A good governance is a combination of processes and structures implemented by the Board to inform, direct, manage and monitor the activities of the organisation toward the achievement of the organisation’s objectives. The Audit Committee plays a pivotal role in ensuring good governance by overseeing the organisation’s financial reporting, internal control systems and processes, risk management framework and systems and internal and external audit functions.
The Department of Finance released guidelines that could assist audit committees in understanding and meeting their duties and responsibilities under the Public Governance, Performance and Accountability Act 2013 (PGPA Act). The guidelines issued covers the role of the audit committee in:
Non-corporate Commonwealth entities; and
- Corporate Commonwealth entities.
The department’s guidelines also include a model audit committee charter to assist organisations to develop a charter that defines the committee’s function and manage its operations to ensure it delivers the best value.
These guidelines were updated on 10th December 2019 and originally published by the Australian Government's Department of Finance.
For more information about Audit Committee Guidelines
For more information about good governance as well as the audit committee guidelines, please get in touch with Tim Pittaway.
Tim is a Director of the Risk Advisory division in Sydney and has over 15 years' specialist experience in the provision of internal audit, risk management, compliance audit, market audit, climate change, and alliance audit services, working with both the public and private sectors.