QUEENSLAND PERFORMING ARTS CENTRE ANNUAL REPORT ...

Appendix Five –
Queensland Performing Arts Trust sub-committees
Risk Management and Audit Committee
2011-2012 ANNUAL REPORT
QPAC maintains a detailed Risk Management Plan consistent with the statutory requirements of sections 15(1)(h) and 28 of the
Financial and Performance Management Standard 1997. The plan is reviewed annually by management and presented to the
Risk Management and Audit Committee.
The Risk Management and Audit Committee is a sub-committee of the Queensland Performing Arts Trust. It meets quarterly
and monitors QPAC’s compliance with the Risk Management Plan. The Trust approves its terms of reference, responsibilities
and membership and all minutes and decisions are reported to the Trust. The Committee is chaired by Bill Grant and members
are: Henry Smerdon, Helene George, Sophie Mitchell, John Kotzas (Chief Executive), Kieron Roost (Director, Corporate Services)
and Michael Stout (Management Accountant). Junaide Latif (external auditor, William Buck as appointed by the Queensland
Audit Offi ce) also attended the meetings. Details of meeting attendance are contained in the table below.
The Chair of Risk Management and Audit Committee is remunerated at a rate of $169 per meeting and committee members at
a rate of $139 per meeting.
QPAC maintains a comprehensive internal audit program. A three-year Internal Audit Strategic Plan has been developed and is
reviewed annually. The Internal Auditor is appointed by the Risk Management and Audit Committee from a public tender.
Under its charter, the core responsibilities of the Committee are to review and monitor QPAC’s budget; examine the annual
fi nancial statements; examine and monitor internal systems, procedures and processes of signifi cance; ensure that QPAC
has in place an acceptable internal audit function; approve the internal audit strategic plan and monitor its implementation;
liaise with external auditors in the preparation and audit of fi nancial statements; ensure that fi nancial and other risks to
which QPAC might be exposed are identifi ed and that strategies are in place through the Risk Management Plan and Business
Continuity Plan; and otherwise provide advice and assistance to QPAC to enhance the corporate governance of its operations.
In 2011-12 QPAC completed internal audits of cash handling procedures, deductable gift recipient activities and a review of
trust account procedures. The Risk Management and Audit Committee operated within the terms of its charter and both the
Committee and internal audit function had due regard to Queensland Treasury’s Audit Committee Guidelines.
In 2011-12 there were 9 meetings the Trust and 4 Risk Management Audit Committee meetings. Attendance was as follows:
Member Queensland Performing Arts Trust Risk Management Committee
Eligible to attend Attended Eligible to attend Attended
Henry Smerdon (Chair) 9 9 4 4
Rachel Hunter (Deputy Chair) 9 8 0 0
Simon Gallaher 9 8 0 0
Helene George 9 8 4 4
Bill Grant 9 6 4 4
Sophie Mitchell 9 8 4 4
Paul Piticco 9 7 0 0
Mick Power 9 4 0 0
Susan Street 9 7 0 0
Rhonda White 9 6 0 0
The Queensland Performing Arts Trust was not subject to any external audits or reviews during the fi nancial year (other than
the audit report on the fi nancial statements).
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