Section 45: Audit committee

1[45. Audit committee.⸺(1) The Board shall constitute an audit committee and define its composition, responsibilities, duties and terms of reference. (2) The audit committee shall consist of three or more non-executive Board members, with at least one having extensive experience in the field of accounting, auditing or internal controls. The audit committee may co-opt external experts without the right to vote. The criteria provided in sub section (5) of section 9 shall apply to the appointment of the external expert who shall not have been a member of the Board or staff in the three calendar years preceding his appointment as member of the audit committee. (3) The audit committee’s responsibilities shall be enshrined in the audit committee’s terms of reference approved by the Board, which shall include, inter alia,⸺ (a) overseeing the internal audit function; (b) approving the charter of the internal audit function; (c) recommending the appointment of external auditors, and their scope of work; and (d) evaluating the effectiveness of the internal control systems.]

Effective date: 1956-04-18

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