Report of the Audit and Risk Committee for the year ended 30 June 2022
| Members (1 July 2021 to 31 December 2021) | Members (1 January 2022 to 30 June 2022) |
|---|---|
|
Warren Allen FCA, FCIS, MinstD, Chair Susie Johnstone BComm, FCA, CFInstD, CPP Greg Schollum, BMS, FCA Deputy Controller and Auditor-General |
Warren Allen FCA, FCIS, MinstD, Chair Linda Robertson BComm, Dp.Bank, GAICD, INFINZ, FGNZ, CFInstD, CS, CGP Howard Fancy MComm(Hons), BSc(Hons) Chemistry Greg Schollum, BMS, FCA Deputy Controller and Auditor-General |
The Audit and Risk Committee is an independent committee established by, and reporting directly to, the Auditor-General. The purpose of the Committee is to oversee and provide advice to the Auditor-General on:
- risk management and internal control (both the OAG and Audit New Zealand);
- audit functions (both internal and external audit) 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 five 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;
- received regular updates on the Controller function;
- 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;
- reviewed major projects: Improving Parliamentary scrutiny; LTP audits; office systems strategy; ethics and integrity work programme; people strategy; future of audit; and Te Ao Māori strategy;
- reviewed the various portfolio (team) updates;
- considered the Auditor-General’s strategic priorities to the end of 2022, the Draft Annual Plan 2022/23, and investment (budget bid) update; and
- hosted online sessions with OAG to explain the role and the work of the Committee, and introduce the new members.
The Committee has reported to the Auditor-General on the above, and on other relevant matters. There are no outstanding or unresolved matters that the Committee has brought to the attention of the Auditor-General.
Warren Allen
Chair, Audit and Risk Committee
16 September 2022