Australia Public Governance, Performance and Accountability Rule 2014 (PGPA Rule) 28: Audit committee for wholly-owned Commonwealth companies: the governing body meets section 17 as if the company were a corporate entity (written charter, mandatory functions, at least three independent qualified members, and the exclusions)

What does 28 require?

A wholly-owned Commonwealth company must have an audit committee that satisfies section 17 in the same way as a corporate Commonwealth entity, with the board standing in for the accountable authority: a written charter covering review of financial reporting, performance reporting, risk oversight and management and internal control; at least three members with suitable expertise, none of them company employees except those engaged mainly as committee members; and the board chair, CFO and CEO excluded.