Finance and Audit Sub Committee

Purpose

The primary purpose of the Finance and Audit Committee is to support WIL Australia to be a sustainable organisation with robust governance, financial and risk management systems. This Committee assists and advises the Board on governance, financial and risk matters through sound corporate practices, effective oversight mechanisms and timely financial reporting. The Committee also maintains a Risk Registry for WIL Australia and helps the Board assess and manage risks to the organisation’s operations and strategic goals. 

Functions

1. Governance and compliance 

• Monitor the adoption, maintenance and application by the Board of appropriate accounting, financial reporting and governance processes that adhere to legal and regulatory obligations. 

2. Financial management and performance 

• Monitor WIL Australia’s financial performance against approved budgets. 

• Monitor the cash flow position and make recommendations for action to the Board to maintain this at an acceptable level. 

• Oversee the preparation of reliable and relevant financial reports to the Board at Board meetings and published financial reports. 

• Coordinate and oversee state chapter funding and strategic funding initiatives approved by the Board. 

3. Risk management and audit 

• Develop a Risk Registry for WIL Australia and help the Board assess and manage risks to the organisation’s operations and strategic goals, governance and internal controls. 

• Recommend the appointment of a nominated external auditor or financial reviewer. 

• Facilitate the independent external audit process or review and address issues arising from the audit process/review.
   

4. Information technology and cyber security oversight 

• Oversee the effectiveness, security and reliability of WIL Australia’s information technology and cyber systems, including data management and the protection of confidential information. 

• Identify and advise the Board on opportunities to strengthen digital infrastructure and mitigate associated risks. 

Membership

• The Finance and Audit Committee shall comprise not less than three members, to be appointed by the Board; 

• The Board shall appoint the Chair of the Finance and Audit Committee from amongst its elected Directors; and 

• Members of the Finance and Audit Committee should be financially literate with at least one member having recent and relevant experience or training in finance or accounting.

   

Frequency of Meetings

Minimum 4 times per year in-person and/or virtually.