The committee's main purpose is to oversee the overall Financial and Administration status of KSB. Its membership is composed of Council members with a sound financial and administration background and an independent member who has skills in finance and audit. The chairperson of the sub committee will be appointed by the members and or the Council and must be members of the council for easy flow of information from the committee and the council.
The Council chairperson cannot be a member of the audit committee.
- Recruit and supervise the internal auditor.
- Meet at least 3 times a year and work with the internal auditor or outsource for internal audit function. Oversee the internal audit function and report to the Council on the outcomes.
- Assess the internal audit function in terms of skills, program of work, action taken on recommendations from audits and relationship with external auditors.
Throughout the year:
- Receive and review reports from the internal auditor on internal audit activities.
- Monitor management’s progress in addressing issues identified and recommendations made by internal audit.
- Monitor progress against the internal audit work plan.
- Ensure the internal auditor has unrestricted access to the audit committee through the chairman of the audit committee.