Measuring, auditing & communicating costs

UniSuper’s costs are regularly monitored to ensure the best possible returns for our members.

Our Audit, Risk and Compliance Committee conducts regular reviews of our processes to ensure true and accurate reporting at all times. Information on our financial reports is made available both online and through UniSuper publications.

Audit, Risk and Compliance Committee

The Audit, Risk and Compliance Committee is responsible for:

• reviewing the integrity of UniSuper’s financial reports and taxation position
• reviewing the effectiveness of the business risk management framework and the assurance provided by internal audit
• reviewing the effectiveness of the compliance and internal controls framework
• overseeing the performance and independence of the internal and external auditors, and
• reviewing the adequacy of UniSuper’s insurance program.

In fulfilling its responsibilities, the Audit, Risk and Compliance Committee:

• receives regular reports from management, internal and external auditors
• reviews the processes the Chief Executive Officer and Chief Financial Officer have in place to support their certifications to the Board
• meets separately with the external and internal auditors at least four times a year without the presence of management, and
• provides the internal and external auditors with a clear line of direct communication at any time to either the Chairman of the Audit Committee or the Chairman of the Board.

The Audit, Risk and Compliance Committee has authority to seek any information it requires from any employee or external party.

External auditors

We also appoint external auditors who are required to provide an annual declaration of their independence to the Audit and Compliance Committee. Their performance is reviewed annually and we call for the tender of external audit services as deemed appropriate.

Currently, PricewaterhouseCoopers has been appointed as the external auditor. An analysis of fees paid to our external auditors is disclosed in our annual Report to Shareholders.

Communicating Costs

We provide information on the costs incurred by UniSuper in our annual Report to Members, which also includes a copy of our abridged financials, and in our Report to Shareholders, which includes a more detailed version of our financial report.

The full annual accounts are available on request.