4. Management and accountability
Audit Committee
The Audit Committee comprises three members: Ms Glenys Roper, independent chairperson, Mr Peter Hoefer, independent member, and PSR’s Executive Officer. A representative from the Australian National Audit Office attends Audit Committee meetings 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’s key areas of focus were PSR’s significant investment in redeveloping its governance framework and supporting policies, its strategic review of information and communications technology capabilities and requirements, and its increased workload from Medicare Australia.
The Financial Statements Sub-Committee continued to support the Audit Committee to provide the Director with greater assurance in relation to financial management.
The Audit Committee oversaw the work of PSR’s internal auditor, and ensured the Strategic Internal Audit Workplan provided appropriate coverage of the risks identified in the Strategic Business Risk Management Plan.
During the year the Audit Committee conducted a self-assessment of its performance using the Australian National Audit Office’s Better Practice Guide for Audit Committees to ensure it continues to meet its charter requirements. The independent members of the committee met periodically with the Director to maintain clear communication and ensure the committee met the Director’s needs.