Audit committee functions Financial reporting The PGPA Rule requires that the audit committee review the appropriateness of the accountable authority’s financial reporting for the entity. This would entail the audit committee reviewing compliance with the mandatory requirements of the PGPA Act, the PGPA Rule, the Accounting Standards and also consider advice given in supporting guidance. Accountable authorities might wish to consider the following requirements in their audit committee charter. The audit committee review and provide advice on the appropriateness of the accountable authority’s: annual financial statements; information (other than annual financial statements) requested by Finance in preparing the Australian Government’s consolidated financial statements, including the supplementary reporting package; processes and systems for preparing financial reporting information; financial record keeping; processes in place to allow the entity to stay informed throughout the year of any changes or additional requirements in relation to the financial reporting. The audit committee provide a statement to the accountable authority: whether the annual financial statements, in the committee’s view, comply with the PGPA Act, the PGPA Rules, the Accounting Standards and supporting guidance; whether additional entity information than financial statements) required by Finance for the purpose of preparing the Australian Government consolidated financial statements (including the supplementary reporting package) comply with the PGPA Act, the PGPA Rules, the Accounting Standards and supporting guidance; in respect of the appropriateness of the entity’s financial reporting as a whole, with reference to any specific areas of concern or suggestions for improvement. Performance reporting The PGPA Rule requires that the committee review the appropriateness of the accountable authority’s performance reporting for the entity. This would entail the audit committee reviewing the mandatory requirements of the PGPA Act, the PGPA Rule, and also the Commonwealth performance framework and consider advice given in supporting guidance. The review would include information provided in the Corporate Plan, the Portfolio Budget Statement and the Annual Performance Statements. Accountable authorities might
Audit committee functions Financial reporting The PGPA Rule requires that the audit committee review the appropriateness of the accountable authority’s financial reporting for the entity. This would entail the audit committee reviewing compliance with the mandatory requirements of the PGPA Act, the PGPA Rule, the Accounting Standards and also consider advice given in supporting guidance. Accountable authorities might wish to consider the following requirements in their audit committee charter. The audit committee review and provide advice on the appropriateness of the accountable authority’s: annual financial statements; information (other than annual financial statements) requested by Finance in preparing the Australian Government’s consolidated financial statements, including the supplementary reporting package; processes and systems for preparing financial reporting information; financial record keeping; processes in place to allow the entity to stay informed throughout the year of any changes or additional requirements in relation to the financial reporting. The audit committee provide a statement to the accountable authority: whether the annual financial statements, in the committee’s view, comply with the PGPA Act, the PGPA Rules, the Accounting Standards and supporting guidance; whether additional entity information than financial statements) required by Finance for the purpose of preparing the Australian Government consolidated financial statements (including the supplementary reporting package) comply with the PGPA Act, the PGPA Rules, the Accounting Standards and supporting guidance; in respect of the appropriateness of the entity’s financial reporting as a whole, with reference to any specific areas of concern or suggestions for improvement. Performance reporting The PGPA Rule requires that the committee review the appropriateness of the accountable authority’s performance reporting for the entity. This would entail the audit committee reviewing the mandatory requirements of the PGPA Act, the PGPA Rule, and also the Commonwealth performance framework and consider advice given in supporting guidance. The review would include information provided in the Corporate Plan, the Portfolio Budget Statement and the Annual Performance Statements. Accountable authorities might