Statistics Act, 1999
R 385
Financial Management of Parliament Act, 2009 (Act No. 10 of 2009)Chapter 7 : Audit Committee and Internal Audit Unit47. Establishment of audit committee |
| (1) | Parliament must have an audit committee appointed by the Executive Authority. |
| (2) | The committee must— |
| (a) | be constituted in a manner that ensures its independence; and |
| (b) | consist of at least three persons with appropriate experience and knowledge. |
| (3) | More than half of the members of the committee must be individuals who— |
| (a) | are not employed by Parliament or the state and are not Members of Parliament, a provincial legislature or a municipal council; and |
| (b) | have no personal or financial interest in any matter related to Parliament. |
| (4) | The Executive Authority must appoint one of the members contemplated by subsection (3), who is knowledgeable of the status of the position and have the requisite business, financial and leadership skills, as the chairperson of the committee. |
| (5) | The terms of appointment and remuneration of members of the audit committee contemplated by subsection (3) must be consistent with the requirements for audit committees of other organs of state, taking into account tariffs determined by the South African Institute of Chartered Accountants in consultation with the Auditor-General, and tariffs determined by the National Treasury. |
| (6) | A member of the audit committee who has a personal or financial interest in any matter before the committee must disclose that interest and withdraw from the proceedings of the committee when that matter is considered. |
