Cap. 330 Art. 12AAudit Committee.

(1) It shall be the function of the Audit Committee to:

(a) determine whether the governance, controls and risk management processes of the Authority in implementing agreed policies and strategies across the activities of the Authority are adequate, effective and functioning;

(b) determine the Internal Audit Unit’s remit and role;

(c) evaluate the performance of the Internal Audit Unit set out under article 12B;

(d) carry out such other functions as may be assigned to it by the Board of Governors.

(2) In carrying out its functions the Audit Committee shall have all powers necessary to enable it to perform its functions properly, and the provisions of sub-articles (4) and (5) of article 12B shall, apply to the Audit Committee. mutatis mutandis,

(3) In carrying out its functions under sub-article (1)(b), the Audit Committee shall consult the Chief Executive Officer regarding new tasks and the processes applied throughout the activities of the Authority to ensure full coverage of the activities of the Authority by the Internal Audit Unit. In so far as its functions under sub-article (1)(c) are concerned, the Audit Committee shall take into consideration the internal audit plan and any audit quality assurance assessment reports.

(4) The Audit Committee shall be composed of a Chairman and two other members appointed by the Board of Governors, for such term, being a period of not more than three years, as may be specified in the letter of appointment, and shall be eligible for reappointment; and shall receive such remuneration as the Authority may from time to time, determine.

(5) The Authority shall consult the Audit Committee before appointing one or more suitable officers to perform the functions of Director and Deputy Director within the Internal Audit Unit.

(6) The Audit Committee shall report to the Board of Governors on the progress made in its area of competence and on the progress made by the Internal Audit Unit.

(7) The Audit Committee shall be independent of the Board of Governors, and shall act independently of it.

(8) The Audit Committee shall designate one of the officers of the Authority as its Secretary for such period and under such terms as the Board of Governors shall deem appropriate.

(9) The provisions of article 7 shall, as far as applicable, mutatis mutandis apply to the meetings of the Audit Committee, and the provisions of paragraphs (a), (b), (d) and (e) of article 6(6) shall, as far as applicable, apply to the office of mutatis mutandis the Chairman and the members of such Committee.