Finance Risk & Audit Committee Charter

Australian Cornhole Federation.

Finance Risk & Audit Committee Charter

Purpose

The purpose of the Finance, Risk & Audit Committee of the Board of Directors (Board) is to aid the Board in fulfilling its legal and fiduciary obligations with respect to matters involving the accounting, auditing, risk management and financial reporting of Australian Cornhole Federation LTD (ACF). The Finance, Risk & Audit Committee’s purpose includes assisting the Board’s oversight of:

  • The integrity of ACF’s financial statements;
  • The system of internal control and management of risks;
  • ACF’s compliance with legal and regulatory requirements relating to financial and taxation matters;
  • ACF’s financial and legal accountability to its members; and
  • The auditor’s qualifications, independence and performance.

In performing its duties, the Committee will maintain effective working relationships with the Board, management and the auditors. The Committee is an advisory and strategic committee of the Board.

The Committee is accountable and reports to the Board.

Authority

The Board authorises the Committee, within the scope of its responsibilities, to:

  • Seek any information it requires from any employees or external parties:
  • Obtain outside legal or other professional advice; and
  • Ensure the attendance of company officers at meetings as appropriate.

Membership

The Committee will comprise at least three members, two of whom will be non-executive directors appointed by the Board, the Chief Financial Officer and one external and independent CPA or Chartered Accountant. All members will be financially literate. The CEO will be invited to attend all meetings.

The Chairperson of the Committee will be nominated by the Board from time to time and is not to be the Chairperson of the Board.

The Committee may invite such other persons to its meetings as it deems necessary. The external auditors should be invited to make presentations to the Committee as appropriate.

Duties of the Finance, Risk & Audit Committee

  1. Financial Management
  • Approve ACF’s budget for presentation to the Board and other relevant stakeholders for review and approval;
  • Monitor and report on ACF’s financial performance against agreed targets and measures;
  • Review monthly financial reporting, including P&L, balance sheet, cash flow and forecast

schedules;

  • Ensure ACF has sufficient cash reserves to meet its debts as and when they fall due;
  • Advise the Board in relation to the capital expenditure programme and evaluation of new

investment opportunities; and

  • Consider any matters referred to it by the Board or the Chief Executive Officer in relation to

finance and tax issues.

b.) Annual Financial Statements & Audit

  • Oversee the preparation of audited accounts and review the annual financial statements and

the related notes;

  • Review the external auditors’ report on the financial statements;
  • Recommend to the Board the appointment and dismissal of the external auditor and setting

the appropriate fees;

  • Liaising with external auditors on all matters concerning the conduct and outcome of the

annual audit. Review the external auditors’ proposed audit scope and approach and ensure

no unjustified restrictions or limitations have been placed on the scope; and

  • To oversee compliance with statutory requirements and financial disclosure.

c.) Risk Management

  • Review ACF’s risk profile, risk framework, risk identification and risk management on a

regular basis to ensure that they are regularly updated and material business risks to ACF are

dealt with appropriately and on a timely basis;

  • Review ACF’s insurance coverage annually to ensure that it is appropriate;
  • Evaluate whether management is setting the appropriate risk management culture;
  • Ensure that management has established an effective system of internal control including

fraud management systems and delegations; and

  • Ensure ACF establishes an effective risk management policy and an effective business

continuity plan.

d.) Compliance with Laws and Regulations

  • Be satisfied that all regulatory compliance matters have been considered and dealt with; and
  • Obtain regular updates from management regarding compliance matters.

e.) Periodic Responsibilities

  • Formally report to the Board on a regular basis;
  • Review annually the Committee’s charter and recommend updates where necessary; and
  • Report annually to the Board on the Committee’s performance and compliance to this

charter with reference to the extent to which the Committee has discharged its roles and

responsibilities.

Frequency and Attendance at Meetings

Meetings shall be held not less than three times a year. A meeting schedule is to be set at the

beginning of the financial year having regard to the Board meeting schedule and key dates for

financial reporting. The Chairperson of the Committee has the power to call special meetings as required.

Notice of meeting including agenda will be distributed to members of the Committee at least one week in advance of the meeting. Meetings may be held in person or by teleconference or

videoconference.

The proceedings of all meetings will be minuted. Minutes of each meeting will be distributed to the Chairperson of the meeting for approval no later than one week after the meeting. Copies of all minutes will be made available to the Board. The Chairperson of the Committee will provide a report to the Board at each Board meeting.

A quorum of the Committee is constituted where at least 2 board members of ACF are present.

Committee Code of Conduct

The Committee Code of Conduct is a framework that outlines the standards of behaviours and

ethical conduct expected of all club committee members.

As a committee member, you must:

  • Promote and respect the rights and dignity of every person regardless of gender, race, ethnicity or sexual orientation and ensure that the club promotes a safe and inclusive environment.
  • Protect the integrity of sport at all times by ensuring that the behaviour and conduct of every

person is consistent with the laws of the game, the principles of fair play and the standards of

safe and inclusive sport.

  • Protect the safety and wellbeing of members at all times by ensuring that appropriate

safeguarding measures and policies are in place, easily accessible and understood by every

person, and reviewed regularly.

  • Be impartial, consistent and transparent in your conduct and decision-making. Accept

responsibility for your actions.

  • Make decisions in the best interests of your members and the sport.
  • Promote a safe and inclusive environment, in which every person feels welcomed and is

protected and free from discrimination, harassment and abuse.

  • Ensure that all players, coaches, officials, parents and spectators place wellbeing and enjoyment

ahead of performance and outcomes.

  • Create pathways that support players, coaches and officials to improve their skill development.
  • Provide equal opportunities for all players, coaches and officials to participate, regardless of

their gender, ability or cultural background.

  • At all times act as a role model for others, displaying high standards of good sporting behaviour.
  • Never engage in inappropriate conduct including the use of offensive language, drinking or smoking,

whilst in an official capacity.

  • Ensure that all members are made aware of their rights and responsibilities under the

appropriate legislation including Member Protection Policy, Code of Conduct, Child Safe Policy

and Anti-discrimination Policy, and know the process by which to refer a complaint or breach.