Australian Capital Territory Consolidated Acts Australian Capital Territory Consolidated Acts(1) The directors of a territory-owned corporation must establish an audit committee.
(2) An executive director or senior manager of the corporation must not be a member of the audit committee.
(3) The audit committee has the following functions:
(a) helping the corporation and its directors comply with relevant legislation;
(b) providing a forum for communication between the directors and senior managers of the corporation and the auditor-general;
(c) oversighting risk management;
(d) reviewing accounting and reporting structures;
(e) monitoring internal controls and performance;
(f) undertaking reviews or investigations at the request of the directors.
(4) In this section:
"senior manager", of a territory-owned corporation, means a person (other than a director of the corporation) who—
(a) makes, or takes part in making, decisions that affect all, or a large part, of the corporation's business; or
(b) may significantly affect the corporation's financial standing.