Audit and Risk Management Committee
The Audit and Risk Management Committee (ARMC) provides independent advice on our:
- financial and performance reporting responsibilities
- risk oversight and management
- system of internal control.
The ARMC has a minimum of 3 members, appointed by our Secretary or Chief Operating Officer. The committee’s members are all external to our department. No current members are officials of any Commonwealth entity.
Current ARMC members
As at August 2021.
Ms Maria Storti FCA, FAICD (Chair)
Ms Storti is a former EY partner with extensive experience in audit, systems of control, risk management and performance measurement and improvement. She has held senior executive roles across the public, private and tertiary education sectors.
Ms Storti is a chartered accountant and a member of the Australian Institute of Internal Auditors, and has a Master of Business Administration. Ms Storti is a Fellow of the Institute of Chartered Accountants Australia and New Zealand and a Fellow of the Australian Institute of Company Directors.
She maintains her financial and risk knowledge through continuing professional development.
Ms Karen Toole FCA
Ms Toole has over 20 years’ experience in finance, ICT and risk management, and program delivery across the public, private and not-for-profit sectors.
She is a chartered accountant, a Fellow of the Chartered Accountants Australia and New Zealand and has previously been a chief financial officer for a government department.
Ms Toole currently sits on 3 other public sector audit committees and is the treasurer of a not-for-profit board.
Mr Matthew Minogue
Mr Minogue is a former government lawyer and senior executive with more than 30 years’ experience in the Australian Public Service. He has held several senior executive service positions in the APS.
Mr Minogue has extensive experience in legislative reform, policy development and risk management and governance.
The ARMC Charter sets out the committee’s:
- reporting and administrative arrangements.
Under its charter, the ARMC should meet at least five times each year. However, this varies each year to align with variances in performance and financial reporting cycles, as well as the availability of members. Special meetings may also be held to meet the responsibilities of the committee.
A representative from the Australian National Audit Office attends each meeting to observe proceedings and provide feedback on our active external audits.
Our Chief Operating Officer, Chief Financial Officer and internal auditors also attend.