Cap. 461 Art. 2Definitions.

In this Act unless the context otherwise requires -

"Audit Committee" means the Audit Committee established under article 7(3) of the Central Bank of Malta Act;

"auditee" means any entity which is or may be the subject of an internal audit and, or a financial investigation performed by the Director as provided for in this Act; "Board" means the Internal Audit and Investigations Board; "Cabinet" means the body to which article 79 of the Constitution refers; "Central Bank of Malta" or "the Bank" means the Central Bank of Malta established by article 3 of the Central Bank of Malta Act; "compliance and assurance functions" means those functions within a Government department or ministry that ensure that financial and other related controls, systems, policies and procedures necessary for the proper functioning of that Government department or ministry are adhered to; "conflict of interest" is a situation where any officer of the Directorate has a private or personal interest to influence, or appear to influence that which is effectively expected of him in the performance of his duties;

"Director" means the Director, Internal Audit and Investigations Directorate and includes, to the extent of the authority given, any person authorised in that behalf by the Director; "Directorate" means the Internal Audit and Investigations Directorate referred to in Part IV of this Act; "entity" includes both natural and legal persons, including any regard, the acquiring of records and, or, information and the carrying out of related assessments, analysis and recommendations, such "financial investigation" being limited in scope to the financial implications that could arise out of such an irregularity or suspected fraud;

"functions" includes powers and duties; "internal audit" means an independent, objective assurance and consulting activity designed to add value and improve the operations of auditees, helping the auditee to accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes;

"irregularity" means whichever act or omission which unlawfully diminishes public funds and whatever is not consonant with the proper management thereof; "public funds" also includes funds that Government receives, pays, including funds to local councils, or is required to manage under Malta’s international obligations, or under any other public funds arising under any other law;

''public officers'' shall have the same meaning as is assigned to it in the Constitution of Malta, and includes officials of international organizations with whom Malta has international obligations, whilst performing their duties on Maltese territory. "Secretary to the Cabinet" means the public officer to whom article 94 of the Constitution refers.