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Report of the Audit and Risk Committee

for the year to 30 June 2016

Members

Fred Hutchings BBS, FCA, Director, Chairman
Kerry Prendergast MBA, NZRN, NZRM, CNZM, Director (term finished 09/12/15)
Simon Murdoch MA, CNZM
Susie Johnstone BComm, FCA, CFInstD, CPP (term started 11/03/16)
Phillippa Smith BA, LLB, MPP, Deputy Controller and Auditor-General (term finished 27/09/15)
Greg Schollum BMS, FCA, Deputy Controller and Auditor-General (term started 28/09/15) 

The Audit and Risk Committee is an independent committee established by and reporting directly to the Auditor-General. The purpose of the Committee is to oversee:

  • risk management and internal control;
  • audit functions (internal and external) for the Office1
  • financial and other external corporate reporting;
  • the governance framework and processes; and
  • compliance with legislation, policies, and procedures.

The Committee has no management functions.

During the past year, the Committee:

  • met on three occasions to fulfil its duties and responsibilities;
  • received briefings from the Auditor-General and other senior managers on the Office’s key business activities, as a basis for ensuring that risks facing the Office are being appropriately addressed;
  • reviewed the Office’s strategic risks with the Auditor-General, and advised the Office on the review of the risk management framework;
  • discussed with the external auditors their audit findings;
  • monitored the implementation of recommendations made by the external auditor;
  • oversaw the internal audit programme; and
  • reviewed the annual report and annual financial statements of the Office prior to their approval by the Auditor-General, having particular regard to the accounting policies adopted, major areas of judgement, and compliance with legislation and relevant standards.

The Committee has reported to the Auditor-General on the above, and on other relevant matters. There are no outstanding or unresolved concerns that the Committee has brought to the attention of the Auditor-General.

Fred Hutchings
Chairman
Audit and Risk Committee

28 July 2016


1: The “Office” encompasses both the Office of the Auditor-General and Audit New Zealand.

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