Audit and Risk Management Committee

Senate at its February 2002 meeting approved the restructure of the Audit Committee as a committee of Senate and revised terms of reference and membership.  (Resolution 17/02 Senate Meeting 4 February 2002)

The name of the committee was changed to the Audit and Risk Management Committee to reflect a change in role to include coverage of risk management, compliance and occupational health & safety. (Senate Meeting 3 March 2003)

The Audit and Risk Management Committee recommended to Senate that it had resolved at its meeting on 1 April 2003 that Charter of Committee be adopted which included a revised composition, term of office and terms of reference. Terms of Reference included the committee's new risk management responsibilities which were broadly consistent with relevant sections of the Australian Stock Exchange governance guidelines. Terms of Reference were approved by Senate 4 August 2003.

The primary role is to monitor and report to Senate on:

• effective management of financial and non financial risks
• reliable management and financial reporting
• compliance with laws and regulations
• maintenance of an effective and efficient internal audit capability
• maintenance of an effective and efficient risk management capability
• the financial and non financial risks of subsidiaries and controlled entities such as the Foundations and CRC's and commercial activities.

Terms of Reference were reviewed in March 2006 (Resolution 36/06 Senate meeting 6 March 2006)