The ASIO Audit and Risk Committee is an independent advisory body, responsible for providing independent assurance and advice to the Director-General and the Executive Committee on ASIO’s risk oversight and management, financial and performance reporting responsibilities, and internal control systems.
The committee operates under a charter which sets out its functions and responsibilities in accordance with section 45 of the PGPA Act and section 17 of the Public Governance Performance and Accountability Rule.
Under the Audit and Risk Committee’s charter, the committee has four external members, including an external chair as well as observers from the Australian National Audit Office. The audit committee members have a broad range of appropriate qualifications, knowledge, skills and experience relevant to ASIO’s operations. This includes at least one member with accounting or related financial management experience, with an understanding of accounting and auditing standards in a public sector environment. On appointment, committee members receive an induction briefing on ASIO governance and operations.
During this reporting period, the committee met five times (four quarterly meetings and an extraordinary meeting convened for the Financial Statements review). Each meeting had a quorum, with all members attending two meetings, and all but one attending the remaining three.