Audit & Risk Committee

Purpose

The Audit & Risk Committee advises the Board on financial reporting, audit and risk management matters.

Scope

Its scope includes the unincorporated joint venture CRCSI, all entities controlled by the Board such as Spatial Information Systems Research Ltd, and the provision of services by the CRCSI to 43pl. It will not cover the audit function required for 43pl as the Board of 43pl has the responsibility for this role.

Role and responsibilities

Financial Reporting

  • review accounting policies and financial statements prior to their referral to the Board
  • review any unusual transactions, including current or pending litigation, claims or other contingencies which management or legal counsel believe likely to have a material effect on the financial position or operations of the CRC and its company(s) and the manner in which these matters are disclosed in financial statements
  • monitor developments likely to affect financial reporting, proposed changes to the format of financial statements, new accounting or legislative pronouncements or disclosure requirements, as they affect both current and future years
  • review the structure and format of the management reports

Audit activities

  • review the audit plans of the external auditors and satisfy itself that they are adequate and appropriate
  • review the results of the external audit and satisfy itself that management’s response to audit recommendations is adequate
  • responsible for ensuring that internal control policies and procedures are in place in relation to safeguarding assets and the maintenance of reliable and detailed financial records
  • review the auditor's reports and assess remedial action taken or proposed as a result of the reports. This may include seeking functional internal audits if in the Committee’s opinion this will assist the overall conduct of the CRC
  • recommend the appointment of the internal and external auditor(s) to the CRC Board and its related entities (but not 43pl) and review the audit reports. Importantly these include CRC Program auditing as well as statutory ASIC reporting
  • monitor, as requested by the Board, standards of corporate conduct
  • evaluate the independence and the effectiveness of the external auditors and recommend to the Board any changes that may be required to audit arrangements or the level of fees
  • recommend to the Board an annual internal audit plan, and the fees proposed by the auditors. The Committee will also seek to ensure the audit activities and performance meet the standards of professional practice
  • review management's responses to any audit questions or other reports or recommendations relating to the integrity of financial statements

Risk Management

  • promote and monitor the integration of risk management into the CRC’s organisational culture
  • establish a documented risk management policy and framework and recommend it to the Board
  • monitor risks by making inquiries of management and the internal auditors about risks or exposures and will assess the steps taken by management to minimise such risk, including the review of management information systems, and implementation and monitoring of business policies
  • review the schedule of insurances annually and make inquiries of management and the insurer as required
  • Tina McMeckan, Chair

    Tina has 20 years of experience as a company director and senior executive in listed and private companies, partnerships, not for profit entities and with government businesses. Her specific industry skills are in the energy sector and in commercialisation of science and technology. Key competencies include corporate governance and risk management, enterprise development and strategic planning, investment analysis and finance and market competition and industry reform. She has served as the chairman or a member on audit, compliance, due diligence, nomination and remuneration board committees.

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    Tina McMeckan, Chair
  • Malcolm McCoy

    Malcolm has over 20 years experience as a Director of survey and spatial companies and 35 years in the industry. He has been instrumental in undertaking two recent mergers of survey companies to form Vekta and prior to that to create Survey21. As part of this process he has been involved in lengthy due diligence procedures, and accordingly has been appointed Managing Director of Vekta, one of a few truly national survey and spatial consultancies. His role is to look at the strategic directions of the company and to implement the company Business Plan.

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    Malcolm McCoy
  • Wayne Poole

    Wayne is the Deputy Director, Business Advisory at RMIT Financial Services, and is a member of the senior leadership team working with the Vice-Chancellor, Vice President Resource, RMIT senior executive and RMIT Council.

    He is a Chartered Accountant with extensive financial and commercial experience covering both private and public sectors. Prior to joining RMIT in 2001, Wayne was employed by KPMG Australia (seconded to London and PNG offices) for over twelve years in both the Audit & Assurance and Transaction Services Divisions, forming part of the management group in the Melbourne office.

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    Wayne Poole