University Council

• Current members
• Terms of Reference
• Meeting dates
• Related documents

Current Members

* The Chair of Finance Committee is not expected to attend every meeting of Audit & Risk Committee.

Terms of Reference

Purpose/ Objectives

To ensure all higher level risks of UTAS enterprise, business activity, work practice and work place, are identified, assessed, mitigated & managed. In this there is the very clear intent to-

• heighten awareness and
• more rigorously manage risks

at every level across all UTAS academic, research and administrative and support service streams(including outsourced & partnership activities).

Scope

To consider all risks for UTAS across academic, research, administrative & support service streams (including institutes, outsourced & partnership arrangements).

Goals

• UTAS is supported with a contemporary risk management system that involves all stakeholders and meets standards criteria around the levels of awareness, implementation and evaluation.
• UTAS is supported with a contemporary internal audit program that provides –
  • Adequate depth and breath of internal audit control coverage, for all higher level risk core business systems compliance ( ensuring systems are both in place and adhered to)
  • Adequate depth and breath of internal audit control coverage, for all higher level risk core IT systems compliance ( ensuring systems are both in place and adhered to)
  • Targeted internal audit and review of projects & activities that carry higher level risks

•  UTAS external audit program is contemporary & appropriate to our needs and findings are communicated and acted upon.
• Both internal and external audits are acted upon as part of a system of continuous improvement

Key Functions

• Key functions relating to
  contemporary risk management include ensuring -
  
  • Ensure there is a system including clear documentation & support tools to enable all stakeholders to identify, assess, mitigate & manage risks
  •  Ensure there is an awareness program to support stakeholders with the system
  • All UTAS enterprise, academic, research, administrative & support service streams implement the risk management system
  • The effectiveness of the risk management system, its activities and components are evaluated on an ongoing basis

• internal audit include ensuring -
  
  •  there is a contemporary internal audit system established that covers core activities as well as the financial activities of boards, centres, institutes & other Council controlled entities operating outside the triennial budget.
  • there is both a three yearly strategic and an annual internal audit plan established that meets UTAS’s business & IT compliance and risk based internal audit program needs
  • the plan is implemented and adjusted as required
  • internal audit findings are communicated & acted upon

• external audit include ensuring-
  
  • external auditors are aware of key UTAS business issues
  • an appropriate external audit plan is agreed in advance
  • the plan is implemented and adjusted as required
  • external audit findings are communicated & acted upon

Direct Reporting Relationship

The committee recognises that the Manager Risk Management and Audit Assurance has , in addition to any other internal reporting lines for that position, a direct reporting line to the Chair of the Audit Committee as and when required in the course of carrying out the functions of that position.

Lifecycle

The Audit & Risk Committee has an ongoing lifecycle with a major review of its role and function in 2012.

Evaluation

On an annual basis if not more frequently the Audit & Risk Committee will review its performance against its performance requirements and report its findings to the UTAS Council.

Meeting Dates

Please use the attached template for submitting papers to Council [Word 236KB] and its committee.
Any submissions should be sent to Belinda Webster, Director, Governance & Legal and Secretary to the Audit & Risk Committee.
Private Bag 42, Hobart 7001 or Belinda.Webster@utas.edu.au

Related Documents

• Risk Management (GLP2)
  • Risk Management Policy (Pol3) [PDF 230KB
  • Risk Management Toolkit [PDF 228KB]
•  Risk Management and Audit Assurance - Homepage