Audit & Risk Committee
The Audit & Risk Committee was established by the ABC Board on 8 February 2018.
The responsibilities of the Committee are set out in the Charter approved by the ABC Board on 22 August 2019 and include assisting the Board to fulfil its duties and responsibilities regarding the appropriateness of the Corporation’s:
- financial reporting
- financial performance
- performance reporting
- risk management / system of oversight and management
- system of internal control
- external audit
- internal audit
- remuneration structures and incentive plans.
The Charter is available here: http://about.abc.net.au/wp-content/uploads/2020/02/ARC-Charter-approved-by-Board-22.08.19.pdf
The members appointed to the Committee by the Board are: Board members Peter Lewis (Committee Chair), Donny Walford, Dr Vanessa Guthrie, and Dr Jane Connors; and external member, Richard Rassi.
The qualifications and skills brought to the Committee by the Board members are outlined in their Board profiles [see The Board ].
External member Mr Rassi is a chartered accountant and a fellow of Chartered Accountants Australia and New Zealand, a registered company auditor, and a graduate of the Australian Institute of Company Directors. He was a partner of Deloitte from 1996 to 2011 with significant experience in serving as lead auditor of various public sector entities. Through his consulting company he currently provides professional services in the areas of strategy, governance, risk management, audit and financial reporting to a range of clients. He is a member of the Board of Governors and the Heart Research Institute, and is a panel member of the Disciplinary Tribunal of Chartered Accountants Australia and New Zealand.
The Audit & Risk Committee held four meetings in 2019–20.
Position on Committee
Meetings eligible to attend
Dr Jane Connors
Dr Vanessa Guthrie
Committee meetings were attended by representatives of the Australian National Audit Office (ANAO) and its nominated representative KPMG. Meetings were also attended by people occupying the following positions with standing invitations: ABC Chair, Managing Director, Chief Financial Officer, Head Group Audit and Head Risk.
In 2019-20, the Audit & Risk Committee considered:
- financial management reports and matters related to preparation and finalisation of the Corporation’s Portfolio Budget Statements and annual Financial Statements
- the Corporation’s Annual Performance Statements
- the Corporation’s actual and emerging principal risk exposures and trends, management’s reporting and risk management responses including regular updates in relation to the COVID-19 response; and insurance arrangements
- the adequacy and effectiveness of the Corporation’s internal control systems, including financial controls, fraud risk and control and management actions relating to cybersecurity, technology, incident management, the Ultimo office cladding project, leave liabilities, casual employees and workplace rostering
- external audit coverage, plans and reports
- the internal group audit plan, the findings of audit reports and the implementation of audit recommendations by management.
Board members do not receive an additional fee for membership of the Audit & Risk Committee. Fees paid to Board members are governed by the Remuneration Tribunal (Remuneration and Allowances for Holders of Part-time Public Office) Determination 2020. The ABC contracts with Riclin Equity Pty Ltd for the external member services provided by Mr Rassi. Riclin Equity was paid a fee of $41,633 plus GST.