The purpose of the Audit Committee is to assist the Management Board in fulfilling its oversight responsibilities for the financial reporting process, the system of internal control and the audit process.The Audit Committee meets twice a year, and when necessary, between these meetings.
Key responsibilities of the Audit Committee
The overall responsibility of the Audit Committee is to provide oversight of the internal control systems, management’s risk assessments and the internal and external audits performed. In particular it shall:
- Maintain oversight of the internal control standards;
- Maintain oversight of the framework for the internal audit work in the Centre;
- Monitor the accomplishment of the audit work programme(s) and individual audits; and
- Monitor the establishment and implementation of action plans with regards to the audit recommendations of internal and external audits performed.
The Audit Committee shall also especially assist the Management Board by providing opinions on the annual accounts at both the draft and final stages. The Audit Committee reports back to the Management Board on any serious shortcomings identified.
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