Report of the Audit and Risk Committee
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.
Audit and Risk Committee
28 July 2016
1: The “Office” encompasses both the Office of the Auditor-General and Audit New Zealand.