Audit and Risk Committee Member

Description

The Pacific Community (SPC) is the principal scientific and technical organisation in the Pacific region, supporting development since 1947. SPC is an international development organisation owned and governed by 27 country and territory members. In pursuit of sustainable development to benefit Pacific people, the organisation works across more than 25 sectors. SPC’s governing body is the Conference of the Pacific Community, which is charged with establishing the high-level, strategic orientations of the organisation. It meets every two (2) years at the ministerial level. In years when the Conference does not meet, the Committee of Representatives of Governments and Administrations (CRGA) is empowered to make decisions on governance issues.

The Audit and Risk Committee (ARC) is a sub-committee of the Committee of Representatives of Governments and Administrations (CRGA). ARC assists the CRGA in fulfilling its oversight responsibilities of the financial reporting process, systems of internal control, audit, risk management, effectiveness and efficiency of operations, and compliance with legal and regulatory requirements.

The Audit and Risk Committee Charter and all SPC’s governance documents can be found in the Pacific Community Governance Compendium.

The ARC consists of four (4) independent members, including the Chair, appointed by CRGA. None of the members can be staff of the Secretariat or have served as an employee of SPC within the last three (3) years.

Roles – two ARC members, one of whom may be considered for the role of Chair of the ARC.

The key responsibilities of the roles include the following:

Review of the financial statements

• Consider whether the statements are complete, consistent with information known to Audit and Risk Committee members, and reflect the requirements of the International Public Sector Accounting Standards (IPSAS).
• Review the financial statements with SPC’s management team and external auditors.
• Taking into account the findings of the external audit of the financial statements, consider any significant accounting or reporting issues, and all matters required to be communicated to the ARC under IPSAS.

Oversight of SPC’s risk management functions

• Keep under review the effectiveness of the risk management and mitigation processes, and internal control systems.
  1. understand the scope of internal and external auditors’ review of internal control
  2. ensure that risk management issues are adequately addressed
  3. ensure that timely and appropriate corrective action is taken by management
  4. keep under review the system for monitoring compliance with rules, regulations and laws
  5. ensure that attention is given to the effectiveness, efficiency and economy of operations.
• Initiate, where necessary, special investigations of policies, procedures and practices. Review the effectiveness of systems for monitoring compliance with organisational regulations and policies as needed.
• Review regular updates from management and the organisation’s legal counsel regarding compliance matters, all allegations of fraud, corruption and staff misconduct.
• Receive complaints or allegations from whistle-blowers of alleged serious misconduct by senior management.

Oversight of internal audit programme

• Review with management and the internal auditors, the internal audit charter, activities, staffing, and organisational structure of the internal audit function.
• Review and approve the annual internal audit plan.
• Review the findings and recommendations in internal audit reports and any management responses.
• Review the effectiveness of the internal audit function, ensuring continued independence and its performance.
• Consult regularly with the internal auditor to discuss matters that the Audit and Risk Committee or internal audit believe should be discussed privately.

Oversight of external audit programme

• Review, if necessary, the external auditors’ proposed audit scope and approach, including coordination of audit effort with internal audit.
• Review the performance and effectiveness of external auditors.
• Review external auditors’ management letter and management responses.
• Consult with external auditors to discuss any matters that the Audit and Risk Committee, external auditors or internal audit function believe should be discussed separately.
• Provide advice to the CRGA on the appointment of external auditors and the terms of those appointments.
• Provide a mechanism for open communication between internal auditors, external auditors, management and the CRGA chair.
• Meet at least twice annually, typically held in Noumea, New Caledonia or Suva, Fiji, or remotely by videoconference, as decided by the ARC.

For a more detailed account of the key responsibilities, please refer to DEVAID Limited page: https://spc-jobs.tenderwell.app/

Education, Qualification & Experience

• Qualifications and expertise in recent and relevant senior-level positions in the key areas of work and responsibility of the ARC, in particular in finance, audit, legal, governance, risk, ethics and/or oversight functions.
• For consideration at the Chair of the ARC level, experience as the chair of an audit & risk committee (or similar) is required.
• Experience in working with large organisations that are aligning their operational systems and capacity during a period of significant growth.
• Demonstrated expertise in supporting a large organisation during an extended period of change.
• Proficiency in acting in an independent, non-executive capacity while performing duties.
• Excellent English language, both spoken and written, is required.
• This vacancy is open to candidates residing in the Pacific region, consistent with SPC’s regional mandate and to ensure that ARC members have a deep understanding and familiarity with the region.

Honorarium Fees, Travel and conditions

• ARC members, who are not domestic or international public servants, will be paid an honorarium for their participation in meetings.
• The honorarium will be set at the time of the member’s appointment and will be linked to the United Nation’s consultant’s remuneration scale. The Chair will be paid at a higher daily rate than other members. Current rates at the time of this recruitment of new ARC members are Euro 800 per day for members and Euro 1,000 per day for the Chair.
• SPC will pay for members’ travel and per diems for attendance at any face-to-face meetings.

How to apply

Application procedure

Closing date: 16 March 2025 – 11:00 pm (Noumea time)

Applicants must apply online (CV and cover letter) at: https://spc-jobs.tenderwell.app/

If you encounter challenges when applying online, please contact SPC@developmentaid.orgfor assistance.

Only applications received through the online portal (Tenderwell) will be considered. Any applications received through other channels will not be considered. Only shortlisted applicants will be contacted for interviews.

DEVAID Limited is exclusively retained to undertake this assignment.