sec.47Functions of an audit committee

sec.47 Functions of an audit committee

An audit committee established by a Service’s board has all of the following functions— advising the board about the matters stated in paragraphs (b) to (h) ; assessing the adequacy of the Service’s financial statements, having regard to the following— the appropriateness of the accounting practices used; compliance with prescribed accounting standards under the Financial Accountability Act 2009 ; external audits of the Service’s financial statements; information provided by the Service about the accuracy and completeness of the financial statements; monitoring the Service’s compliance with its obligation to establish and maintain an internal control structure and systems of risk management under the Financial Accountability Act 2009 , including— whether the Service has appropriate policies and procedures in place; and whether the Service is complying with the policies and procedures; if an internal audit function is established for the Service under the Financial and Performance Management Standard 2019 , part 2 , division 5 —monitoring and advising the Service’s board about its internal audit function; overseeing the Service’s liaison with the Queensland Audit Office in relation to the Service’s proposed audit strategies and plans; assessing external audit reports for the Service and the adequacy of actions taken by the Service as a result of the reports; monitoring the adequacy of the Service’s management of legal and compliance risks and internal compliance systems, including the effectiveness of the systems in monitoring compliance by the Service with relevant laws and government policies; assessing the Service’s complex or unusual transactions or series of transactions, or any material deviation from the Service’s budget; any other function given to the committee by the Service’s board, if the function is not inconsistent with a function mentioned in paragraph (a) to (h) . overseeing improvements in the quality of the Service’s systems and procedures In this section— external audit means an audit conducted by or for the Queensland Audit Office. Queensland Audit Office means the Queensland Audit Office established under the Auditor-General Act 2009 , section 6 (4) . (sec.47-ssec.1) An audit committee established by a Service’s board has all of the following functions— advising the board about the matters stated in paragraphs (b) to (h) ; assessing the adequacy of the Service’s financial statements, having regard to the following— the appropriateness of the accounting practices used; compliance with prescribed accounting standards under the Financial Accountability Act 2009 ; external audits of the Service’s financial statements; information provided by the Service about the accuracy and completeness of the financial statements; monitoring the Service’s compliance with its obligation to establish and maintain an internal control structure and systems of risk management under the Financial Accountability Act 2009 , including— whether the Service has appropriate policies and procedures in place; and whether the Service is complying with the policies and procedures; if an internal audit function is established for the Service under the Financial and Performance Management Standard 2019 , part 2 , division 5 —monitoring and advising the Service’s board about its internal audit function; overseeing the Service’s liaison with the Queensland Audit Office in relation to the Service’s proposed audit strategies and plans; assessing external audit reports for the Service and the adequacy of actions taken by the Service as a result of the reports; monitoring the adequacy of the Service’s management of legal and compliance risks and internal compliance systems, including the effectiveness of the systems in monitoring compliance by the Service with relevant laws and government policies; assessing the Service’s complex or unusual transactions or series of transactions, or any material deviation from the Service’s budget; any other function given to the committee by the Service’s board, if the function is not inconsistent with a function mentioned in paragraph (a) to (h) . overseeing improvements in the quality of the Service’s systems and procedures (sec.47-ssec.2) In this section— external audit means an audit conducted by or for the Queensland Audit Office. Queensland Audit Office means the Queensland Audit Office established under the Auditor-General Act 2009 , section 6 (4) .