Audit Committees

The guidance on this page is relevant to:

  • accountable authorities of Commonwealth entities
  • governing bodies of Commonwealth companies
  • audit committee members.

The key points in this guidance:

  • considerations for establishing and operating an audit committee to provide independent advice and assurance to accountable authorities and governing boards
  • assistance determining the audit committee’s charter, including the review of the integrity of the entity’s financial and performance reporting and compliance requirements.

For further information please refer to:

Independent members of audit committees

Section 17 of the PGPA Rule requires that, from 1 July 2015, audit committees have a majority of independent members.  The professional peak bodies listed below can assist accountable authorities to source appropriately skilled independent candidates. There is no mandatory requirement for Commonwealth entities to approach these peak professional bodies or to use their services exclusively.

Professional peak bodiesAvailable services

Australian Institute of Company Directors
Mr Phil Butler
Manager, NFP, Public Sector and ACT
Australian Institute of Company Directors
Phone: 02 6132 3200
Email: pbutler@aicd.com.au
Website: www.companydirectors.com.au

An advertisement for a specific audit committee role can be placed on the Australian Institute of Company Directors website by a Commonwealth entity.  This advertisement can outline the specific skills sets and requirements the entity is seeking.

Governance Institute of Australia
Ms Emma Churchill
State Director, Queensland
Phone: 07 3229 6879
Email: emma.churchill@governanceinstitute.com.au  
Website: www.governanceinstitute.com.au 

The Governance Institute of Australia can advertise an audit committee position to its membership via the ‘Governance career opportunities’ webpage on the website.  The text must be formatted as per guidelines available.

Institute of Internal Auditors – Australia
Ms Julie Young
Executive Officer & Company Secretary
Phone: 02 8268 5811
Email: julie.young@iia.org.au
Website: www.iia.org.au 

The Institute of Internal Auditors Australia has established a database of prequalified professional members with the appropriate specialist skill set.

Chartered Accountants Australia and
New Zealand
Ms Renee Le Grande
Territory Manager – ACT
Phone: 02 6122 6118
Email: renee.legrande@charteredaccountantsanz.com
Website: www.charteredaccountants.com.au 

Chartered Accountants Australia and New Zealand can work with a Commonwealth entity to determine individual requirements.  They can provide a shortlist of potential candidates for an audit committee, sourcing candidates through their existing databases and networks.

 

CPA Australia
Mr Matthew Andrews
Business Development Executive
Phone: 02 6267 8533
Email: matthew.andrews@cpaaustralia.com.au
Website: www.cpaaustralia.com.au 

CPA Australia can advertise an audit committee position to a targeted membership group (likely to be those that hold fellow membership status).

ISACA Canberra Chapter
(IT Governance Specialists)
Mr David Berkelmans
ISACA Canberra Chapter President
Phone: 0415 636 544
Email: isacacanberrapresident@outlook.com
Website: www.isaca.org 

ISACA’s membership profile includes individuals that have experience in IT security, IT auditing, IT risk management and those specialising in IT governance more broadly.  ISACA will source potential candidates through an expression of interest process and can work with Commonwealth entities to provide a shortlist of suitable candidates. 

The Australian Computer Society (ACS)
Berny Martinez
Director of Professional Standards & Assessment Services
Phone: 02 8296 4428
Email: Berny.Skills@acs.org.au 
Website: www.acs.org.au 

ACS can advertise audit committee positions to those members that have expertise in IT governance, information management, information security, procurement, contract management and technology auditing (minimum professional standard level 5 of the Skills Framework for the Information Age) and can provide a shortlist of suitable candidates. 

Risk Management Institution of Australasia (RMIA)
Ms Andrea Doney
Events and Sponsorship Manager
Phone: 02 8307 0925
Email: andrea.doney@rmia.org.au
Website: www.rmia.org.au

RMIA will work with a Commonwealth entity to determine individual requirements and can shortlist suitable applicants from within their network of Certified Practicing Risk Managers (CPRMs). RMIA can also advertise an audit committee position to its membership via electronic direct mails, linked-in and on their website.

Current as at May 2015.

Contact for information on this page: pmra@finance.gov.au

Last updated: 18 July 2017