The Risk Management and Audit Committee (the Committee) is established in accordance with section 86 of the Local Government Act 2019 (NT) (the Act) with the following functions pursuant to section 87 in relation to Council:
- To monitor and review the integrity of Council’s financial management;
- to monitor and review internal controls; and
- to make recommendations to Council about any matters the Committee considers require Council’s consideration as a result of the Committee’s functions under paragraph (a) or (b).
The Committee monitors and reviews the integrity of Council’s financial management and discharges its functions under section 87 of the Act through the responsibilities set out in this Terms of Reference, including oversight of audit functions, internal controls, risk management, financial reporting and other assurance activities. Council has expanded the role of the Committee beyond its statutory functions to include oversight of enterprise risk management, including the Risk Management Framework, strategic risk profile, risk appetite, and other assurance activities.
The Committee is considered ‘Confidential’ pursuant to section 99(4) of the Act, which states that Risk Management and Audit Committee meetings are conducted in private.