Public Governance, Performance and Accountability Rule 2014

CHAPTER 2 - COMMONWEALTH ENTITIES AND THE COMMONWEALTH  

PART 2-3 - PLANNING, PERFORMANCE AND ACCOUNTABILITY  

Division 3 - Audit Committee for Commonwealth entities  

SECTION 17   AUDIT COMMITTEE FOR COMMONWEALTH ENTITIES  

Functions of the audit committee

17(1)    
The accountable authority of a Commonwealth entity must, by written charter, determine the functions of the audit committee for the entity.

17(2)    
The functions must include reviewing the appropriateness of the accountable authority ' s:

(a)    financial reporting; and

(b)    performance reporting; and

(c)    system of risk oversight and management; and

(d)    system of internal control;

for the entity.

Membership of the audit committee

17(3)    
The audit committee must consist of at least 3 persons who have appropriate qualifications, knowledge, skills or experience to assist the committee to perform its functions.

17(4)    
If the entity is a non-corporate Commonwealth entity:

(a)    all of the members of the audit committee must be persons who are not officials of the entity; and

(b)    a majority of the members must be persons who are not officials of any Commonwealth entity.

17(4AA)    
If the entity is a corporate Commonwealth entity, all of the members of the audit committee must be persons who are not employees of the entity.

17(4A)    
However, a person employed or engaged primarily for the purpose of being a member of the audit committee is to be treated, for the purpose of subsection (4) or (4AA) , as not being an official or employee of the entity.

17(5)    
Despite subsections (3) to (4A) , the following persons must not be a member of the audit committee:

(a)    the accountable authority or, if the accountable authority has more than one member, the head (however described) of the accountable authority;

(b)    the Chief Financial Officer (however described) of the entity;

(c)    the Chief Executive Officer (however described) of the entity.