Audit, Finance and Risk

The Audit, Risk and Finance Committee is appointed by the Board and assists the Board in fulfilling its responsibilities for the stewardship of Bowls WA.

Audit Risk and Finance Charter

Audit, Risk & Finance Committee 2018/19

  • Lisa Featherby (Chair)
  • Kerry Andersen
  • Larry Bandy
  • Ken Pride (Staff)

Membership

The Committee is a Standing Committee and shall:

  • Comprise at least three members and no more than five members; one of whom shall be the President,
  • The Director who has been allocated the Portfolio shall be the Chair of the Committee. The President shall not be eligible to be the Chair.
  • Nominate a Committee Secretary, who may be the CEO or another staff member. The CEO and/or staff member is not entitled to a vote,
  • Have the financial skills to read and understand financial statements and challenge information presented in Committee meetings,
  • If required appoint a person who is not a Director of Bowls WA who has relevant financial qualifications or experience and be able to advise the Committee as required on specific matters.

Duties and Responsibilities

In assisting the Board in fulfilling their responsibilities, the duties of the Committee shall be:

1.1.  Assessment of financial information

  • Review on a regular basis the financial operations of Bowls WA including monthly revenue and expenditure; profit and loss and balance sheet statements. Consider any significant accounting and reporting issues, including professional and regulatory announcements and to understand their effect on the Organisation’s financial statements.
  • Develop annual budgets for approval by the Board and monitor progress compared to actual revenue and expenditure.
  • Develop and maintain a Capital Investment Plan.
  • Review the annual financial statements of the Organisation which require approval of the Board and discussion of the financial statements with the External Auditor and management before submission to the Board.
  • Review, at least annually, the written attestations provided by the CEO.

1.2.  External Auditor

  • Recommend to the Board the terms of engagement, fee structure and appointment of the External Auditor, including independence matters and monitor their performance,
  • Liaise with the External Auditor in the development of an audit plan and audit approach.
  • Review the External Auditor’s summary management report, detailing the results and significant findings from the audit, and management responses,
  • Meet at least bi-annually with the External Auditor.

1.3.  Business Risks and Internal Controls

  • Prepare the Organisation’s risk management policy and mitigation strategies for approval by the Board and oversee the risk management process and its resourcing,
  • Review the operational effectiveness of the policies, strategies and procedures to minimize risk and the Organisation’s internal control environment.
  • Review the effectiveness of the Organisation’s insurance activities.

1.4.  Reporting

  • The Committee Chairman will report to the Board on the Committee meetings regarding all relevant matters and appropriate recommendations for noting or approval by the Board.
  • The Committee Chairman will ensure that the Board President and the Board are immediately informed of matters that may impact significantly on the financial condition or reputation of the Organisation.