Purpose
The 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
Meetings
The Committee will meet at least four (4) times per year at times and dates set by the Committee.
Further information
For further information contact the Acting General Manager Corporate on:
Tel | 08 8930 0300
Email | chris.kelly@darwin.nt.gov.au
Terms of Reference
Risk Management and Audit Committee Terms of Reference.