1. The role of the Audit Committee is to assist Council to discharge its oversight and monitoring responsibilities by providing advice:
(a) on the adequacy of measures to improve the internal controls framework of the University to ensure mitigation of fraud and other risk, and accuracy of financial reporting;
(b) on compliance by the University with financial reporting requirements and relevant accounting standards;
(c) on the annual reports of University subsidiaries;
(d) on the adequacy of the framework in place to ensure that risks are effectively identified and managed across the University (noting that responsibility for the assessment and management of risk under the framework rests with management);
(e) on the University's insurance program, having regard to the range of insurable risks associated with the University's activities (including coverage related to director's and officer's liability;
(f) on the adequacy of measures to ensure compliance by the University with relevant legislation and regulations;
(g) in relation to policies and procedures relevant to its Charter; and
(h) on any matters relevant to its Charter which might be referred to it by Council from time to time.
2. The Audit Committee will:
(a) liaise with the external and internal auditor as it sees fit;
(b) continually review and annually approve the University’s Internal Audit Plan;
(c) review reports from the external and internal auditor, and action taken by the University in response to these reports;
(d) seek information and advice from the University's senior officers on any matters relevant to its Charter;
(e) commission such investigations relevant to its role as it sees fit, within the financial parameters established by Council; and
(f) advise Council on the performance of the internal and external auditors.
3. The Audit Committee will annually review and report to Council on its own performance.
1. The Committee shall be appointed by the Council and comprise at least three members.
2. The Chair of the Audit Committee will normally be selected from amongst the external membership of Council.
3. The members shall be persons who are external to the University.
4. All members must have an understanding of the content of financial statements and the key financial issues facing the University. At least one member must be qualified and experienced in accounting or finance.
5. The Chancellor will not be a member of the Audit Committee.
Vice-Chancellor (ex officio)
Vice-President (Corporate Services) (ex officio)
Director, Financial Services (ex officio)
Director, Integrity, Governance and Risk (ex officio)
The term of office for members is two years.
50% of membership plus 1
The Committee shall meet the external and internal auditor, without the presence of University staff, upon request.