54Audit and Risk Committee Charter

54 Audit and Risk Committee Charter (1) A Council must prepare and approve an Audit and Risk Committee Charter. (2) The Audit and Risk Committee Charter must specify the functions and responsibilities of the Audit and Risk Committee including the following— (a) monitor the compliance of Council policies and procedures with— (i) the overarching governance principles; and (ii) this Act and the regulations and any Ministerial directions; (b) monitor Council financial and performance reporting; (c) monitor and provide advice on risk management and fraud prevention systems and controls; (d) oversee internal and external audit functions. (3) An Audit and Risk Committee must adopt an annual work program. (4) An Audit and Risk Committee must— (a) undertake an annual assessment of its performance against the Audit and Risk Committee Charter; and (b) provide a copy of the annual assessment to the Chief Executive Officer for tabling at the next Council meeting. (5) An Audit and Risk Committee must— (a) prepare a biannual audit and risk report that describes the activities of the Audit and Risk Committee and includes its findings and recommendations; and (b) provide a copy of the biannual audit and risk report to the Chief Executive Officer for tabling at the next Council meeting. (6) The Chief Executive Officer must— (a) ensure the preparation and maintenance of agendas, minutes and reports of the Audit and Risk Committee; and (b) table reports and annual assessments of the Audit and Risk Committee at Council meetings when required by this Act and when requested by the chairperson of the Audit and Risk Committee. (7) A Council must approve the first Audit and Risk Committee Charter and establish the first Audit and Risk Committee on or before 1 September 2020. (8) Despite the repeal of section 139 of the **Local Government Act 1989**, the audit committee established by a Council under that section in existence before that repeal continues in operation until the first Audit and Risk Committee is established by the Council under section 53. Pt 2 Div. 9 (Heading and s. 54A) inserted by No. 23/2024 s. 47.