The Risk Management and Audit Committee (the Committee) is established as an Advisory Committee to the City of Palmerston.
The Committee is established by Council, pursuant to the Northern Territory Local Government Act (the Act) and the Local Government (Accounting) Regulations with the key functions of:
a. To monitor and review the integrity of the council’s financial management;
b. To monitor and review internal controls;
c. To make recommendations to the council about any matters to committee considers require the council’s consideration as a result of the committee’s functions under paragraph (a) or (b).
The Committee consist of a minimum of four members, comprising of Elected Members of Council and a minimum of two independent members.
Independent members of the Committee have recent and relevant experience in the Local Government Regulatory Framework, finance and risk management.
The Committee shall meet a minimum of four times per year at appropriate times in the reporting and audit cycle.