Cap. 463 Art. 17Audit Committee.

(1) The Board shall establish an Audit Committee with written terms of reference which clearly lay down the authority and duties of such committee.

(2) (a) The Audit Committee shall meet at least four times a year.

(b) Meetings of the Audit Committee shall be chaired by a voting director of the Corporation.

(c) The members of the Audit Committee shall be appointed on such terms and conditions as may be determined by the Board.

(3) Without prejudice to the generality of the provisions of subarticle (1), the Audit Committee shall have the following functions:

(a) oversight of the systems of internal control and risk management of the Corporation and to assist and support the Board in discharging its responsibilities in relation thereto;

(b) to provide the communication link with external auditors and to evaluate and co-ordinate the audit and financial reporting process of the Corporation; and

(c) to review and assess the effectiveness of management of the Corporation in its compliance with policies and in the discharge of its regulatory and compliance functions.

(4) The Audit Committee shall report to the Board annually and at such other times as may be directed by the Board.