Council to establish Audit and Risk Committee
3 Nov 2017, 11:53 AM
At the October 31st meeting, Council considered formalising the way in which audit and risk functions are being managed and governed and Council agreed to establish an Audit and Risk Committee (ARC) pursuant to Clauses 30 and 31 of the Local Government Act 2002.
The Terms of Reference (ToR) within which the Committee shall operate were approved.
The ARC will be focussed on providing assurance on risk management and internal and financial control systems within Council. The ARC will assist Council to create and promote a more risk-aware culture and help to develop measures that would assist management and governance in understanding and managing risks more fully.
The initial membership of the ARC comprise of all of Council. Council will review the ToR including membership in 6 months’ time (April 2018) and will consider the appointment of an independent member to the ARC at this time.
The committee meets four times per year, with its first meeting planned for November 2017. Agenda and minutes will be published on our website.