AUASB Audit Committee Charter
1. Objective
The functions and responsibilities of the Auditing and Assurance Standards Board (AUASB) Audit Committee are:
- helping the AUASB and its directors to comply with obligations under the Commonwealth Authorities and Companies Act 1997;
- providing a forum for communication between the directors, the senior managers of the AUASB and the internal and external auditors of the AUASB;
- reviewing the AUASB financial statements, budget and business plan;
- Including any items relevant to these documents such as staffing expenses and contributions to international bodies;
- reviewing the risk management processes of the AUASB. In carrying out its responsibilities the Committee has full authority to investigate all matters that fall within the terms of reference of this Charter. As needed, the Committee may request from the FRC Chairman the use of FRC funds to obtain independent professional advice in discharging its duties.
2. Composition
The Committee is chaired by a member of the FRC and includes at least two other FRC members. The Chairman and members of the Committee are appointed by majority agreement of the FRC.
The Chair of the AUASB is to be invited to attend all Audit Committee meetings.
A quorum will comprise of any two Audit Committee members.
The Committee may invite the auditor, AUASB staff members and/or other relevant persons to attend meetings and to provide information as necessary.
A non-Audit Committee FRC member may attend Audit Committee meetings as an observer.
3. Meetings
The Committee shall meet not less than three times a year and more frequently as circumstances require. Minutes of meetings of the Audit Committee will be confirmed at the following meeting of the Committee and should ordinarily be included in the papers for the next AUASB meeting.
4. Reporting
The key matters discussed at each committee meeting are to be reported by the Audit Committee Chairman to the AUASB. The report should include all matters relevant to the role and responsibilities of the Committee. A copy of the report should also be provided to the FRC.
5. Other matters
The Committee shall also perform any other activities consistent with this Charter that the Committee or FRC members deem appropriate.