Summarised Terms of Reference of the Compliance, Audit & Risk Committee:
- to oversee the financial reporting process to ensure the balance, transparency and integrity of published financial information
- to review the University’s internal financial control and risk management system
- to review the effectiveness and efficiency of the University’s audit functions
- to consider how management ensures the security and integrity of its computer systems and applications
- to monitor the University’s process for compliance with laws and regulations affecting financial reporting
- to investigate any activity within its terms of reference
- to discharge its responsibilities by making appropriate recommendations (in an advisory capacity) to Council.
The Committee does not have the powers to commit Council or the University to the implementation of their recommendations.
(Please note that the Audit and Risk has a very comprehensive ‘terms of reference’ document - The Audit Charter. Any changes approved to terms of reference and membership would be automatically amended in the Audit Charter.)
a) all members
- financial and auditing literacy (including the ability to read and understand basic financial statements including a balance sheet, a profit and loss statement and a cash flow statement and standard auditing approaches and practices).
b) among the members of the Compliance Audit and Risk Committee there should be:
- at least one of the members of the committee should have formal accounting qualifications, with current certification.
View the full Compliance, Audit and Risk Committee Terms of Reference