Finance and Audit Committee

Reporting directly to the RANZCP Board, the Finance and Audit Committee acts as an advisory body to the Board in relation to statutory and contractual compliance and financial strategy reporting, and oversees and monitors the College’s audit processes.

Finance and Audit Committee Regulations

Responsibilities

Ensuring compliance with relevant legislative requirements and applicable laws, regulations, standards, and best practice guidelines.
Providing advice to the Board on outcomes and policies relating to statutory and contractual accountability, financial statement issues, and financial management issues.
Monitoring and reviewing overall audit policy, financial planning, and financial strategies of the College.
Assessing financial risks or concerns that may impact materially on the financial performance or financial position of the College.
Oversight of financial management and protection of College assets.
Reviewing the annual budget, forecasts, and making recommendations to the Board.
Recommending to the Board the appointment and terms of engagement of the external auditors and their audit plan.
Regularly reviewing and monitoring the College’s cash flow position, investments, exposure to fraud, of the College.
Ensuring College financial statements are audited annually and complies with all relevant legislative requirements
Serving as an independent and objective party to review the financial information
Reviewing and assessing the adequacy of the reporting, financial risk management, accounting, and internal controls.

Meeting frequency

The Committee typically meet 6 times per calendar year (each meeting up to 2 hours in duration).

A committee member will also be required to respond to emails between formal meetings.

Chair

The current Chair of the Committee is Dr Michelle Atchison.

Investment Subcommittee

Reporting to the Finance and Audit Committee, the Investment Subcommittee oversees the College’s investment portfolio and performance and implements the Investment Policy.

The Subcommittee comprises the Finance and Audit Committee Chair and two members.