ICAS Audit and Risk Committee

The Audit and Risk Committee is the body appointed by Council to be responsible for monitoring and reviewing financial statements and reporting, risk management and internal controls.

Role & responsibilities

The responsibilities of the Audit and Risk Committee are set out in ICAS’ General Regulations and include:

• Monitoring the integrity of the financial statements and reviewing any significant financial reporting judgements.
• Assessing, monitoring and reviewing risk and the risk management system including the internal control environment, and providing assurance to Council.
• Advising Council with regard to the external auditor’s appointment, remuneration and terms of engagement.
• Overseeing the external auditor process.
• Advising Council with regard to the internal auditor’s appointment, remuneration and terms of engagement.
• Overseeing the internal audit process and reviewing the effectiveness of the internal auditor.

Delegation of powers

The Audit and Risk Committee has no decision-making powers in relation to the matters reserved to Council.