This Committee is responsible for ensuring that the Bank complies with all the relevant policies and procedures both from the regulators and as laid-down by the Board of Directors. Its major functions include the approval of the annual audit plan of the internal auditors, review and approval of the audit scope and plan of the external auditors, review of the audit report on internal weaknesses observed by both the internal and external auditors during their respective examinations and to ascertain whether the accounting and reporting policies of the Bank are in accordance with legal requirements and agreed ethical practices.
The Committee also reviews the Bank’s annual and interim financial statements, particularly the effectiveness of the Bank’s disclosure controls and systems of internal control as well as areas of judgment involved in the compilation of the Bank’s results. The Committee is responsible for the review of the integrity of the Bank’s financial reporting and oversees the independence and objectivity of the external auditors. The Committee has access to External Auditors to seek explanations and additional information, while the Internal and External Auditors have unrestricted access to the Committee, which ensures that their independence is in no way impaired.
The Committee is made up of three (3) Non-Executive Directors and three (3) Shareholders’ representatives appointed at Annual General Meetings, while the Chief Inspector/Chief Internal Auditor of the Bank serves as the Secretary to the Committee. The membership of the Committee at the Board level is based on relevant experience of the Board members, while one of the shareholders’ representatives serve as the Chairman of the Committee.
The Committee is required to hold its Meetings once every quarter.
Board of Directors
Board Risk Management Committee
Board Credit Committee
Board Human Resources and Nominations