(1) The Fund shall have an Internal Audit Committee as follows:-
(a) Directors-Convenors appointed by the Committee (b) One expert in the relevant field designated by the committee - Member (c) Head of Internal Audit Department of the Fund - Member-Secretary
(2) The term of office of a member as per clause (b) of sub-rule (1) shall be two years and after the term of office expires, he/she may be appointed for one more term.
(3) When appointing a member as per clause (b) of sub-rule (1), no director, executive director of the fund or a close relative of the head of the internal audit department or a person having business and interest of the fund shall be appointed. (4) The work, duties and powers of the Internal Audit Committee shall be as follows:-
(a) reviewing the accounts and financial statements of the Fund and ascertaining the truth of such statements; (b) To review the internal control system and risk management system of the fund,
(c) To supervise the work relating to the internal audit of the Fund,
(d) To monitor and review whether the conduct, standards and guidelines determined to be followed during internal audit have been followed,
(e) _ To recommend the accounting policy of the fund and if such accounting policy needs to be reviewed, to recommend it to the Board of Directors,
(Che). To review and assess the condition of the fund,
(G) To perform other tasks assigned by the Board of Directors in relation to the fund's accounting, financial arrangements and internal audit.