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Audit Committee Terms of Reference
Date Adopted: 30 September 2021
Last Review: 27 May 2022
Next Review Date: May 2025
1. Establishment
The Central Desert Regional Council (Council) Audit Committee (the Committee) is established as an Advisory Committee to the Council in accordance with the Local Government Act, 2019 and the Local Government (General) Regulations 2021.
2. Objective
The Audit Committee is an Advisory Committee whose responsibility it is to:
- Monitor and review the integrity of the Council’s financial management;
- Monitor and review internal controls; and
- Make recommendations to Council about any matters the committee considers needs Council’s consideration as a result of its functions under paragraph (a) or (b)
3. Authority
With consideration of legal and confidentiality implications the Committee is authorised, within the
capacity of its role and responsibilities, to:
- Obtain any information it requires from any employee and/or external party.
- Discuss any matters with the external auditor, or other external parties.
- Obtain external legal or other professional advice (subject to Council’s approval), as considered necessary to meet its responsibilities.
The Committee is subject to control and direction by the Council.
4. Membership
The Committee shall consist of:
- A minimum of three Councillors, one of whom will be the President or Deputy President.
- A minimum of one external member, with preference for one of whom to be either a CPA or a CA.
- The Chairman of the Committee shall be an external member.
- The Chief Executive Officer and other relevant staff may attend Committee meetings.
5. Appointment and Termination
The Council shall appoint Councillors to this Committee for the term of the Council.
- A newly elected Council will appoint new members from its ranks for the Councillor positions.
- External members are appointed for a two year term, and their term may overlap Council terms.
- The Council may terminate the appointment of a member should a member miss two consecutive meetings without an accepted apology.
- A Committee member will cease to be a member if the member provides to the Council a written notice of resignation.
6. Voting Rights
- All members of the Committee have equal voting rights.
- Where the result is undecided, the Chairperson has the casting vote.
7. Key Responsibilities
The Committee will undertake the following functions:
- Monitor strategic risk management and the adequacy of the internal control policies (such as conflict of interest, code of conduct and fraud policy), practices and procedures established to manage identified risk
- Oversee the internal audit function including development of audit plans with reference to the Council’s risk assessment, review of all internal audit reports, the monitoring of audit outcomes and the implementation of recommendations.
- Where appropriate, invite the internal auditor to attend the Committee meetings to discuss internal audit report findings.
- Review quality of annual financial statements and the Annual Report.
- Invite the external auditor to attend the Committee meeting where the Audited Financial Statements are discussed.
- Review management’s responses to external audit recommendations and monitor implementation of the agreed recommendations.
- Assess the adequacy of audit scope and coverage.
- Review the monthly financial reports and monitor progress against the budget.
- Review compliance with legislation, contracts, standards and best practice guideline, monitoring changes in accounting and reporting requirements.
- Provide oversight and monitoring of the CEO’s Fraud Protection Plan.
- Review the Code of Conduct.
8. Meetings
The Committee shall meet a total of four times a year to:
- Review the unaudited financial statements and undertake other matters the Committee is responsible for (June/July).
- Meet with the external auditors and discuss findings, review the draft audited financial statements and undertake other matters the Committee is responsible for (September/October).
- Review financial statements against budget, monitor the implementation of any audit recommendations and undertake other matters the Committee is responsible for (December).
- Review the Council’s draft budget for the following year and undertake other matters the Committee is responsible for (Mar/April).
- Meeting dates are as defined in the Council Year Planner and approved by Council. Agenda items will be agreed to by the Committee each year and will address all of the Committee’s responsibilities as detailed.
- Notice of each meeting confirming the venue, date and time, together with an agenda, shall be forwarded to all members of the Committee and observers, no later than three days before the date of the meeting.
9. Attending a Meeting
- Members shall attend the meeting in person or via audio or audio-visual conferencing system.
10. Quorum
- A quorum will consist of a majority of Committee Members and must include the Chair. A member of the Audit Committee may not be represented by a proxy (substitute) during a meeting.
11. Reporting
The Committee will regularly report on its operation and activities, including:
- Minutes of its meeting which may include a summary of the key issues arising from each meeting of the Committee and any recommendations. Minutes shall be circulated within five days after a meeting to all members of the Committee and will (as appropriate) be made available to the public within ten business days after the meeting on the Council’s website.
- Annually, an overall assessment of the Council’s risk, control and compliance framework, together with a summary of the work the Committee performed in conducting its responsibilities during the preceding year.
12. Committee Performance and Review
- The Chair of the Committee and the CEO will initiate a review of the performance of the Committee at least once every two years.
- The review will be on an internal assessment basis with appropriate input from the Council, CEO and senior managers, internal and external auditors, and any other relevant stakeholders.
13. Secretariat
Secretariat support will be provided by the Central Desert Regional Council. The Secretariat will be responsible for:
- Ensuring that the agenda for each meeting and supporting documentation are circulated, after approval from the Chair, at least three days prior to the meeting. The Secretariat will prepare and maintain the minutes ensuring they are signed by the Chair, distributed to each member and tabled at the next Ordinary Council meeting.
- The Secretariat will keep a record of the membership and the dates of any changes to the membership.
14. Code of Conduct
- Committee members must abide by the Council Code of Conduct.
15. Conflict of Interest
- Committee members must declare any real or perceived conflicts of interest when joining the committee, annually and at the start of each meeting or before discussion of the relevant agenda item or topic. Details of any conflicts of interest should be appropriately minuted.
- Where a Committee member is deemed to have a real or perceived conflict of interest, at the Chairperson’s discretion, it may be appropriate that the person is excused from committee deliberations on the agenda item where a conflict of interest exists, or if necessary excused from the meeting.
16. Review of Terms of Reference
- These Terms of Reference will be reviewed on an annual basis by the Committee. Any substantive changes will be recommended by the Committee and formally approved by the Council.
17. Approval and Review History
Date | Comment |
30 Sept 2021 | Adopted by Council - OC127/2021 |
27 May 2022 | Reviewed by Council ‐ OC090/2022 |
To download a pdf of the Audit Committee terms of reference please click on: Audit Committee Terms of Reference
Finance Committee Terms of Reference
Date Adopted: May, 2012
Last Review Date: 27 May 2022
Next Review Date: May, 2025
1. Introduction
The Central Desert Regional Council (hereinafter called the “Council”) hereby establishes a committee under the powers given in the Local Government Act, 2019 and Local Government (General) Regulations 2021, such committee to be known as the Finance Committee (hereinafter called the “Committee”).
2. Purpose
The Committee is established for the purpose of assisting the Council to undertake its financial functions in the months that the Council does not hold an Ordinary Council Meeting.
The Committee shall act for and on behalf of Council in accordance with the provisions of the Local Government Act, 2019 local laws and policies of the Council and this Instrument.
3. Objectives of Finance Committee
The Finance Committee will assist the Council to oversee the allocation of the local government's finances and resources. Under the control and direction of the Council, the Finance Committee will:
- Ensure the annual budget is aligned with the Regional Council Plan.
- Monitor and report on financial performance against the annual budget and the Regional Council Plan.
- Formulate strategies to improve the Council's financial position.
- Make executive financial decisions on behalf of Council when the matter cannot be held over until the next Ordinary Council Meeting.
- Monitor compliance with appropriate legislative and accounting standards.
4. Responsibilities
- Review the monthly income and expenditure reports, monitor progress against the budget and provide advice to Council on implications of these.
- Approve adjustments to budget and re‐allocation of resources after consultation with affected areas.
- Review and accept or reject Program Funding Agreements or any other offers of funding.
- Consider and make appropriate recommendations to Council on any matters having a significant financial impact on the Council.
- Advise Council on the short, medium and long-term financial implications of the Council's Regional Council Plan and any sub‐plans.
- At least annually, advise Council about the adequacy of the Council's insurance coverage.
- On a regular basis, review the financial investments of the Council.
- At least annually, review the Council’s borrowing program.
- Review financial delegations and policies at least annually.
- Advise Council on the level of allowances to be paid to Councillors.
- Review and determine action for any other financial/matters documents that need to be dealt with prior to the next Ordinary Council Meeting.
- Work with CEO to develop the annual budget, ensure it aligns with the Regional Council Plan and present it to Council for adoption.
- Approve the awarding of any tenders or major contracts.
- Determine fees and charges to be made by the Council.
- Decide which applications for financial aid made to the Council will be supported.
- Contribute to the preparation of the annual financial statements.
- Review the annual audited financial statement and auditor's report and recommend any necessary follow‐up.
- Ensure there is an adequate internal control system, including a fraud protection plan, to minimise financial risk.
- Exercise any general authority delegated by Council.
- Deal with any tasks that have been delegated from a previous Council meeting.
- Consider any matters referred by the CEO or the Council.
5. Membership
Members of this Committee include the President or the Deputy President and a minimum of one other Councillor/s appointed by Council.
The Committee membership will also include one (1) community member position who is suitably qualified and independent person with extensive finance and accounting skills. An accounting qualification is desirable.
6. Quorum
A quorum for the Committee is calculated as more than half the total membership and must include the President or the Deputy President.
7. Chair
The President or Deputy President will chair the Committee.
8. Proxies
In order to ensure continuity and a useful level of knowledge and experience, the Committee members are not permitted to send proxies to the meeting. The exceptions are the President and Deputy President, who may act as proxies for each other on the Committee.
9. Term of office
The term of office is for the Local Government electoral term. A newly elected Council will appoint a new Committee. Should a Councillor be re‐elected, he/she may serve multiple terms on the Committee if appointed by Council.
10. Self‐review
At least once a year, the Committee will devote part of the meeting to reviewing its own processes and outcomes of the preceding year.
11. Timing
The Committee will meet in the months between Ordinary Council Meetings.
12. Minutes
Minutes must be kept of the decisions and actions of the Committee. Minutes will be taken by the Secretariat or other delegated staff member.
13. Reporting
The minutes of the Committee will be tabled at the next Ordinary Council Meeting.
14. Approval and Review History
Date | Comment |
17 May 2012 | Adopted by Council |
7 Feb 2014 | Reviewed by Council ‐ 028/2014 |
3 Sep 2015 | Reviewed by Finance Committee and recommended to Council for adoption |
To download a pdf of the Finance Committee terms of reference please click on: Finance Committee Terms of Reference
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