Council Audit and Risk Management Committee

Overview

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.

Scope

The scope of the Audit 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.

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


Meetings

Quarterly

Terms of Reference