Appendix 1: Report of the Audit and Risk Committee for the year ended 30 June 2019

Annual report 2018/19.

Members

  • Fred Hutchings BBS, FCA, Director, Chair (term ended 31 December 2018)
  • Simon Murdoch MA, CNZM (term ended 31 December 2018)
  • Susie Johnstone BComm, FCA, CFInstD, CPP
  • Warren Allen FCA, FCIS, MInstD, CEO External Reporting Board, Chair (from 1 January 2019)
  • Geoff Dangerfield QSO, MSc, FCILT, CMInstD (from 1 January 2019)
  • Greg Schollum, BMS, FCA Deputy Controller and Auditor-General

The Audit and Risk Committee is established by, and reports directly to, the Auditor-General. It comprises three independent members and the Deputy Controller and Auditor-General. The purpose of the Committee is to oversee and provide advice to the Auditor-General on:

  • risk management and internal control;
  • audit functions (internal and external) for the Office;
  • financial and other external corporate reporting;
  • the governance framework and processes; and
  • compliance with legislation, policies, and procedures.

The Committee has no management functions. During the past year, the Committee:

  • met on four occasions to fulfil its duties and responsibilities;
  • received briefings on the Office’s key business activities, as a basis for ensuring that risks facing the Office are being appropriately addressed;
  • reviewed the Office’s strategic risks with the Auditor-General;
  • discussed with the external auditors their audit plans and findings;
  • oversaw the internal audit programme;
  • monitored the implementation of recommendations made by both the external auditors and internal auditors;
  • reviewed the annual report and annual financial statements of the Office prior to their approval by the Auditor-General, having particular regard to the accounting policies adopted, major areas of judgement, and compliance with legislation and relevant standards; and
  • reviewed the Auditor-General’s strategic priorities to the end of 2019, the Draft annual plan 2019/20, and the budget bid document “Investing in Integrity.”

The Committee has reported to the Auditor-General on the above, and on other relevant matters. There are no outstanding or unresolved concerns that the Committee has brought to the attention of the Auditor-General.

Warren Allen
Chair, Audit and Risk Committee

13 September 2019