Townsville City Council works closely with the Audit Committee to review its financial documents, internal audit functions and risk management.
The Audit Committee is independent of Council and provides advice, assurance and assistance on financial management, risk management and internal controls.
Business Services and Finance Committee chairperson Margie Ryder said the Audit Committee was a vital component of Council’s governance structure.
“At the last Ordinary Council Meeting the Audit Committee presented to Council an update on what it does and the projects its working on,” Cr Ryder said.
“It includes reviewing Council’s financial reporting, final financial statements, external audit plans, Auditor-General’s audit report, the Internal Audit charter, review of committee and member performances, update on significant risk items and the fraud framework including policy and plan.
“The Audit Committee helps give community the confidence that these functions of Council are being reliably performed.”
Cr Ryder said Council takes its responsibility to financial and risk management very seriously.
“Earlier this year Council was recognised for its solid financial management by the Queensland Treasury Corporation with a ‘sound’ credit rating,” she said.
“Our strong financial management means we can continue delivering on major projects like the Lansdown Eco-Industrial Precinct and Haughton Pipeline Project Stage 2 while continuing to service and deliver operational activities.
“The positive result from the Queensland Treasury Corporation along with the continued oversight of the Audit Committee highlights how seriously Council takes its obligations to residents.”
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