South Australian Current Regulations

PUBLIC CORPORATIONS (STUDYADELAIDE) REGULATIONS 2023 - REG 18

18—Internal audit

        (1)         The subsidiary must maintain effective internal auditing of its operations.

        (2)         The subsidiary must, unless exempted by the Treasurer, have an audit committee.

        (3)         The audit committee must comprise at least 4 persons, being—

            (a)         a member of the board of the subsidiary, or such members of the board as the board may from time to time determine; and

            (b)         such other person or persons as the board may from time to time appoint,

but must not include the chief executive (if any) of the subsidiary.

        (4)         The functions of the audit committee include—

            (a)         reviewing annual financial statements to ensure that they provide a true and fair view of the state of affairs of the subsidiary; and

            (b)         liaising with external auditors; and

            (c)         reviewing the adequacy of the accounting, internal auditing, reporting and other financial management systems and practices of the subsidiary on a regular basis.