Audit and Risk Management Committee
Under the Northern Territory Local Government (Accounting) Regulations there is a mandated requirement for Council to establish and maintain an Audit Committee.
The Audit and Risk Management Committee is established to assist the Chief Executive Officer and Tiwi Islands Regional Council to ensure that effective internal control and risk management frameworks exists across Council operations in order to facilitate Corporate Governance best practice.
The scope of the Audit and Risk Management Committee includes, but is not limited to the following:
- Oversight of compliance with statutory responsibilities and Council policies
- Assessment of internal financial accounting and management controls·
- Review of risk management strategies and initiatives·
- Adequacy of audit scope and coverage
- Monitoring the effectiveness and efficiency of external audit
- Management response and timeliness of action taken to correct audit findings
The Audit and Risk Management Committee is comprised of five (5) members, consisting of three (3) elected members and two (2) independent external members.
Independent Chairperson Ian Swan FCA
2nd Independent Member Sandra Cannon FCA
Cr Gawin Tipiloura - Bathurst Island representative
Cr Lynette De Santis – Milikapiti representative
Cr Pirrawayingi Puruntatameri – Pirlangimpi representative
Quarterly: next meeting 26 October 2018