The Board Audit Committee is responsible for oversight of audit functions, without prejudice to the Statutory Audit Committee established in compliance with CAMA, which is not considered a Board committee. The Terms of Reference of the Board Audit Committee includes but is not limited to the following:
- Keeping the effectiveness of the Bank’s system of accounting, reporting and internal control under review and ensuring compliance with legal and agreed ethical requirements;
- Reviewing the activities, findings, conclusions and recommendations of the external auditors relating to the Bank’s annual audited financial statements;
- Reviewing the Management Letter of the External Auditors and Management’s response thereto;
- Reviewing the appropriateness and completeness of the Bank’s statutory accounts and its other published financial statements; and
- Ensuring that the Bank’s Investment Valuation Policy is updated to take into account changes in International Financial Reporting Standards (IFRS) as issued and/or amended from time to time by the International Accounting Standards Board and/or in valuation techniques as recommended by the European Venture Capital Association and best practices.
Membership of the Committee is currently made up of three (3) Non-Executive Directors.
The Committee is required to hold its Meetings once every quarter.