ALL MEMBERS HAVE BUSINESS KNOWLEDGE AND SKILLS AND FAMILIARITY WITH ACCOUNTING PRACTICES AND CONCEPTS.

The Committee comprises two non-executive Directors, one shareholder and two executive Directors; the Chief Executive Officer in attendance where appropriate.
 
All members have business knowledge and skills and familiarity with accounting practices and concepts.
The Chief Audit and Compliance Officer and the Chief Financial Officer serve as the secretaries to the committee.

Responsibilities:

• Reviews internal controls including financial and business controls;
• Reviews internal audit function and audit activities;
• Facilitates dialogue between auditors and management regarding outcomes of audit reviews;
• Makes proposals with regard to external auditors and their remuneration;
• Works with external auditors to review annual financial statements before full board approval;
• Ensure compliance with all applicable laws, regulations and operating standards.
• Reviews and ratifies operational and credit policy changes initiated by management;
• Ensures compliance with the bank's credit policies and statutory requirements prescribed by the regulatory or
supervisory authorities;
• Reviews periodic credit portfolio reports and assesses portfolio performance;
• Reviews all other risks i.e. technology, market, insurance, reputation, regulations, etc.