Finance and Audit Committee

Purpose

The Finance and Audit Committee supports WIL Australia to be a sustainable organisation with robust financial systems and contributes to risk management. The Committee manages internal financial controls, assists and advises the Board on financial matters and risk through sound corporate practices, effective oversight mechanisms and timely financial reporting.

Functions

1. Financial Compliance

• Monitor appropriate accounting and financial reporting processes
• Ensure adherence to legal and regulatory financial obligations

2. Financial Management and Performance

• Monitor financial performance against approved budgets
• Monitor cash flow position and recommend actions to the Board
• Oversee preparation of financial reports for the Board
• Coordinate Chapter funding and strategic funding initiatives

3. Risk Management

• Contribute to the Risk Registry for financial and operational risks

4. Audit

• Recommend appointment of external auditor or financial reviewer
• Facilitate independent external audit process
• Address issues arising from audit process

Membership

• Not less than three members, appointed by the Board
• At least one member must be a Board Director (Constitution Rule 36.4)
• Chair appointed by the Board from amongst elected Directors
• Members should be financially literate
• At least one member with finance or accounting experience
• Company Secretary attends in advisory capacity

Meetings

• Minimum 4 times per year
• In-person and/or virtually

Reporting

• Written report to each Board meeting

Review

These Terms of Reference will be reviewed annually.

Authority

Established under Constitution Rule 36.1. The Committee exercises delegated powers subject to the control and regulation of the Board (Rule 36.2).