Audit and Risk Committee

Role

The Governing Board’s Audit and Risk Committee examines any matters about the financial affairs of the APIC and the external audit that it considers necessary, and reviews and makes recommendations to the Board in relation to APIC’s risk appetite and risk management framework. The Committee also examines any other matters referred to it by the Board.

Responsibilities

The specific responsibilities of the Audit and Risk Committee include, but are not limited to:

  • Monitoring and reviewing APIC’s performance against its risk management plan, proposing corrective actions to APIC policies and procedures where required (Provider Registration Standard 3.4)
  • Monitoring and reviewing APIC’s operational and financial delegation to ensure that these are effective and appropriate, proposing corrective actions to APIC policies and procedures where required (PRS 3.5)
  • Monitoring APIC’s performance against academic standards through reviewing its performance General Regulations and Policies, the Academic Management Plan, Teaching and Assessment Plans, Board of Examiners Minutes, and Assessment Policy and Practice, which includes nominating a representative to observe at least one Academic Board meeting annually and nominating a representative to observe at least one Board of Examiners meeting annually, proposing corrective actions to APIC policies and procedures where required (PRS 3.7)
  • Monitoring APIC’s operational performance against its strategic and functional plans to assure quality of provision, proposing corrective actions to APIC policies and procedures where required (PRS 3.8)
  • Monitoring the conduct of the Board against the requirements of the Corporations Act, proposing corrective actions to APIC policies and procedures where required; and
  • Monitoring APIC’s performance against the Threshold Standards to assure compliance, proposing corrective actions to APIC policies and procedures where required.
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