A/3.3 Risk and Audit Committee charter
Policy Owner | Director, Governance and Performance |
Approval Date | 28/04/2022 |
Approval Authority | Council |
Date of Next Review | 01/12/2023 |
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 2019.
3.3.2 Accountability
Risk and Audit Committee is a governance committee accountable to QUT Council.
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 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 and Audit, and provides input into the assessment of the performance of the Director, Assurance and Audit 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 and Audit charter (A/1.5).
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
Nominated members of the Committee serve a term of office of up to two years. The length of a nominated member’s term of office is recommended to the nominator by the Chair, on advice from the Secretariat.
3.3.6 Attendance
The Vice-Chancellor and President, the Vice-President (Administration) and University Registrar, the Vice-President (Finance) and Chief Financial Officer, the General Counsel, the Director, Governance and Performance, 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 General Counsel, 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.
3.3.7 Meeting frequency
Risk and Audit Committee meets six times per year, in each committee meeting cycle leading up to QUT Council.
3.3.8 Reporting
Following each meeting, Risk and Audit Committee reports to the next meeting of QUT Council.
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.
3.3.10 Secretariat
A nominee of the Vice-President (Administration) and University Registrar is secretary.
Modification History
|
Date |
Sections |
Source |
Details |
| 08.02.23 | All | Governance and Performance | Governance and Performance administrative amendment following Legal and Related Governance Functions CMP, effective 01.02.2023 |
| 31.01.23 | A/3.3.6 | Director, Governance and Performance | Administrative update to attendance to add General Counsel, remove Director, Assurance, Risk and Integrity Services, and amend Director, Governance, Legal and Performance to Director, Governance and Performance |
| 28.04.22 | All | Council | Revised charter - term of office for nominated members clarified and date of next review updated in accordance with self-assessment review |
| 22.09.20 | All | Director, Governance and Legal Services | Date of Next Review extended to accommodate the committee review and self-assessment process deferred to 2021 |
| 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 |