ALIA Finance, Audit and Risk Management Standing Committee
Membership
Jan Richards(chair), Derek Whitehead, Philip Keane, John Fletcher (External Representative), Sue Hutley, Peter Heffernan
Work Plan
Finance, Audit and Risk Management Standing Committee Work Plan
Terms of Reference
Purpose
To advise the Board of Directors on financial management, audit and risk management matters.
Objectives
In discharging its advisory functions the Finance, Audit and Risk Management Standing Committee's objectives are to:
- Assist the Board in monitoring the control and management of significant business and financial risks, including the quality of financial reporting and compliance with statutory and regulatory requirements; and
- Review and monitor financial management activities, risk management activities and audit functions and controls.
Responsibilities
The Finance, Audit and Risk Management Standing Committee's responsibilities are:
- Oversight compliance with statutory, legal and Corporations Law requirements relating to financial disclosure and regulatory reporting for Government agencies.
- Ensure financial statements are, in all material respects, presented fairly in accordance with applicable Accounting Standards and other mandatory professional reporting requirements under the relevant legislation and government regulatory agency financial reporting requirements.
Scope
- Review accounting policies adopted or proposed changes
- Monitor risk management plans and implementation
- Review effectiveness of the annual audit plan with the auditors
- Monitor the Association's risks control environment
- Review and monitor internal audit function
- Review the Annual Report as it relates to statutory information and information derived from the audit
- Review interim financial information and performance
- Supervise special investigations
- Assess the performance of financial management
- Review and monitor financial plans and budgets
- Review and monitor investment portfolio performance
Membership
The Standing Committee will comprise a Director to act as chairperson, up to two Board members, the Executive Director, and up to two external representatives with financial expertise.
Terms of office
Board members and external representatives will normally be appointed for up to two years. Members may not serve more than two consecutive terms and will be appointed following the May Board meeting.
Communication
The Standing Committee will meet at least four times per year. The Standing Committee shall meet electronically, via teleconference or face to face as required.
The Standing Committee Chair will report to each Board Meeting on the work of the Standing Committee. The Standing Committee may refer matters of interest or concern to the Board of Directors for consideration.
Review
The Standing Committee shall be subject to the review requirements of the ALIA Board of Directors at least once every two years.
Secretariat
ALIA National Office will provide secretarial support. ALIA National Office staff supporting this Standing Committee will be the Assistant Director, Business Support.
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