Responsibilities as an Audit Committee Member in the Public Sector:

1. Review of Internal Audit Charter: Ensure that the internal audit function has a charter that clearly defines its mandate and responsibilities, and that this is communicated to senior management. This is crucial to empower the internal audit function and align its objectives with the entity’s goals.
2. Internal Audit Plan Approval: Review and approve the internal audit annual plan to ensure it is comprehensive and covers all significant areas of risk within the organization. This includes ensuring that the audit plan is aligned with the overall strategic objectives of the government agency.
3. Quarterly Review of Internal Audit Work: Conduct timely reviews of the internal audit work completed each quarter. Ensure that the internal audit reports are thorough and address all identified risks and weaknesses. These reports should be submitted to the Internal Audit Agency as required.
4. Response to Auditor General’s Report: Ensure that any issues raised in the Auditor General’s report regarding the government agency are addressed promptly. Work with management to develop and implement corrective action plans, and ensure that responses are submitted as required by law.
5. Training and Resources for Internal Audit: Advocate for sufficient training and resources for the internal audit staff to ensure they are well-equipped to carry out their duties effectively. This includes ensuring that the internal audit team has access to ongoing professional development and the necessary tools to perform their work.
6. Regular Committee Meetings: Ensure that audit committee meetings are held regularly to address any emerging issues in a timely manner. This fosters a culture of accountability and ensures that internal audit findings are addressed promptly.
7. Annual Reporting: Oversee the preparation and submission of an annual report on the activities and findings of the audit committee. This report should be sent to the relevant oversight bodies, ensuring transparency and accountability in the agency’s financial management practices.
8. Support for Internal Auditor: Encourage the head of the government agency to view the internal auditor as a key facilitator of good governance, not as an adversary. Ensure that the internal auditor is given the necessary respect and involvement in decision-making processes, including attendance at management meetings.