The work, duties and powers of the Audit Committee shall be as follows:- (a) Monitoring and supervision of the bank or financial institution's accounting, budgeting and internal audit procedures, internal control system whether it is appropriate and if so whether it is followed. (b) conduct an internal audit of the accounts and bookkeeping of the bank or financial institution and make sure whether such documents are properly prepared in accordance with the prevailing laws, regulations and instructions of the National Bank, (c) that the prevailing laws applicable to the bank or financial institution are fully complied with To make sure that the management and operation of the bank or financial institution are regularly managed and performed, (d) To monitor whether the bank or financial institution has acted in accordance with this Act or the rules, regulations, policies or instructions given under this Act. and submit the report to the board of directors, (e) Recommend the names of three auditors for the appointment of external auditors. (f) Give opinions on matters requested by the board of directors.