Role and responsibilities of the Audit and Risk Management Committee
Composition | Member | Appointment Status |
Chair |
Megan Haas |
Appointed by Council |
Up to 4 members of Council |
Anne Ward |
Appointed by Council |
Janet Latchford |
Appointed by Council |
|
Maria Peters | 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.
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.
Role | Appointment Status |
---|---|
Chancellor | In attendance (the Chancellor shall not Chair or sit on the Committee) |
Vice-Chancellor |
In attendance |
Deputy Vice-Chancellor Education | In attendance |
Chief Financial Officer |
In attendance |
Chief Operating Officer |
In attendance |
University Secretary |
In attendance |
Chief Audit and Risk Officer |
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.
At least once a year the Committee will separately meet with the Chief Audit and Risk Officer and external auditor without any management present. Similarly, the Committee may meet with the Vice-Chancellor, Chief Finance Officer or General Counsel without any other management being present.
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”). This Charter establishes the role and responsibilities of the Committee.
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.
The Committee is authorised to obtain outside legal and/or other independent professional advice and to secure the attendance of external parties with relevant experience and expertise if it considers this necessary. The Committee is entitled to call upon resources from the University to support the achievement of its duties.
The Committee has the right to obtain all information it requires and request reports from management, the Chief Audit and Risk Officer, General Counsel and VAGO which it considers necessary for the performance of its duties.
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.
Quorum is a majority of members. The Chair holds an additional ‘casting’ vote if there is a tie in the vote.
Six times a year or more as required. Members will receive regular reporting between meetings where that facilitates the Committee’s functions. Any Committee member, the Victorian Auditor General’s Office (VAGO) or the Chief Audit and Risk Officer may, in consultation with the Chair, request additional or special meetings if they believe it is necessary.
None
University Secretariat
Ms Nicole Knight
Senior Governance Officer
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 'Luwaytini' by Mark Cleaver, Palawa.
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.