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F- Audit Committee

PGPA Rule Section 17BE (taa) - Audit committee
The National Gallery’s Audit and Risk reviews and monitors and provides advice and assurance to the Council on the appropriateness of the Gallery’s financial reporting, performance reporting, system of risk oversight and management and systems of internal control. A full copy of the Audit and Risk Charter can be found at https://nga.gov.au/aboutus/download/auditriskcharter.pdf.

The Committee’s functions include:

Financial Reporting:

  • The Committee reviews, monitors and provides advice recommending the signing of the annual financial statements (PGPA Act section 42) and management representations.
  • The Committee reviews the audited annual financial statements before presentation to the Council, to ensure they represent a true and fair view of the organisation’s financial and the position and performance and the organisation’s cash flow.
  • The Committee reviews the annual budget, assessing alignment to strategic and business plans
  • and appropriateness of underlying assumptions before recommending it to the Council.

Performance Reporting:

  • The Committee reviews and monitors the framework for developing and reporting key performance indicators and the Gallery’s annual performance statements (PGPA Act section 29).

System of risk oversight and management:

  • The Committee reviews and monitors the Gallery’s system of risk oversight and management (the PGPA Act section 16).

System of internal control

  • The Committee reviews and monitors the Gallery’s system of internal control, as reflected in its governance, risk management and compliance arrangements
  • Internal audit resourcing and coverage in relation to the key risks, and recommending approval of the Strategic Internal Audit Plan
  • Internal and external audit reports, providing advice to the Council about significant issues identified, and monitoring the implementation of agreed actions.

Other

  • The Committee monitors developments and changes in legislation, regulations and government policy to identify possible impact on the responsibility and liability of the Council and the Gallery.
  • Ensures the Gallery has appropriate mechanisms for reviewing relevant parliamentary committee reports, external reviews and evaluations of the Gallery and implementing, where appropriate, any resultant recommendations.
  • Advises the Council of any significant compliance breaches.