Territory-owned Corporations Act 1990

The directors of a territory-owned corporation must establish an audit committee.

An executive director or senior manager of the corporation must not be a member of the audit committee.

The audit committee has the following functions:

helping the corporation and its directors comply with relevant legislation;

providing a forum for communication between the directors and senior managers of the corporation and the auditor-general;

oversighting risk management;

reviewing accounting and reporting structures;

monitoring internal controls and performance;

undertaking reviews or investigations at the request of the directors.

In this section:

makes, or takes part in making, decisions that affect all, or a large part, of the corporation’s business; or

may significantly affect the corporation’s financial standing.