(1) A council must appoint an Audit, Risk and Improvement Committee.
(2) The Committee must keep under review the following aspects of the council's operations--(a) compliance,(b) risk management,(c) fraud control,(d) financial management,(e) governance,(f) implementation of the strategic plan, delivery program and strategies,(g) service reviews,(h) collection of performance measurement data by the council,(i) any other matters prescribed by the regulations.
(3) The Committee is also to provide information to the council for the purpose of improving the council's performance of its functions.