Cap. 623 Art. 13Internal auditor.

(1) The Board shall also appoint an internal auditor, who shall:

(a) oversee the systems of internal control and risk management of the Authority and assist and support the Authority in discharging its responsibilities in relation thereto;

(b) provide the communication link with external auditors and evaluate and coordinate the audit and financial reporting process of the Authority;

(c) scrutinise and evaluate any transaction to be entered into by the Authority with a value exceeding two hundred and fifty thousand euro (€250,000); and

(d) review and assess the effectiveness of the management of the Authority in its compliance with policies and in the discharge of its regulatory and compliance functions in so far as financial matters are concerned.

(2) The internal auditor shall report directly and exclusively to the Board in accordance with procedures established by the Board.