- Foreword and Introduction
- 1. Introduction
- 2. The Audit Committee’s functions and responsibilities
- 3. Membership of the Audit Committee
- 4. Relationships with key stakeholders
- 5. Conduct of the Audit Committee
- 6. Assessment of the Audit Committee’s performance
- Part 2
- Part 3
PDF of Checklists And Proforma [0.5MB]
In the public sector environment, with the possibility of changes to administrative arrangements and entity status, there is the potential that an Audit Committee may be replaced by a new committee, or that committee responsibilities may be transitioned to the Audit Committee of a new entity.
Where Audit Committee responsibilities are to be transferred to a new Audit Committee, it is the responsibility of the existing Chair to ensure that the status of all Audit Committee activity that may be relevant to the new committee is adequately documented and provided to the incoming committee. In particular, any outstanding matters of high risk to the entity and outstanding audit recommendations should be brought to the attention of the new committee.
It is the responsibility of the committee Chair to ensure that an appropriate handover of responsibilities occurs on the appointment of a new Chair. An outgoing Chair should ensure that the new Chair is sufficiently briefed to assume the role of Chair. In particular, the outgoing Chair should brief the new Chair on any significant outstanding matters arising from internal and external reports and any major emerging risks facing the entity. The outgoing Chair would also facilitate a discussion between the Chief Executive/Board and the new Chair.
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