Are you ready to serve on a Committee? If yes, the Audit Committee at the Department of Finance wants you.

Audit Committee Chair and Member vacancies; and Independent Management Assurer.

21 Oct 2022

Highlights

Finance is looking to fill the following positions on its Audit Committee:

  • Chair
  • Member

About us

The Department of Finance is a central agency of the Australian Government and plays an important role in assisting government to meet outcomes across a wide range of policy areas.

Finance assists the Government to achieve its fiscal and policy objectives by advising on expenditure, providing effective governance and stewardship of public sector resourcing and reporting, driving public sector transformation, and delivering efficient, cost-effective services to, and for, government. We deliver our work through 3 performance themes:

Advising on expenditure

  • Finance’s leadership in the budget process and the Commonwealth’s finances enables us to assist the Government to shape and deliver its fiscal and policy objectives.

Public sector resourcing and transformation

  • Finance supports an efficient and high-performing public sector by providing operational support to the Government and Commonwealth entities to maintain effective and efficient use of public resources. We provide leadership on ongoing improvements to public sector governance, resource management, and on harnessing the potential of data and digital analytics to support the delivery of government services.

Delivering services to, and for, government

  • Finance provides a range of whole-of-government services, including ICT services and support services, to Commonwealth entities, parliamentarians and their staff. We support adoption of new technologies to deliver transformative, efficient and cost-effective services to, and for, government.

About the roles

Finance is looking to fill the following positions on its Audit Committee and roles are Canberra based:

  • Chair
  • Member

The Audit Committee provides independent advice to the Finance Secretary on the appropriateness of Finance’s financial and performance reporting, system of risk oversight and management and system of internal control. The Audit Committee is directly accountable to the Secretary for the performance of its functions and has no executive powers in relation to the operations of the Department.

The Audit Committee comprises at least five members as follows:

  • Chair – appointed by the Secretary
  • Deputy Chair – one of the members to be appointed by the Audit Committee
  • At least three other members external to the Department – appointed by the Secretary

Finance may look to fill the following position as part of the recruitment process:

  • Independent Management Assurer for the Consolidated Financial Statements.

The Independent Management Assurer provides high level oversight and advice to the Deputy Secretary, Governance and Resource Management Group on the Consolidated Financial Statements production process including risk management. This is important in enabling the Finance Secretary and the Minister for Finance to assure the Auditor-General about the adequacy of the Consolidated Financial Statements processes. The Independent Management Assurer has no executive powers in relation to the operations of the Department.

Term of appointment and meetings

The appointment will be for a minimum three-year term. Membership will be reviewed after this time to ensure ongoing independence, with the maximum term being up to ten years.

The Audit Committee meets at least four times per year and is supported by two subcommittees: the Financial Reporting Subcommittee and the Performance Reporting Subcommittee. Membership of the two subcommittees comprises members of the Audit Committee. These subcommittees meet approximately four times per year.

The appointment term of the Independent Management Assurer is to be agreed at time of appointment. The Independent Management Assurer will meet with the Consolidated Financial Statements Project Team to monitor the progress against the Consolidated Financial Statements Plan and risk management activities monthly from May, then fortnightly from August until Consolidated Financial Statements sign-off and meet with the Deputy Secretary, Governance and Resource Management Group to provide advice on the Consolidated Financial Statements production risks and progress as required.

Desired skills and attributes

To be considered for these important roles, applicants should submit their resume and a maximum of one page addressing the key selection criteria below:

Relevant qualifications and experience

  • Substantial experience in leading internal audit and risk in a complex regulatory environment
  • Substantial experience in a similar Audit Committee / Board Position
  • Applied understanding of contemporary governance and compliance challenges facing the Australian Public Service
  • Contemporary understanding of financial reporting and financial statement management
  • Contemporary understanding of cyber security risk management.

All Committee members are expected to understand and observe the legal requirements of the Public Governance Performance and Accountability (PGPA) Act 2013 and Rules.

Remuneration

Remuneration for independent members is based on an individual’s role, experience and meeting attendance. 

How to apply

  • Email your application to AuditCommitteeSecretariat@finance.gov.au 
  • Please indicate on your application which role(s) you are interested in applying for.
  • Applications close Friday 18 November and will only be accepted via the online application process. 

More information

For further details on the key requirements of these roles, please contact, 

  • Ian Nicholas, Assistant Secretary on (02) 6215 2895 (Audit Committee positions) or 
  • Angela Baum, Assistant Secretary on (02) 6215 3936 (Independent Management Assurer position) for a confidential discussion.

Additional information about membership of Commonwealth Audit Committees can be found at: Information for audit committee members | Department of Finance.

Find out more about what ACS can do for you, membership benefits and upcoming events.

 

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