Commonwealth Consolidated Acts

COMMONWEALTH AUTHORITIES AND COMPANIES ACT 1997 - SECT 32

             (1)  The directors of a Commonwealth authority must establish and maintain an audit committee with functions that include:

                     (a)  helping the authority and its directors to comply with obligations under this Act; and

                     (b)  providing a forum for communication between the directors, the senior managers of the authority and the internal and external auditors of the authority.

             (2)  If the regulations state how the committee is to be constituted, it must be constituted in accordance with the regulations.