Terms of reference for audit commettie

  1. COMPOSTION
  2. The Committee shall be appointed amongst the commissioners and shall consist of not less than 3 members.
  3. The Chairperson of the commission shall not be a member of the Committee.
  4. The commission shall appoint the Chairperson of the Committee and in the absence of the Committee Chairperson, the remaining members present shall elect one of themselves to chair the meeting.

 

  1. SECRETARY

 

  1. The Director of Internal Audit or a nominee shall act as a secretary of the Audit Committee.

 

3.   QUORUM

  1.  A quorum for the transaction of business shall be two members. A duly convened meeting of the meeting at which a quorum is present shall be competent to exercise all or any of the authorities, powers and discretions vested in or exercised by the Committee.

 

  1. ATTENDANCE OF MEETINGS

 

4.1     Only members of the Committee shall have the right to attend Committee meetings. However any official, if necessary, may be invited to attend the meetings. 

4.2     The external auditors may request a meeting if they consider that one is necessary.

 

  1. FREQUENCY OF MEETINGS

 

5.1      Committee meetings shall be held quarterly in a year, and at appropriate times in the reporting cycle and otherwise as required.

  1. NOTICE OF THE MEETINGS

6.1     Meetings of the Committee shall be organized by the Chairperson of the Committee at the request of any of its members or request of external or internal auditors if they consider it necessary.

6.2     Unless otherwise agreed, Seven (7) days notice of each meeting confirming the venue, time and date together with the agenda of items to be discussed, shall be forwarded to each member of the Committee and any other person required to attend in a timely manner before the date of the meeting. Supporting papers shall be sent to Committee members and to other attendees as appropriate, at the same time.

  1. MINUTES OF THE MEETING

7.1      The secretary shall minute the proceedings and resolutions of all meetings of the Committee, including recording names of those present and in attendance.

7.2      Minutes of the Committee meetings shall be circulated promptly to all members of the Committee, Chairperson, all other commissioners and Chief Executive Officer

  1. AUTHORITY

8.1     The Committee is authorized by the Commission of commissioners to investigate any activity within its terms of reference. It is authorized to seek any information it requires from any employee and all employees are directed to cooperate with any request made by the Committee.

8.2     The Chairperson or a member of the Committee in the absence of the Chairperson shall be present at the commissioners meeting to answer questions through the Chairperson of the commission.

8.3     The Committee is authorized by the Commission to obtain outside legal or other independent professional advice and secure the attendance of outsider with relevant experience and expertise if it considers this is necessary.

  1.  DUTIES

The Committee will carry out the following duties for the commission:

  1. Keep under review the effectiveness of the commissions internal controls and risk management systems;
  2. Ensure that the internal audit function is adequately resourced and has an appropriate standing with the commission;
  3. Coordinate audit work between external and internal auditors;
  4. To consider major findings of internal and external auditors investigations and management responses;
  5. To consider the appointment of external auditors, the audit fees and other terms of engagement;
  6. To review the half year and annual financial statements before submission to commission;
  7. To make appropriate recommendations for the improvements in secretariat control;
  8. To ensure that the commission is complying with aspects of law, relevant regulations and good governance to advance quality assurance in the commission;
  9. To consider other topics, as defined by the commissioners.
  10.   REPORTING RESPONSIBILITY

10.1   The Committee shall report to the Commission, identifying any matters in the respect of which it considers that action or improvement is needed, making necessary recommendations as to the steps to be taken.

10.2 A separate section in the annual report should describe the work of the Committee in discharging its responsibilities.

10.3 At least once in a year, review the Committees’ role in the audit and financial management of the commission and its own effectiveness and submit any amendments to the Commission for approval.