South Australian Current Acts South Australian Current Acts126A—Regional audit and risk committee
(1) Two or more
councils may establish a regional audit and risk committee.
(2) The purpose of a
regional audit and risk committee established by 2 or more councils is to
provide independent assurance and advice to those councils on accounting,
financial management, internal controls, risk management and governance
matters.
(3) The following
provisions apply to the membership of a regional audit and risk committee:
(a) the
majority of the members of the committee must be persons who are not members
of any council;
(b) the
members of the committee (when considered as a whole) must have skills,
knowledge and experience relevant to the functions of the committee, including
in financial management, risk management, governance and any other prescribed
matter;
(c) the
membership of the committee—
(i)
may not include an employee of the constituent councils
(although an employee may attend a meeting of the committee if appropriate);
and
(ii)
may include, or be comprised of, members of a council
audit and risk committee or another regional audit and risk committee; and
(iii)
must otherwise be determined in accordance with the
requirements of the regulations.
(4) The functions of
regional audit and risk committee include—
(a)
reviewing annual financial statements to ensure that they present fairly the
state of affairs of the constituent councils; and
(b)
proposing, and providing information relevant to, a review of the
constituent councils' strategic management plans or annual business plans; and
(c)
monitoring the responsiveness of the constituent councils to recommendations
for improvement based on previous audits and risk assessments, including those
raised by a constituent council's auditor; and
(d)
proposing, and reviewing, the exercise of powers under section 130A; and
(e)
liaising with the constituent councils' auditors in accordance with any
requirements prescribed by the regulations; and
(f)
reviewing the adequacy of the accounting, internal control, reporting and
other financial management systems and practices of the constituent councils
on a regular basis; and
(g)
—
(i)
in relation to a constituent council that has an internal
audit function—
(A) providing oversight of planning and
scoping of the internal audit work plan; and
(B) reviewing and commenting on reports
provided by the person primarily responsible for the internal audit function
at least on a quarterly basis; or
(ii)
in relation to a constituent council that does not have
an internal audit function, reviewing and commenting on an annual report
provided by the chief executive officer in relation to the policies and
processes adopted by the council to evaluate and improve the effectiveness of
its internal control practices and procedures; and
(h)
reviewing and evaluating the effectiveness of policies, systems and procedures
established and maintained for the identification, assessment, monitoring,
management and review of strategic, financial and operational risks on a
regular basis; and
(i)
reviewing any report obtained by a constituent council
under section 48(1); and
(j)
performing any other function determined by the constituent councils or
prescribed by the regulations.
(5) There must be at
least 1 meeting of a regional audit and risk committee in each quarter.
(6) Subject to this
Act, the procedure to be observed at a meeting of a regional audit and risk
committee will be—
(a) as
prescribed by regulation; or
(b)
insofar as the procedure is not prescribed by regulation—as determined
by the committee.
(7) Without limiting
subsection (6)(a), regulations under that subsection may provide for
circumstances in which the public may be excluded from attendance at a meeting
of a regional audit and risk committee.
(8) A regional audit
and risk committee must—
(a)
provide a report to the constituent councils after each meeting summarising
the work of the committee during the period preceding the meeting and the
outcomes of the meeting; and
(b)
provide an annual report to the constituent councils on the work of the
committee during the period to which the report relates.
(9) Each
constituent council of a regional audit and risk committee must ensure that
the annual report of the committee is included in its annual report.