Video transcript: Audit and risk committees – what elected members need to know

A transcript for a video about audit and risk committees and how they can help elected members to carry out their role.

A Council’s audit and risk committee helps support and enhance good governance and accountability.

Audit and risk committees are not there to make policy decisions or set strategy. They are there to help you, as an elected member.

How, exactly?

  • They help you understand your strategic risks and whether you are doing enough to lessen them.
  • They scrutinise and challenge your council’s financial and non-financial management and systems.
  • They help you understand whether your council’s strategies are achieving their intended objectives.
  • And they test and challenge new ideas.

The most effective audit and risk committees have four key characteristics:

  • they are independent – so they can test, challenge, and advise your council;
  • they have clarity of purpose;
  • they are competent – with the right mix of skills and experience; and
  • they have open and effective relationships.

Your Audit and Risk committee is there to advise and help elected members like you with issues and decisions that may have impacts lasting decades.

Every council should have an audit and risk committee, ideally with at least two independent members, one being the chair. Because independent members are impartial, they can more readily ask the hard questions, and ensure that the committee remains focused on the major issues.

If you want more information about audit & risk committees take a look at our website, or talk to council staff or our Office.

Watch the original video.