Commonwealth Consolidated Acts

COMMONWEALTH AUTHORITIES AND COMPANIES ACT 1997 - SECT 44

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

                     (a)  helping the company and its directors to comply with obligations under this Act and the Corporations Act 2001 ; and

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

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