Risk Management and Audit Committee


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The Risk Management and Audit Committee was established to ensure that the Royal Australasian College of Surgeons maintains a high standard of internal control in all aspects of its operations. This internal control comprises all policies, systems and procedures established by Council management to:

  • safeguard assets
  • ensure the accuracy and reliability of records
  • provide operational efficiency
  • encourage adherence to the College's policies.

The Risk Management and Audit Committee provides advice to Council to assist with the fulfilling of its responsibilities for maintaining sound managerial control over all activities within the College and reviewing its accounting and reporting practices.

The Committee's duties and responsibilities include:

  • to review the annual financial statements with President and Chief Executive Officer and recommend whether these should be accepted
  • to review and approve all significant account policy changes
  • to assess the adequacy and effectiveness of RACS administration, operating and accounting policies through active communication with senior operating management
  • to evaluate the adequacy of RACS financial control systems by reviewing written reports from the College auditors monitoring management's responses and actions to correct any noted deficiencies
  • to request reports from management, the auditors on any significant proposed regulatory, accounting or reporting issues, to assess their potential impact upon the RACS financial reporting process
  • to review and approve the Strategic and Annual Audit Plans for RACS which are developed and implemented to mitigate the organisation's exposure to risk
  • to receive and consider half yearly and other periodic reports from the head of internal audit and recommend action where appropriate
  • to recommend the appointment of College auditors
  • to determine that no managerial restrictions are being placed upon the auditors
  • to evaluate and monitor RACS exposure to fraud
  • to actively consider any ethical issues regarding RACS policies and procedures
  • to monitor the standard of corporate conduct in areas such as arm's length dealings and any likely conflicts of interest
  • to identify and direct any special projects investigations deemed necessary.


Risk Management and Audit Committee Secretariat
Royal Australasian College of Surgeons
College of Surgeons' Gardens
250-290 Spring Street
East Melbourne VIC 3002 Australia

Telephone: +61 3 9249 1220
Fax: +61 3 9249 1219
Email: resources@surgeons.org