As regulated under the Local Government Act 1999 Councils must have an Audit Committee. Chapter 8, Part 3, Division 2, Sect 126 sets out the requirements for an Audit Committee of Council and include details regarding the membership and functions.
The functions of an Audit Committee include:
(a) reviewing the Annual Financial Statements to ensure that they present fairly the state of affairs of the Council, and includes things such as;
(b) liaising with the Council's auditor; and
(c) reviewing the adequacy of the accounting, internal control, reporting and other financial management systems and practices of the Council on a regular basis.
The Audit Committee Terms of Reference adopted by Council on 12 December 2012 forms the basis of the functions of the Kangaroo Island Council Audit Committee.
The Audit Committee meets at least two times a year at appropriate times in the reporting and audit cycle and at any other time as required.
Notice of each meeting confirming the venue, time and date, together with an agenda of items to be discussed, is forwarded to each member of the Committee and observers, no later than 3 clear days before the date of the meeting.
Minutes of committee meetings shall be circulated within five days after a meeting to all members of the Committee and to all members of the Council and will (as appropriate) be available to the public.
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