Audit and Risk Committee Terms of Reference

Audit and Risk Committee Terms of Reference Audit Charter (incorporating the Terms of Reference) 1 Establishment 1.1 The Audit and Risk Committee is a committee of Council. In establishing the Committee, Council approved this Terms of Reference. The Terms of Reference sets out the specific responsibilities of the Audit and Risk Committee and describes the manner in which it will operate. 2 Purpose 2.1 The primary purpose of the Audit and Risk Committee is to assist Council in discharging its oversight responsibilities as the governing body of Victoria University. In doing this the Audit and Risk Committee will: • oversee the financial reporting process to ensure the balance, transparency and integrity of published financial information; • review the University’s internal financial control and risk management system; • review the effectiveness and efficiency of the University’s audit functions; • consider how management ensures the security and integrity of its computer systems and applications; • monitor the University’s process for compliance with laws and regulations affecting financial reporting; • investigate any activity within its terms of reference; and • discharge its responsibilities by making appropriate recommendations (in an advisory capacity) to Council. The Committee does not have the powers to commit Council or the University to the implementation of their recommendations. 2.2 In performing its duties, the Committee will ...