The Committee will undertake the oversight of:

1. The scope of work, performance and independence of internal audits;
2. The scope of work, independence and performance of external auditors;
3. The operation and implementation of the risk management framework, including maintenance of a risk register;
4. Matters of accountability and internal control affecting the operations of MIT;
5. The effectiveness of management information systems and other systems of internal control;
6. MIT’s process for monitoring compliance with laws and regulations and its own policies and procedures;
7. Identify risks to which MIT is exposed by comprehensive risk analysis;
8. Commission, receive and review reports from other sources relevant to identifying MIT’s risk and exposure;
9. Provide the Board with independent advice on the accounting, control and reporting practices of MIT including the consideration of financial statements at regular intervals;
10. Approve the commissioning, selection, appointment and charter for Internal Audits;
11. Receive and review the reports of Internal Audits and MIT's response;
12. Consider external audit records, responses and related matters, including reports of the auditors;
13. Advise the Board on any matters referred to it by the Board and report as appropriate; and,
14. Advise the Board on potential risks arising from MIT’s part ownership of any entity (including an associated company as defined in the Accounting Standards issued by the Australian Standards Board, partnership and joint venture).

In performing its duties, the Committee will maintain effective working relationships with the Board and its other Committees, management, and the internal and external auditors. To perform his or her role effectively, each member will obtain an understanding of the detailed responsibilities of Committee membership as well as the MIT’s business, operations and risks.

Times: Friday 10:00 am (Week prior to the BOD meeting)
Student Participation: No
Venue: Level 6 Boardroom
Administration/Secretary: GGM
Chair: Mr James Joughin