Audit and Risk Committee
The Audit and Risk Committee provides independent assurance and assistance to Council in relation to the university’s risk, control and compliance framework, and its external accountability responsibilities.
Contact
Elbreg Zwaan
Senior Governance Support Officer
telephone 02 9514 9811
email Elbreg.Zwaan@uts.edu.au
Committee details
2024 meeting dates
Thursday 8 February
Thursday 4 April
Tuesday 4 June
Tuesday 23 July (reserve)
Tuesday 24 September
Thursday 14 November
Time: meetings commence at 9.30am
Composition and membership
Composition
The Audit and Risk Committee consists of the following positions:
- Chair: an external member of Council, appointed for expertise in audit and risk
At least three, but no more than five, other members, of whom:
- all should have strategic management expertise and experience in accounting, auditing or risk
- up to two should be members of Council with qualifications and experience related to the operations of the university
- at least one should be a member of the Finance Committee (whether or not they are also a member of Council)
subject to the majority of committee members being independent.
Membership
Position | Membership | Current Term |
---|---|---|
Chair | Dr Jack Steele | 17 August 2023 to 31 October 2024 |
Council member (who is also a member of the Finance Committee) | Catherine Livingstone, AC | 1 November 2022 to 31 October 2024 |
External member | Vacant | |
External member | Diona Rae | 1 December 2022 to 31 October 2024 |
Positions on the committee are in accordance with its composition.
Terms of reference
The primary responsibility of the committee is to assist Council in overseeing the activities undertaken by the UTS body corporate and, from time to time, other related entities as requested by Council.
The committee shall:
- assist Council in discharging its responsibility to exercise due care and skill in relation to UTS’s risk, control and compliance framework, and its external accountability responsibilities
- ensure an independent and effective internal audit program is delivered
- liaise with the external auditor to ensure effectiveness of the external audit
- monitor management’s responsiveness to the findings and recommendations of b) and c)
- consult with the Finance Committee, External Auditor and the Internal Auditor on the auditing of the university’s accounts and the outcomes of those audits
- review and make recommendations to Council on the annual financial statements and other relevant documents, taking note of the comments of the Finance Committee
- review the Risk Management Policy at least biennially and oversee the university’s effectiveness in managing its financial and business risks, including fraud
- review litigation where feasible and practicable, which management believes is likely to have a material effect on financial affairs or reputation.
The committee may report to Council on any matter, however shall at least advise Council on items b), c) and d) above.
The committee may request and/or receive advice from management or committees to enable it to conduct its specific function of broadly monitoring UTS risk.
The committee may request information from Council or be requested by Council to consider any matter (which may or may not be relevant to other committees).
The committee operates under a formal charter.
Charter
The UTS Audit and Risk Committee Charter (PDF) sets out the committee’s objectives, authority, composition and tenure, roles and responsibilities, reporting and administrative arrangements.
The Internal Audit Charter (PDF) sets out the roles, responsibilities, standards of practice and reporting requirements of the university’s Internal Audit function.