Management and accountability
Audit Committee
The Audit Committee comprises three members: Ms Glenys Roper, independent chairperson, Mr Peter Hoefer, independent member, and the PSR Executive Officer. A representative from the Australian National Audit Office attends as an invited observer.
The committee’s objective is to provide independent assurance and assistance to the Director on PSR’s risk, control and compliance framework and its external accountability responsibilities.
During the year the committee focused on key areas of risk arising from PSR’s small size and dependence on individuals in key roles. The Management Committee used feedback from the Audit Committee to address risks and implement mitigation strategies, including engaging external support for vulnerable areas such as finance, developing procedural guides and training to increase the skill base and using the redeveloped organisational structure to provide better cross skilling and back-up arrangements. A Financial Statements Sub-Committee to the Audit Committee was also established to provide the Director with greater assurance in this area.