The Audit and Risk Committee is the body appointed by Council to be responsible for monitoring and reviewing financial statements and reporting, risk management and internal controls.
Role & responsibilities
The responsibilities of the Audit and Risk Committee are set out in ICAS’ General Regulations and include:
- Monitoring the integrity of the financial statements and reviewing any significant financial reporting judgements.
- Assessing, monitoring and reviewing risk and the risk management system including the internal control environment, and providing assurance to Council.
- Advising Council with regard to the external auditor’s appointment, remuneration and terms of engagement.
- Overseeing the external auditor process.
- Advising Council with regard to the internal auditor’s appointment, remuneration and terms of engagement.
- Overseeing the internal audit process and reviewing the effectiveness of the internal auditor.
Delegation of powers
The Audit and Risk Committee has no decision-making powers in relation to the matters reserved to Council.
