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Audit and Risk Committee

The Audit and Risk Committee provides independent assurance and assistance to the Council in relation to the University's risk, control and compliance framework, and its external accountability responsibilities.

Meeting dates 2017

Wednesday 29 March
Wednesday 31 May
Wednesday 26 July (Reserve)
Wednesday 27 September
Wednesday 8 November

Meetings of Audit and Risk Committee commence at 10am.

Membership

Position Member Current term
Chair Robert Kelly 1 November 2016 to 31 October 2018
Member (Council who is also a member of Finance Committee) Michelene Collopy 1 November 2016 to 31 October 2018
Member Chris Westworth 1 November 2016 to 31 October 2018
Member Terry Rooney 1 November 2016 to 31 October 2018

Positions on the Committee are in accord with its composition.

Committee contact

Richard Birrell
Manager, Policy and Secretariat
Tel: 02 9514 1249
Email: Richard.Birrell@uts.edu.au

Terms of reference

A. The primary responsibility of the Committee is to assist Council in overseeing the activities undertaken by the UTS body corporate and, from time to time, other related entities as requested by Council.

B. The Committee shall:

  1. assist Council in discharging its responsibility to exercise due care and skill in relation to UTS's risk, control and compliance framework, and its external accountability responsibilities;
  2. ensure an independent and effective internal audit program is delivered;
  3. liaise with the external auditor to ensure effectiveness of the external audit;
  4. monitor management's responsiveness to the findings and recommendations of b) and c);
  5. consult with the Finance Committee, External Auditor and the Internal Auditor on the auditing of the University's accounts and the outcomes of those audits;
  6. review and provide advice to Council and to the Finance Committee on the annual financial statements and other relevant documents;
  7. review the Risk Management Policy at least biennially and oversee the University's effectiveness in managing its financial and business risks, including fraud;
  8. review litigation where feasible and practicable, which management believes is likely to have a material effect on financial affairs or reputation.

C. The Committee may report to Council on any matter, however shall at least advise Council on items b), c) and d) above.

D. The Audit and Risk Committee may request and/or receive advice from management or Committees to enable it to conduct its specific function of broadly monitoring UTS risk.

E. The Audit and Risk Committee may request information from Council or be requested by Council to consider any matter (which may or may not be relevant to other Committees).

F. The Committee operates under a formal Charter.

Charter

The UTS Audit and Risk Committee Charter (156kb PDF) sets out the committee's objectives, authority, composition and tenure, roles and responsibilities, reporting and administrative arrangements.

The Internal Audit Charter (144kb PDF) sets out the roles, responsibilities, standards of practice and reporting requirements of the University's Internal Audit function.

Composition

The Audit and Risk Committee consists of the following positions:

  • Chair: an external member of Council, but not of the Finance Committee, appointed for expertise in audit and review
  • At least three, but no more than five, other members, of whom:
    • all should have strategic management expertise and experience in accounting, auditing or risk
    • up to two should be members of Council with qualifications and experience related to the operations of the University
    • at least one should be a member of the Finance Committee (whether or not they are also a member of Council)
    subject to the majority of Committee members being independent.