Section 61
Functions, Duties And Powers Of The Audit Committee
Functions, duties and powers
of the Audit Committee shall be as follows:-
(a) To ascertain whether or not the accounts, budget and internal auditing procedures, internal control mechanism of the bank and financial institution are appropriate and if they are appropriate, to carry out monitoring and supervision as to whether or not they are complied with,
(b) To cause to carry out internal auditing of the accounts and books of records of the bank or financial institution and to ascertain as to whether or not such documents have been prepared accurately according to the prevailing laws, regulations and directives of the Rastra Bank,
(c) To conduct or to cause to be conducted regularly auditing of the management and operation, managerial and work performance of the bank or financial institution to ensure that the laws in force in the bank or financial institution are fully complied with,
(d) To carryout monitoring as to whether or not activities have been carried out according to this Act or Rules made thereunder, Byelaws, policies or the directives issued in the bank or financial institution and to submit the report thereof to the Board of Directors,
(e) To recommend the names of three auditors for appointment of the external auditor,
(f) To furnish opinion on matters as requested by the Board of Directors.