Audit Committee (AC)

Purpose: This Committee has been established by the Vice-Chancellor in consultation with the Chair of the Senate FAC and the Chancellor.
The primary role of the Audit Committee (AC) is to assist and support the Vice-Chancellor to discharge the management and performance responsibilities of the Vice-Chancellor role with respect to Internal Audit.
The Committee covers all activities of the University and its controlled entities, excluding the academic activities and outcomes of teaching, learning, and research.

Terms of Reference (endorsed by UE 27 June 2019):

The UE Audit Committee will:

1. Internal Audit Plan
• Review the adequacy of the Annual Internal Audit Plan having regard to the University’s Risk Appetite Statement.
• Review the adequacy of Internal Audit resourcing to support the Internal Audit Plan.
• Commission, if deemed necessary by the Chair, unplanned audits to respond to issues raised or emerging concerns.

2. Internal Audit Reporting

• Receive internal audit reports which incorporate the responses of management.
• Review the adequacy of the responses of management and, where determined necessary, to refer those responses back to management for further consideration.
• Oversee compliance by management with the undertakings given in their responses to internal audit reports.
• Receive summary reporting on Special Investigations initiated and finalised.

3. Internal Audit

• Provide oversight and report on any emerging thematic and/or systemic concerns raised across planned and unplanned audits.
• Assist the Vice-Chancellor and Director, Internal Audit to strengthen the effectiveness of the University’s assurance functions and processes Reporting.
1. The Audit Committee will refer matters to the Vice-Chancellor if the matters have an impact on University wide issues or the Chair considers that the decision is of strategic importance.
2. The Audit Committee will, through the Vice-Chancellor or Director, Internal Audit, raise any strategic or critical issues to the Senate FAC.

The Audit Committee:
1. May seek independent, professional advice to assist it to carry out its responsibilities on the approval of the Chair.
2. Does not have executive powers or any delegated financial powers.
3. Adopts an independent perspective.
4. May require the attendance of any University employee or supplier to discuss agenda items.
5. Will annually review its charter and effectiveness.
6. Will not have carriage of the effectiveness of Special Investigations or the Management responses to these investigations.

[source: https://intranet.sydney.edu.au/content/dam/intranet/documents/secretariat/Terms%20of%20Reference-%20Audit%20Committee.pdf accessed 12/7/2019]

The first meeting of the Audit Committee was 20 June 2019.

The Committee ceased to exist on 24 February 2022 when the University Executive (UE) approved a streamlined core Committees structure establishing five Core Committees: UE Research, UE Education, UE Operations, UE Strategic Course Portfolio, UE People and Culture and further established a Strategy and Transformation Board.