Risk Management and Audit Committee

Purpose

City of Darwin Risk Management and Audit Committee is established in accordance with section 86 of the Local Government Act 2019. The purpose of the Committee is to provide independent assurance and assistance to the Council and the Chief Executive Officer in matters relating to the monitoring of the risk management framework, financial reporting processes, compliance, performance of auditors and the audit program.

Functions

To monitor and review the integrity of the Council's financial management
To monitor and review internal controls
To make recommendations to Council about any matters the Committee considers require the Council's consideration as a result of the Committee's functions outlined in (a) and (b).
Monitor the performance of City of Darwin's risk management framework, including strategic, operational and project risk assessments
Oversee the internal and external audit functions including development of audit programs, the conduct of audits by appropriately qualified personnel, the monitoring of audit recommendations and findings, management responses, and the implementation of actions
Review quality of annual financial statements and other performance reporting documents (such as annual reports) prior to their adoption by the Council
Review management's responses to external audit recommendations and monitor implementation of the agreed recommendations
Meet with the external and internal auditors at least once each year to receive direct feedback about any key risk and compliance issues, and to provide feedback about the auditor's performance.

Committee Members

Membership will consist of:

Three (3) Elected Members
Four (4) community members
- At least one (1) of whom should be either Certified Practising Accountant or a Chartered Accountant
- At least one (1) be qualified or have significant business experience in the field of risk management