Reporting directly to the RANZCP Board, the Audit Committee oversees and monitors the College's audit processes, including the College's internal control activities.
►Audit Committee Regulations [PDF; 59 KB]
The Chair of the Audit Committee is A/Prof. John Allan. Contact the committee at firstname.lastname@example.org.
Elections and appointments
The Audit Committee comprises:
- President Elect
- Chair, Finance Committee
- Chair, Corporate Governance and Risk Committee
- Fellow, independent (appointed by the Board from a pool of nominees from the Fellowship)
The Audit Committee is responsible for:
- monitoring and reviewing overall audit policy, financial planning and financial strategies of the College, and the process for their implementation
- identifying risks associated with the audit function, and for reporting high level risks to the Board, with recommendations for mitigation
- the application of accounting policies
- financial management
- protection of the College’s assets
- compliance with applicable laws, regulations, standards and best practice guidelines
- monitoring the College’s exposure to fraud
- ensuring the College’s financial system is audited annually
- recommending to the Board the appointment and terms of engagement of the external auditors and their audit plan
- providing a forum for communication between the Board and the internal and external auditors
- ensuring the independence of the external auditor
- reviewing the annual declaration of independence from the external auditors
- reviewing the performance of the external auditors
- development and implementation of an annual audit plan.