Commonwealth Consolidated Regulations

FINANCIAL MANAGEMENT AND ACCOUNTABILITY REGULATIONS 1997 - REG 22C

         (1)   A Chief Executive must, when establishing an audit committee, give the committee terms of reference that include particulars of:

                (a)                the membership of the committee; and

               (b)    the frequency of the meetings of the committee; and

                (c)    the functions and responsibilities of the committee.

         (2)   The functions and responsibilities of an audit committee include:

                (a)    the approval of internal annual and strategic audit plans of the Agency; and

               (b)    the review of all audit reports involving matters of concern to senior management of the Agency, including the identification and dissemination of good practices; and

                (c)    the provision of advice to the Chief Executive on action to be taken on matters of concern raised in a report of the internal auditors or in a report of the Auditor-General concerning the Agency; and

               (d)    as far as practicable, the coordination of audit programs conducted by internal auditors and the programs conducted by the Auditor-General; and

                (e)    the provision of advice to the Chief Executive on the preparation and review of financial statements of the Agency.

         (3)   In subregulation (2):

Auditor-General means the Auditor-General for the Commonwealth referred to in section 7 of the Auditor-General Act 1997 .