APVMA Audit Committee

The APVMA Audit Committee is an essential part of the APVMA’s governance and risk framework. It provides independent assurance to the Chief Executive in relation to internal controls, compliance, risk, financial management and reporting.

Membership

From 1 July 2007 the membership of the APVMA Audit Committee is as follows:

• External independent member (Chair);
• Member appointed from the APVMA Advisory Board;
• APVMA Program Manager Corporate Services;
• APVMA Program Manager; and
• APVMA EL2 level officer.

Members are to be appointed for an initial period not exceeding three years after which they will be eligible for extension or re-appointment.

The APVMA’s Finance Manager is not a member of the committee, but may attend meetings as an observer. Other external personnel including, for example, staff from the Australian National Audit Office (ANAO) may be invited to attend meetings as observers from time to time.

Number of Meetings

The Committee meets three to four times a year.

Functions and Responsibilities

The Committee is directly responsible and accountable to the Chief Executive for the exercise of its responsibility. The functions and responsibilities of the Audit Committee include:

• the approval of internal annual and strategic audit plans of the APVMA;
• the review of all audit reports involving matters of concern to senior management, including the identification and dissemination of good practices;
• the provision of advice to the Chief Executive on action to be taken on matters of concern raised in a report of the internal auditors or in a report of the Auditor-General concerning the APVMA;
• as far as practicable, the coordination of audit programs conducted by internal auditors and the programs conducted by the Auditor-General;
• the provision of advice to the Chief Executive on the preparation and review of financial statements;
• the evaluation of the overall effectiveness of audits;
• reviewing any other audit report that involves any matter of concern to the Chief Executive or other senior management in APVMA;
• ensuring that no management restrictions are being placed upon the auditors;
• evaluating the adequacy and effectiveness of the APVMA’s administrative operating and accounting policies;
• evaluating the adequacy of the APVMA’s accounting control system by reviewing written reports from the auditors and by monitoring the APVMA’s responses and actions the review of all audit reports;
• reviewing the effectiveness of the system for monitoring APVMA's compliance with relevant laws, regulations and associated government policies;
• the identification and implementation of best practices;
• the management of risk including oversight of the completion of the APVMA’s Risk Management Plan and the periodic review of risk treatments;
• the review of the APVMA’s compliance with all financial / accounting legislative requirements including the review of the annual Compliance Certificates prior to consideration by the Chief Executive;
• the periodically review the APVMA’s ISO audit results;
• the evaluation of the APVMA’s exposure to fraud and the periodic review of the APVMA’s Fraud Control Plan;
• monitoring of investments and the financial health of the APVMA;
• advise the Chief Executive on any significant changes to APVMA's accounting policies or procurement policies that are proposed by APVMA or considered desirable by the Committee; and
• the review and approve all significant accounting policy changes.