ALIA Finance, Audit, Risk Management & Governance Sub-Committee
Membership
Joseph Cullen (chair),
Julie Rae,
Elke Dawson,
Ron Thompson (external representative)
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.
- To advise the Board of Directors on Governance issues.
Objectives
In discharging its advisory functions the Finance, Audit and Risk Management Sub-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.
- Review and monitor issues that would improve ALIA's governance.
Responsibilities
The Finance, Audit and Risk Management Sub-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.
- Ensure ALIA operates as a "best practice" governance organisation.
- Review and monitor financial and governance recommendations to the Board
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
- Report to the ALIA Board
- Review and monitor investment portfolio performance
- Review issues that would improve ALIA's governance and recommend appropriate changes to the constitution and by-laws.
- As required by the Board of Directors review ALIA's committee's and committee structure
Membership
The Sub-Committee will comprise a Director to act as chairperson, up to two Board members and up to one external representative with financial expertise. Permanent invitees to the Committee are the Executive Director, Chief Operating Officer and the Financial Controller. The President may choose to attend FARM Committee meetings.
Terms of office
Board members and external representatives will normally be appointed for up to two years. Members except the external member may not serve more than two consecutive terms and will be appointed following the May Board meeting.
Appointment of the External representative
The Chair of the FARM committee should ensure independence of the external representative and recommend the appointment to the Board. The Board of Directors must approve the appointment of the external representative.
Communication
The Sub-Committee will meet at least four times per year or in accordance with its approved timetable. The Sub-Committee shall meet electronically, via teleconference or face to face as required.
The Sub-Committee Chair will report to each Board Meeting on the work of the Sub-Committee. The Sub-Committee may refer matters of interest or concern to the Board of Directors for consideration.
Review
The Sub-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 Sub-Committee will be the Chief Operating Officer.
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