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Audit and Risk Committee

The Board established the Audit and Risk Committee in compliance with section 45 of the Public Governance, Performance and Accountability Act 2013 and section 17 of the Public Governance, Performance and Accountability Rule. The primary role of the committee is to help the Board discharge its responsibilities with respect to financial reporting, performance reporting, risk oversight and management, internal control, and compliance with relevant laws and policies.

The Committee’s responsibilities include:

  • Reviewing the appropriateness of risk management frameworks, including identification and management of the Commission’s business and financial risks (including fraud)
  • Monitoring the Commission’s compliance with legislation, including the Public Governance, Performance and Accountability Act 2013 and Rule
  • Monitoring preparation of the Commission’s annual financial statements and recommending their acceptance by the Board
  • Reviewing the appropriateness of the Commission’s performance measures, and how these are assessed and reported
  • Assessing whether relevant policies are in place to maintain an effective internal control framework, including for security arrangements and business continuity
  • Reviewing the work undertaken by the Commission’s outsourced internal auditors, including approving the internal audit plan, and reviewing all audit reports and issues identified in them.

The Audit and Risk Committee Charter is available at: www.safetyandquality.gov.au/publications-and-resources/resource-library/audit-and-risk-committee-charter.

The Audit and Risk Committee met four times during 2019–20. Table 3 summarises members’ attendance at committee meetings.

In accordance with the Public Governance, Performance and Accountability Rule, although members of the Commission’s senior management attended meetings as advisors, they were not members of the Audit and Risk Committee.