Role and responsibilities of the Audit and Risk Management Committee
Composition | Appointment Status |
---|---|
A Chair | Appointed by Council |
B Up to 4 members of Council* | Appointed by Council |
Appointed by Council | |
C External expert** | Appointed by Council |
*Membership of the Audit and Risk Management Committee is limited to external members of Council i.e. not a current RMIT staff member or student.
**The appointment of external experts will be considered and recommended to Council by NRPC. The appointment will be for a three-year term (unless specified otherwise). External experts are eligible for reappointment; however, terms cannot exceed 12 years in total (whether consecutive or not).
In making these appointments, the Council shall satisfy itself that each member is independent of management and does not have any business or other relationship which could interfere with or be reasonably perceived to have the potential to interfere with their capacity to exercise independent judgement.
Members of the Committee should have the appropriate level of skills and business experience. At least one member of the Committee will hold a formal accounting qualification, with a strong financial and accounting background.
In the absence of the Chair, the Committee will elect a chair from the Category B members.
Role | Appointment Status |
---|---|
Chancellor | In attendance (the Chancellor shall not Chair or sit on the Committee) |
Vice-Chancellor |
In attendance |
Chief Financial Officer |
In attendance |
Chief Operating Officer |
In attendance |
University Secretary |
In attendance |
The Committee may invite or require Officers of the University to attend meetings where appropriate to assist in the effective discharge of the Committee's duties or for selected agenda items as determined by the Chair.
The Committee may meet with the Vice-Chancellor, Chief Operating Officer, Chief Finance Officer, General Counsel, Director Risk, Internal Auditors and External Auditors without any other management being present.
The primary objective and responsibility of the Committee is to assist the Council in fulfilling and discharging its responsibilities in relation to the University’s accounting policies, financial reporting practice, financial and internal control systems, external and internal audit functions, risk management framework and compliance framework, by providing an objective view on the effectiveness of these policies, financial reporting practices, systems and risk management framework.
Pursuant to Section 18 of the Royal Melbourne Institute of Technology Act 2010, a committee of Council will be known as the Audit and Risk Management Committee (“the Committee”). Council authorises the Committee to:
Unless indicated otherwise, ‘University’ refers to the RMIT Group (RMIT University and its Controlled Entities).
There shall be an agenda and minutes for all meetings and the Secretary (who shall not be a Committee member) shall record the proceedings of the meeting and distribute Chair approved minutes within 10 business days of the meeting.
The Committee shall review its own performance on an annual basis and refer findings and actions arising from the review process to Council.
The Terms of Reference for the Committee shall be reviewed on an annual basis and any amendments recommended to Council for approval.
To Council after each meeting. The Committee will immediately escalate to Council any significant or material matters of concern.
Four times a year or more as required. Members will receive regular reporting between meetings where that facilitates the Committee’s functions. In consultation with the Chair, additional or special meetings may be requested.
None
University Secretariat
Name: Ms Nicole Knight
Role: Associate Director University Governance
Email: council.secretariat@rmit.edu.au
Phone: 03 9225 2008
Acknowledgement of Country
RMIT University acknowledges the people of the Woi wurrung and Boon wurrung language groups of the eastern Kulin Nation on whose unceded lands we conduct the business of the University. RMIT University respectfully acknowledges their Ancestors and Elders, past and present. RMIT also acknowledges the Traditional Custodians and their Ancestors of the lands and waters across Australia where we conduct our business - Artwork 'Sentient' by Hollie Johnson, Gunaikurnai and Monero Ngarigo.
Acknowledgement of Country
RMIT University acknowledges the people of the Woi wurrung and Boon wurrung language groups of the eastern Kulin Nation on whose unceded lands we conduct the business of the University. RMIT University respectfully acknowledges their Ancestors and Elders, past and present. RMIT also acknowledges the Traditional Custodians and their Ancestors of the lands and waters across Australia where we conduct our business.