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HOSPITAL AND HEALTH BOARDS REGULATION 2023 - REG 47
Functions of an audit committee
47 Functions of an audit committee
(1) An audit committee established by a Service’s board has all of the
following functions— (a) advising the board about the matters stated in
paragraphs (b) to (h) ;
(b) assessing the adequacy of the Service’s
financial statements, having regard to the following— (i) the
appropriateness of the accounting practices used;
(ii) compliance with
prescribed accounting standards under the Financial Accountability Act 2009 ;
(iii) external audits of the Service’s financial statements;
(iv)
information provided by the Service about the accuracy and completeness of the
financial statements;
(c) monitoring the Service’s compliance with its
obligation to establish and maintain an internal control structure and systems
of risk management under the Financial Accountability Act 2009 , including—
(i) whether the Service has appropriate policies and procedures in place; and
(ii) whether the Service is complying with the policies and procedures;
(d)
if an internal audit function is established for the Service under the
Financial and Performance Management Standard 2019 , part 2 , division 5
—monitoring and advising the Service’s board about its internal audit
function;
(e) overseeing the Service’s liaison with the
Queensland Audit Office in relation to the Service’s proposed audit
strategies and plans;
(f) assessing external audit reports for the Service
and the adequacy of actions taken by the Service as a result of the reports;
(g) monitoring the adequacy of the Service’s management of legal and
compliance risks and internal compliance systems, including the effectiveness
of the systems in monitoring compliance by the Service with relevant laws and
government policies;
(h) assessing the Service’s complex or unusual
transactions or series of transactions, or any material deviation from the
Service’s budget;
(i) any other function given to the committee by the
Service’s board, if the function is not inconsistent with a function
mentioned in paragraph (a) to (h) . Example of a function for paragraph (i)—
overseeing improvements in the quality of the Service’s systems and
procedures
(2) In this section—
"external audit" means an audit conducted by or for the
Queensland Audit Office.
"Queensland Audit Office" means the Queensland Audit Office established under
the Auditor-General Act 2009 , section 6 (4) .
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