(1) The Audit, Risk and Compliance Committee is established under Part 3 Section 19(1) of the Charles Darwin University Act 2003. (2) The Audit, Risk and Compliance Committee (ARCC) is responsible for assisting the Council in exercising governance, due care, diligence and skill in relation to discharging the following broad functions: (3) The Menzies School of Health Research is a controlled entity of the University (Menzies School of Health Research Act 1985 Part IV). (4) ARCC will monitor the financial management practices of controlled and associated entities and review the annual audited accounts and External Audit opinion. (5) ARCC may consider other items associated with the discharge of its functions and responsibilities as deemed necessary or referred to it by the University Council. (6) The objectives and membership of ARCC will be reviewed by the Council annually in February of each year. (7) The membership of ARCC shall comprise the following: (8) Members of ARCC, other than the Chancellor, will be appointed by University Council. (9) At least one (1) member of ARCC must be an appropriately qualified accountant. (10) The skill set of ARCC members must support the discharge of ARCC's functions and responsibilities. (11) The following positions have observer status and right of debate at meetings of ARCC: (12) Members of University Council are encouraged to attend meetings of ARCC. Notification of the intention to attend must be given to the Secretary a minimum of one (1) week before the meeting. Notifications may cover more than one (1) meeting. Observers have the right to receive meeting documentation, submit questions on notice and participate in meeting debate. (13) The Chair of ARCC will be appointed by the University Council. If the appointed Chair is not available, the members present will elect a chair for that meeting. (14) If the Chair of ARCC is not a member of the University Council, then the Chair will be an observer at Council meetings. (15) The Vice-President Governance and University Secretary (or nominee) shall act as secretary for ARCC. (16) ARCC members will hold office for up to three (3) years from the date of appointment. (17) A member may be appointed to two (2) additional consecutive terms. (18) An appointed member of ARCC vacates their office if the member is absent, without apology, from three (3) consecutive meetings of the Committee. (19) An appointed member may resign from their position on ARCC by notifying the Vice-President Governance and University Secretary in writing. (20) A quorum shall comprise three (3) members of ARCC. (21) ARCC will meet as required and at least four (4) times per year. (22) Matters requiring resolution by ARCC are to be determined by consensus of the members present. (23) The Chair shall have a deliberative and casting vote should a vote be required to determine a matter where consensus has not been achieved. (24) The agenda is to be distributed with supporting documentation at least seven (7) days prior to the meeting date. (25) Meeting minutes will be taken and distributed within two weeks of the meeting. (26) The minutes from each meeting of ARCC will be provided to the next meeting of the University Council and FIDC. (27) Where a member has an actual, potential or perceived conflict of interest regarding an agenda item, they must declare this to the Chair at the commencement of discussion of the item, and be prepared to excuse themselves from the discussion, or the room, if required, as per the terms of the Conflicts of Interest Policy. (28) Non-compliance with Governance Documents is considered a breach of the Code of Conduct – Staff or the Code of Conduct – Students, as applicable, and is treated seriously by the University. Reports of concerns about non-compliance will be managed in accordance with the applicable disciplinary procedures outlined in the Charles Darwin University and Union Enterprise Agreement 2025 and the Code of Conduct – Students. (29) Complaints may be raised in accordance with the Code of Conduct – Staff and Code of Conduct - Students. (30) All staff members have an individual responsibility to raise any suspicion, allegation or report of fraud or corruption in accordance with the Fraud and Corruption Control Policy and Whistleblower Reporting (Improper Conduct) Procedure.Audit, Risk and Compliance Committee Terms of Reference
Section 1 - Establishment
Section 2 - Functions and Responsibilities
Financial Reporting
Risk Management, Fraud and Internal Control
Compliance
External Audit
Internal Audit
Controlled and Associated Entities
Section 3 - Membership
Section 4 - Observers
Section 5 - Chair
Section 6 - Secretary
Section 7 - Terms of Office
Section 8 - Quorum
Section 9 - Meetings
Section 10 - Resolutions of the Audit, Risk and Compliance Committee
Section 11 - Agenda
Section 12 - Minutes
Section 13 - Reporting
Section 14 - Conflicts of Interest
Section 15 - Non-compliance
View Current
This is the current version of this document. To view historic versions, click the link in the document's navigation bar.