Audit Policy

Adopted by Council on 7 February 2011

Policy Goals

In accordance with Section 139 of the Local Government Act 1989 Council will maintain an Audit Committee of Council.  An Audit Committee is a mechanism established to co‑ordinate the activities of management, the internal audit process and the Auditor-General’s work with a view to achieving overall organisational objectives in an efficient and effective manner.  The role of an Audit Committee is to assist Council in the discharge of its responsibilities for financial reporting, maintaining a reliable system of internal controls and fostering the organisation’s ethical development.

The Auditing Policy is designed to ensure that the scope of the internal and external audits are adequate and that due emphasis is placed on areas where the Audit Committee, management, the Victorian Auditor-General and the auditors believe that attention is necessary.  As part of Council’s duty to fulfil its governance obligations to its community, Council has constituted an Audit Committee to receive reports on internal audits completed by an independent contractor and to ensure:

  • effective management of financial risks;
  • reliable management and financial reporting;
  • compliance with laws and regulations;
  • maintenance of an effective and efficient audit system.

The internal audit process is designed to: -

  • Provide independent appraisals to management, and
  • Contribute to the quality and performance of the Council by ensuring that accounting and operational control procedures and practices throughout are sound and consistent, and are adequate to safeguard its assets and facilitate its operations.

Policy Implementation

The implementation of this policy is set out in the charter of the Audit Committee with the charter being reviewed by the committee annually.

This policy has been reviewed after giving proper consideration to all the rights contained within the Charter of Human Rights and Responsibilities Act 2006; and any reasonable limitation to human rights can be demonstrably justified.