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Audit Committee

Standing Committee of Council

1.

Membership
1.1 Appointment of Chair
An external member of Council with appropriate experience in business and financial management appointed by Council on the recommendation of Membership Committee.
1.2 Current membership

Category Member Name
Three external Council members with appropriate experience in business and/or law.

Mr Ian Pyman(Chairperson)
Mr Ian Nethercote
Ms Lesley Boston
A Monash University Professor from an appropriate discipline. Professor Kim Langfield-Smith
An external person with appropriate expertise and experience. Mr Paul Kirk

In attendance:

The Chancellor
The Vice-Chancellor and President
The Vice-President (Administration)
The Vice-President (Finance) and Chief Financial Officer

 

Dr Alan Finkel
Professor Ed Byrne
Mr Peter Marshall
Mr David Pitt
Elected Postgraduate Council Member Mr Arvind Shyara
Elected Undergraduate Council Member Ms Alexandra Phelan
The Director, Audit and Risk Management, as Executive Officer and Secretary Ms Lee Ward

1.3

 Duration of term

1 year or until Membership Committee and Council have considered and approved revised memberships.

Each year Councillors are invited to nominate for membership of Committees of Council. Nominations are considered by Membership Committee and recommendations on membership forwarded to Council for its consideration.

1.4

Co-option of members

The Committee may co-opt up to two external persons with appropriate expertise and experience.

2. Terms of Reference
  The role of the Audit Committee is to strengthen the University’s control environment and to assist Council to discharge its stewardship, leadership and control responsibilities. Its primary functions are to promote accountability, support measures to improve management performance and internal controls, oversee the internal audit function and ensure effective liaison between senior management and the University’s external auditors. In fulfilling these functions, the Audit Committee;   
   2.1 Governance
    2.1.1 reviews from time to time, the functioning and adequacy of the University’s governance policies and framework (structure, practices and procedures); 
    2.1.2 monitors the functioning and adequacy of the University’s internal control systems;   
    2.1.3 reviews policies relating to fraud, privacy, handling of sensitive information and conflicts of interest;
    2.1.4 assists in promoting a culture of compliance and takes an active interest in ethical issues associated with the University’s business activities;
    2.1.5 receives periodic reports from meetings of the University’s Integrity Committee.
  2.2 Risk Management
    2.2.1 reviews and approves changes to the University’s Risk Management Framework which sets out the University’s expectations and internal accountabilities for the management of risk;
    2.2.2 monitors the adequacy of arrangements in place to ensure that risks are effectively managed across the University and that risk management is appropriately embedded in the University’s planning and budgetary process;      
    2.2.3 receives presentations from Deans, Divisional Directors and Chief Executive Officers of University controlled entities on the status of risk management in their particular areas of responsibility;
    2.2.4 receives reports from relevant senior staff on issues considered by the Committee to be of high risk to the reputation and operations of the University;
    2.2.5  reviews the annual consolidated divisional risk profile collated by the Audit and Risk Management Office and forwards the document to Council;
    2.2.6 ensures that appropriate information systems and systems of internal control exist to report on risk exposures and risk treatment strategies.
  2.3 Legal Compliance
    2.3.1 monitors the effectiveness of the University’s processes for ensuring compliance with relevant laws, regulations, industry codes and organisational standards;      
    2.3.2 receives a report from the Executive Manager, Compliance on the outcomes from the annual legal compliance certification process completed by Legal Compliance Officers and their supervisors;
    2.3.3 receives a report from the Executive Manager, Compliance on the outcomes from the annual legal compliance certification completed by Heads of Cost Centres;
2.3.4  receives regular reports from the University’s Executive Manager, Compliance on legal compliance breaches, the main risks of non-compliance and strategies to effectively manage these breaches and risks;
2.3.5 receives regular presentations from Legal Compliance Officers on progress towards the implementation of a formal legal compliance program.
2.4 Internal Audit
2.4.1  sets the overall policy direction for the Audit & Risk Management function;    
2.4.2 reviews and approves the Audit & Risk Management Charter;
2.4.3 provides input into and endorses the annual plan of the Audit & Risk Management Office and periodically reviews the budget and resources allocated to that Office;
2.4.4 receives and reviews the regular reports of the Director, Audit & Risk Management on activities undertaken by the Audit and Risk Management Office;
2.4.5 provides a forum to resolve differences arising between the Audit & Risk Management Office and other areas of the University;
2.4.6 advises the Vice Chancellor on the appointment and employment conditions of the Director, Audit & Risk Management;
2.4.7 oversees internal audit arrangements in place on all campuses and at various controlled entities.
2.5 External Audit
2.5.1 receives a report from the agents of the Auditor-General on the planned scope of the external audit for the forthcoming year;      
2.5.2 monitors relationships between the agents of the Auditor-General and University departments to assist in the timely completion of the annual audit;
2.5.3 reviews the Auditor-General’s Annual Report and Management Letter along with the University’s draft response to those reports;
2.5.4 reviews any other reports from the Auditor-General along with the University’s draft response;
2.5.5 oversees external audit arrangements in place at the various controlled entities;
2.5.6 approves the commissioning, selection, appointment and charter for all external audits at Monash University (other than those conducted by the Auditor-General and his agents), reviews the reports and the University’s response.
2.6 Annual Accounts
2.6.1 reviews all significant changes to accounting policies from an audit perspective; 
2.6.2 receives the final draft of the University's annual accounts immediately following their adoption by the Resources and Finance Committee for review and recommends their acceptance or otherwise to Council.

3. Meetings
3.1 Frequency of meetings
The Committee shall meet at least four times a year on dates to be determined and on other occasions, as deemed necessary by the Chairperson.
3.2 Quorum
Given the number of members is four, the quorum is three.

4. Reporting to Council
The Committee shall submit a written report to the next meeting of Council. The Chair shall use the report as a basis for an oral presentation to Council on major decisions and outcomes from each meeting of the Committee.

Contact Information:
Chairperson Secretary

Mr Ian Pyman 

Ms Lee Ward
Tel: (03) 9905 6842