Statistics Act, 1999
R 385
Mutual Banks Act, 1993 (Act No. 124 of 1993)Chapter IV : Administration of Mutual Banks47. Audit committee |
| (1) | Subject to the provisions of subsection (3), the board of a mutual bank shall appoint at least three of its members to form an audit committee. |
| (2) | The functions of the audit committee shall be to— |
| (a) | assist the board in its evaluation of the adequacy and efficiency of the internal control systems, accounting practices, information systems and auditing processes applied within that mutual bank in the day-to-day management of its business; |
| (b) | facilitate and promote communication, regarding the matters referred to in paragraph (a) or any other related matter, between the board and the executive officers of, the auditor appointed under section 45 for, and the employee charged with the internal auditing of the transactions of, the mutual bank; and |
| (c) | introduce such measures as in the committee's opinion may serve to enhance the credibility and objectivity of financial statements and reports prepared with reference to the affairs of the mutual bank. |
| (3) | All of the members of the audit committee may be, and the majority of such members shall be, persons who are not employees of the mutual bank nor of any of its associates. |
