Australian Capital Territory Numbered Acts

TERRITORY OWNED CORPORATIONS AMENDMENT ACT 2004 (NO. 53 OF 2004) - SECT 18

insert

18A     Audit committee

    (1)     The directors of a Territory owned corporation must establish an audit committee.

    (2)     An executive director or senior manager of the corporation must not be a member of the audit committee.

    (3)     The audit committee has the following functions:

        (a)     helping the corporation and its directors comply with relevant legislation;

        (b)     providing a forum for communication between the directors and senior managers of the corporation and the auditor-general;

        (c)     oversighting risk management;

        (d)     reviewing accounting and reporting structures;

        (e)     monitoring internal controls and performance;

        (f)     undertaking reviews or investigations at the request of the directors.