9:30am to 12:30pm
Members of Local Government Audit Committees (including independent members).
The Local Government Act 1999 requires Councils to establish audit committees and Section 126 sets out the principal functions and extent of authority for audit committees.
This session will highlight the legislative responsibilities of audit committees and the critical role they play in the financial reporting framework of Councils. It will also deal with the relationship between Councils' finance committees (or similar) where they exist and audit committees.
Participants will gain an understanding of the audit committee's role in:
- Councils' financial reporting and its monitoring
- Internal controls and risk management systems
- Audit committee work programs and their construction
- Whistleblowers' policies and procedures
- Internal audit and the Committee deliberations
- External audit and its relationship with the committee
- Dealing with emerging risks
Further, the training will demonstrate how the following documents work together to provide an Audit Committee with the framework to deliver the activities and responsibilities listed above.
- Relevant extracts from the Local Government Act 1999 and associated Financial Regulations
- Example of Audit Committee Terms of Reference
- Example Template of an Audit Committee Work Program
The following training reference material will be used in this session (LGA Information Papers):