The UTS Audit and Risk Committee Charter (PDF) outlines the committee's roles, responsibilities, composition and the manner in which it discharges its responsibilities for UTS.
The UTS Internal Audit Charter (PDF) outlines the roles, responsibilities, standards of practice and reporting requirements of the university’s Internal Audit function.
Responsibilities
The primary responsibility of the committee is to assist Council in overseeing the risk activities (including financial controls and Risk Management Framework) undertaken by UTS and, from time to time, other related entities as requested by Council.
The committee will:
Risk Management Framework
a. provide oversight and undertake annual reviews of the Risk Management Framework (including the Risk Taxonomy) and the Risk Management Policy
b. assist Council in discharging its responsibility to exercise due care and skill in relation to UTS’s risk, control and compliance framework; insurance products and cover; and the specified oversight of the designated risks contained within the UTS Council Committees Risk Oversight Responsibilities Framework
c. consider any material legal matters that may impact the university
Finance controls
d. provide oversight of the university’s internal financial controls and systems
e. provide oversight of relevant Delegations as approved by Council
Audit
f. ensure an independent and effective internal audit program is delivered
g. liaise with the external auditor to ensure effectiveness of the external audit
h. monitor management’s responsiveness to the findings and recommendations of e) and f)
Financial reporting
i. 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
j. review and make recommendations to Council on the annual financial statements and other relevant documents, taking note of the comments of the Finance Committee
Controlled entities
k. receive annual reports on the performance of controlled entities
Commercial activities
l. review the annual commercial activities report and consider the appropriateness of governance arrangements of commercial entities of the university from a risk perspective
Policies
m. provide oversight of policies relevant to the remit of the committee.
The committee operates under a formal and additional Terms of reference.
Performance
The committee will review its performance annually against the charter.
