Australia Public Governance, Performance and Accountability Rule 2014 (PGPA Rule) 17(1)-(2): Audit committee charter: determine the audit committee's functions in a written charter, including review of the appropriateness of financial reporting, performance reporting, risk oversight and management, and internal control

What does 17(1)-(2) require?

The accountable authority of each Commonwealth entity must set the audit committee's functions by written charter. The charter must at least give the committee the task of reviewing whether the accountable authority's financial reporting, performance reporting, risk oversight and management arrangements, and internal control arrangements are appropriate for the entity. One committee may serve several entities.