The audit committee
THE AUDIT COMMITTEE
A- The Board of Directors shall form a committee to be nominated as “the Audit Committee” and to be comprised of three board members and a minimum of two competent and experienced persons, who are not board members, to be elected by the minister.
The committee shall supervise the conduct of the financial and performance audits, and shall ensure compliance with the provisions of this Act, regulations, orders, and resolutions, issued in implementation thereof.
B- The Audit Committee shall prepare reports of the result of its work and recommendations to be submitted to the Minister and to the Board of Directors within:
- One month, as from the date of when the Committee received the external auditor’s report referred to in clause D of Article (19) of this Act regarding the Authority’s audit reports.
- Within a period to be determined the by the Board of directors with regards to reports of the Authority’s performance audits.
C- The Board of Directors shall decide the measures to be taken about the contents of the audit committee’s reports.
Last Update: Sunday 14 February 2010