The Audit Committee of XYZ Bank is a standing committee of the Board of Directors. The purpose of the Committee is to assist the Board in fulfilling its oversight responsibility relating to (i) the integrity of bank’s financial statements (ii) the appointment and remuneration of external auditor and Chief Internal Auditor (iii) the annual independent integrated audit of bank’s financial statements and effectiveness of internal control over financial reporting,(iv) policy standards and guidelines for risk assessment and risk management; and (v) the compliance by bank with legal and regulatory requirements. The report of the Committee required by the rules of the regulator of publicly held companies shall be included in bank’s annual proxy statement.
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