The corporate governance practices of the AASB, AUASB and the Offices of the AASB and the AUASB comply with statutory and other external requirements, and aim to achieve sound administrative and financial management practice. They are designed to ensure the efficient, effective and ethical use of resources.
As part of its ongoing focus on effective governance arrangements, the Offices of the AASB and AUASB periodically consider a range of issues, including:
- clear accountability mechanisms
- leadership, culture and communication
- appropriate governance and committee structures
- effectiveness of work with stakeholders
- comprehensive risk management, compliance and assurance systems
- strategic planning, performance monitoring and evaluation.
The Committee charter can be sourced at https://www.aasb.gov.au/admin/file/content102/c3/Audit_Committee_Charter_Feb_19.pdfThe AASB and AUASB Audit Committee’s role is to provide independent assurance and assistance to the Chairs on their financial and performance reporting responsibilities, risk oversight and management, and system of internal control. The Committee is not responsible for the executive management of these functions. The Committee engages with management in discharging its advisory responsibilities and formulating its advice to the Chairs.
The Audit Committee follows the recommended practice guidelines issued by the Department of Finance for non-corporate Commonwealth entities. The Audit Committee comprises an independent external Chair, and two external members. The Australian National Audit Office (ANAO) also attends Audit Committee meetings as an observer, as do other AASB and AUASB management representatives.
ARC members are:
Qualifications, knowledge, skills or experience
Number of meetings attended/total number of meeting
Total annual remuneration
BEcon(Hons), FCA, MAICD. is the Independent Chair of our Audit Committee. Stuart is a Non-Executive Director with considerable board and audit committee experience. He is a retired EY partner and a former member and Chair of the Auditing and Assurance Standards Board.
Honours Economics, Research Doctorate, labor and Industrial Relations . Deputy Director, Corporate Services at Australian Institute of Family Studies
BA (hons) English & American Literature, CEO TEQSA, Member of Advisory Council
1. Retired on the 5th February 2020 due to relocation overseas.
The Committee charter can be sourced at https://www.aasb.gov.au/admin/file/content102/c3/Audit_Committee_Charter_Feb_19.pdf
Fraud control is regarded by the AASB and AUASB as a continuous process, and AASB and AUASB officers and employees maintain an awareness of fraud risk generally, and their responsibility to take any reasonable action to reduce the possibility and impact of losses through fraud.
The AASB and AUASB has in place a fraud risk assessment and fraud control plan. It has adequate fraud prevention, detection, investigation and reporting mechanisms that meet its specific needs.
I, Keith Kendall, as the AASB accountable authority, certify that the AASB meets the obligations arising from section 10 of the Public Governance, Performance and Accountability Rule 2014. This legislation requires appropriate fraud risk, fraud assessment, fraud detection and subsequent reporting mechanisms to be in place.
I, Roger Simnett, as the AUASB accountable authority, certify that the AUASB meets the obligations arising from section 10 of the Public Governance, Performance and Accountability Rule 2014. This legislation requires appropriate fraud risk, fraud assessment, fraud detection and subsequent reporting mechanisms to be in place.
The Offices of the AASB and AUASB employees are required to adhere to the Australian Public Service values and code of conduct under the Public Service Act 1999.
Australian Public Service values include performing functions impartially and professionally, the highest ethical standards, open accountability, providing frank, honest, comprehensive, accurate and timely advice to government and promoting communication, consultation, cooperation and input from employees.
The requirements of the code of conduct include honesty, care and diligence, courtesy, compliance with the law, avoiding conflicts of interest and proper use of Commonwealth resources and information.