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Under the Northern Territory Local Government (Accounting) Regulations there is a mandated requirement for Council to establish and maintain an Audit Committee.

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Under the Northern Territory Local Government (Accounting) Regulations there is a mandated requirement for Council to establish and maintain an Audit Committee.

Scope

The scope of the Audit and Risk Management Committee includes, but is not limited to the following:

  • Oversight of compliance with statutory responsibilities and Council policies
  • Assessment of internal financial accounting and management controls·
  • Review of risk management strategies and initiatives·
  • Adequacy of audit scope and coverage
  • Monitoring the effectiveness and efficiency of external audit

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  • Adequacy of audit scope and coverage
  • Monitoring the effectiveness and efficiency of external audit
  • Management response and timeliness of action taken to correct audit findings

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