Audit Committee Subcommittee

Source: FAC report to Senate at Senate's 23 February 2015 meeting

In 2012 the Audit Committee was established by Senate as a subcommittee of FAC. Its primary focus was to provide more focussed oversight of the University’s audit function including reliability of financial management and reporting, compliance with laws and regulations and the maintenance of an effective and efficient audit capability.

FAC was satisfied that over the last two years the added focus provided by the Audit Committee had contributed to a demonstrated improvement in the resolution of audit issues and an improvement in the general control environment. 

However in 2014 FAC members found that they often had to consider matters at the Audit Committee which were more appropriately considered by the full meeting of FAC, but could not be addressed by FAC without scheduling additional meetings. FAC was of the view that the same focus on audit and control matters could be achieved by dedicating two regular FAC meetings a year to these objectives, while providing the flexibility to address the broader responsibilities of FAC on a timely basis. This would simplify the governance and reporting process for the Committee.

Hence FAC proposed that Senate disestablish the formal Audit Committee and FAC instead would adopt a disciplined annual schedule whereby the June and November FAC meetings retained an agenda with a comprehensive audit and control focus.