You are viewing the translated version of लेखापरीक्षण समिति.
Section 42
Audit Committee
: (1) There will be an audit committee as specified in the fund under the coordination of the members of the committee.
(2) The work, duties and powers of the audit committee as per sub-section (1) shall be as follows:-
(a) To submit his report and suggestions to the committee regarding the accounting, budgeting and auditing procedures and control arrangements of the fund,
(b) to audit the periodical balance sheets, financial statements and other documents of the Fund and ascertain whether such documents are properly prepared,
(c) supervising the implementation of appropriate risk arrangements adopted by the Fund,
(d) to conduct regular managerial and performance audits of the administration and operation of the Fund to ensure that the prevailing laws applicable to the Fund are fully complied with, and
(e) To draft regulations for financial administration and audit work of the fund in accordance with prevailing laws and international accounting standards and submit it to the committee for approval.
(2) The work, duties and powers of the audit committee as per sub-section (1) shall be as follows:-
(a) To submit his report and suggestions to the committee regarding the accounting, budgeting and auditing procedures and control arrangements of the fund,
(b) to audit the periodical balance sheets, financial statements and other documents of the Fund and ascertain whether such documents are properly prepared,
(c) supervising the implementation of appropriate risk arrangements adopted by the Fund,
(d) to conduct regular managerial and performance audits of the administration and operation of the Fund to ensure that the prevailing laws applicable to the Fund are fully complied with, and
(e) To draft regulations for financial administration and audit work of the fund in accordance with prevailing laws and international accounting standards and submit it to the committee for approval.