Audit and Financial controls
What does the Audit Committee do?
The Audit Committee is a formally appointed Advisory Committee of the Council. The Committee does not have executive powers or authority to implement actions in areas over which management has responsibility and is therefore independent of management. The Audit Committee’s role is to report to Council and provide appropriate advice and recommendations on matters relevant to its Charter in order to facilitate decision making by Council in relation to the discharge of its responsibilities.
The main objectives and functions of the Committee include:
- The enhancement of the credibility and objectivity of external financial reporting;
- Effective management of financial and other risks and the protection of Council assets;
- Compliance with laws and regulations as well as use of best practice guidelines;
- The effectiveness of the internal audit function; and
- The provision of an effective means of communication between the external auditor, internal audit, management and the Council.
What is discussed at Audit Committee?
Matters commonly discussed at Audit Committee meetings are:
- Internal and External reports
- Implementation status of audit recommendations
- Financial and Performance Statements
- Internal audit performance data
- Risk register
- Reports relating to governance, legislative compliance and information technology
- Other reports from council officers
The Committee meets on a quarterly basis.
How do I access the Audit Committee Charter and Terms of Reference?
You can download and read the:
Who are the members of this committee?
The Committee comprises 5 members – 2 Councillors and 3 external, independent persons. All members shall have full voting rights. The Chairperson is an independent member.
The Chief Executive Officer, Chief Financial Officer and internal auditor attend all meetings, except when the Committee chooses to meet in camera. All Councillors may attend all meetings. Council staff and other relevant persons may be invited to attend at the discretion of the Committee to advise and provide information when required.
B.Ec., Grad Dip Employment Relations, Grad Dip Japanese Business Communications, CA, GAICD
Lisa has over 22 years’ experience in a large professional services firm (PwC) working with clients in the public sector (Federal, State and Local Government levels), water gas, health, education, manufacturing and financial services industries. Lisa’s experience includes the design and delivery of external, internal, compliance and operational audits, and she has worked overseas and across Australia in these areas.
Lisa’s knowledge of and experience with Local Government comes from over 14 years working in the Melbourne market as a highly regarded consultant to organisations such as City of Whitehorse, City of Whittlesea, City of Boroondara, Port Phillip City Council, City of Stonnington, CFA and VicRoads.
B.Bus., CIA, PMIIA, CA, AICD
Craig has over 28 years’ experience in the Assurance industry and over 20 years in the local and state government sector. Craig is a Partner at Dench McClean Carlson and was recently a member of the Victorian Council of the Institute of Internal Auditors after a number of years and is a qualified Chartered Accountant and Certified Internal Auditor.
Craig has extensive experience in the local government sector previously being the Partner of many outsourced internal audit functions across local government and is also providing probity services to Wyndham, Moonee Valley and Mornington Peninsula Shire Council.
Dr Craig Nisbet
B.Ec., Grad Dip Tax., M.Acc., DBA, FAICD
Craig is an experienced Audit, Risk Management and Finance executive. Craig has extensive experience leading high performance teams including in the area of Information Technology.
Craig is currently Head of Risk and Internal Audit at ASX listed Agribusiness Company, Ridley Corporation Limited (Ridley). Prior to this role, Craig was Executive Group Manager – Risk and IT for six years at Citywide Service Solutions Pty Ltd (Citywide), a provider of physical services to Glen Eira Council. In both roles, Craig is a member of the Executive, and also has ex-officio roles to the respective Audit and Risk Committees.