Report of the Audit and Risk Committee

for the year to 30 June 2017

Members

  • Fred Hutchings BBS, FCA, Director, Chairman
  • Simon Murdoch MA, CNZM
  • Susie Johnstone BComm, FCA, CFInstD, CPP
  • Greg Schollum BMS, FCA, Deputy Controller and Auditor-General

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 Office;1
  • 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 four 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;
  • oversaw the internal audit programme;
  • monitored the implementation of recommendations made by both the external auditors and internal auditors;
  • 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; and
  • reviewed the Auditor-General’s Strategic Intentions to 2025 and the Draft Annual Plan 2017/18.

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.

On 2 August 2017, the Auditor-General tendered his resignation to the Speaker. Until such time that a new Auditor-General is appointed, the Deputy Auditor-General will fulfil the role rather than being a member of the Committee.

 

Fred Hutchings
Chair

Audit and Risk Committee

5 September 2017

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

page top