.3.3 Responsibilities
3.3.4 Delegations
3.3.5 Membership
3.3.6 Attendance
3.3.7 Meeting frequency
3.3.8 Reporting
3.3.9 Procedures
3.3.10 Secretariat
Modification History

3.3.1 Purpose

Risk and Audit Committee’s role is to advise QUT Council on the University’s risk and audit functions. It oversees the University’s financial reporting, assesses and contributes to internal and external audit processes, and assesses and monitors the University’s systems for internal control and risk management. 

Risk and Audit Committee advises QUT Council and the Vice-Chancellor and President on the performance of functions under the Financial Accountability Act 2009 and the Financial and Performance Management Standard 2009. 

Top

3.3.2 Accountability

Risk and Audit Committee is a governance committee accountable to QUT Council.

Top

3.3.3 Responsibilities

Risk and Audit Committee undertakes the following responsibilities:

Risk

  • evaluates the adequacy and effectiveness of the University’s risk, compliance and business continuity management
  • advises Council on the University’s exposure to and management of significant corporate risks
  • monitors processes for compliance with the QUT Staff Code of Conduct and other standards of ethical conduct, including management of corruption and fraud risks
  • considers the findings of any review by regulatory agencies addressing significant corporate risks

Internal audit

  • oversees the internal audit function to ensure it is operating effectively and in line with published standards of professional practice
  • approves the annual internal audit plan, including any and major amendments
  • considers all reports prepared by the internal audit function, and monitors implementation of recommendations by management
  • oversees any review of the effectiveness of the internal audit function, including the way in which the function is delivered, and appointment and termination of the Director, Assurance, Risk and Integrity Services, and provides input into the assessment of the performance of the Director, Assurance, Risk and Integrity Services in relation to internal audit

External audit

  • oversees the external audit process, including strategy, timeframe and fees, and monitors performance of the authorised external auditors
  • reviews and monitors recommendations and significant findings of the external audit process
  • oversees the relationship between the internal and external audit functions, ensuring appropriate consultation to minimise unnecessary duplication of audit work and promote efficiency in audit activities

Financial reporting

  • reviews and recommends the annual financial statement to QUT Council for approval
  • monitors the impact of all significant accounting standards and policies

Internal control

  • monitors implementation, adequacy and effectiveness of internal controls
  • monitors the University’s response to internal and external audit findings in regard to internal controls

3.3.4 Delegations

Risk and Audit Committee has delegated responsibility to approve the annual internal audit plan and the Assurance, Risk and Integrity Services charter (A/1.5).

Top

3.3.5 Membership

  • External Council member nominated by the Chancellor as chair
  • Four external members with extensive expertise in accounting, auditing or risk management, nominated from or by Council

Top

3.3.6 Attendance

The Vice-Chancellor and President, the Chief Financial Officer, the Vice-President (Administration) and University Registrar, and the Director, Assurance, Risk and Integrity Services, and any other persons as determined by Risk and Audit Committee, attend meetings with rights of audience and debate only. 

The appointed external auditors may attend meetings as determined by the Risk and Audit Committee, including in the absence of management. Risk and Audit Committee meets with the Director, Assurance, Risk and Integrity Services, in private sessions at least twice a year.

The Chancellor may elect to attend any meeting of Risk and Audit Committee, and has rights of audience and debate.

Top

3.3.7 Meeting frequency

Risk and Audit Committee meets six times per year, in each committee meeting cycle leading up to QUT Council.

Top

3.3.8 Reporting

Following each meeting, Risk and Audit Committee reports to the next meeting of QUT Council. 

Top

3.3.9 Procedures

Risk and Audit Committee is established in accordance with Council Procedure 1 - Committees, except that, despite section 7.7 of that procedure, a minimum of three members must be present for quorum of Risk and Audit Committee. 

Top

3.3.10 Secretariat

A nominee of the Vice-President (Administration) and University Registrar is secretary.

Top

Modification History

Date

Sections

Source

Details

25.11.19 All Council Revised and modernised charter, including new committee name, Risk and Audit Committee - effective 01.01.20
25.02.19 All Council Periodic review - no change in accordance with self-assessment review
27.02.17 All Council Periodic review - no change in accordance with committee self-assessment review
03.12.14 All Council Periodic review - policy revised
12.03.14 All Council Revised terms of reference to remove delegation to approve financial statements and clarification of membership provisions
06.02.13 All Council Periodic review - no change required

17.12.10

All

Council

Periodic review - revised membership provisions

24.10.08

All

Governance Services

Renumbered and relocated to A/3.3 (formerly A/3.2.7)

24.10.08

All

Governance Services

Renumbered and relocated to A/3.3 (formerly A/3.2.7)

30.04.08

All

Council

Revised terms of reference of Audit and Risk Management Committee relating to internal controls

14.09.05

All

Council

Revised membership provisions of Audit and Risk Management Committee

21.07.04

All

Council

Revised committee title and terms of reference - Audit and Risk Management Committee

11.12.02

All

Council

Revised terms of reference - Audit Committee

10.04.02

All

Council

Revised terms of reference - Audit Committee

18.10.00

All

Council

Revised terms of reference

13.01.00

All

Chancellor

Revised membership provisions - Finance and Facilities Director replaced by Accounting and Business Services Director (rights of audience and debate only); Internal Audit Manager replaced by Efficiency and Audit Director (rights of audience and debate only)

10.12.97

All

Council

Revised terms of reference

Top