Its role is to monitor the council's financial and non-financial risks and Local Government NZ says its members should "not be afraid to ask the tough questions".
Local accountant Rex McKinnon has also been re-appointed while the council representatives include Kate Joblin, Jenny Duncan and David Bennett.
Key areas for this committee include monitoring financial reporting, risk management, external and internal audits and ensuring council complies with laws, regulations and standards.
Mr McDouall said he would be discussing other major committee appointments with councillors in the coming weeks.
In the previous council, individual councillors were given "portfolio" responsibilities which effectively replaced the historic committee structure but the mayor said he would be returning to that set-up.