Departmental Audit Committee
The Departmental Audit Committee (DAC) is an essential part of governance and the audit regime established by the Treasury Board Policy on Internal Audit. The DAC provides advice and recommendations to the Deputy Minister regarding the sufficiency, quality and results of assurance on the adequacy and functioning of the department's risk management, control and governance frameworks and processes (including accountability and auditing systems). In order to give this support to the Deputy Minister, the DAC exercises oversight of core areas of departmental management, control and accountability, including reporting. This is done in an integrated, risk-focused and systematic way.
- Recommends and periodically reviews for approval, the Internal Audit Charter
- Monitors the adequacy of resources of the AAB
- Reviews and recommends for approval the annual risk assessment and the multi-year internal audit risk based audit plan (RBAP)
- Monitors and assesses the performance of the AAB;
- Receives and reviews regular reports on progress against the internal audit plan;
- Receives and recommends for approval internal auditing reports and corresponding management action plans to address recommendations;
- Receives and reviews regular reports on the status of management action plans relative to all outstanding recommendations;
- Is briefed on audit work and advises on the adequacy of arrangements to support the Office of the Auditor General (OAG) and other assurance providers performing audit work in the department;
- Reviews the departmental financial statements with management and all significant accounting estimates and judgments therein and advises on any material concerns;
- Provides advice on any material misstatements or omissions that may come to the attention relating to Departmental report on Plans and Priorities, Departmental Performance Report and other significant accountability reports.
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