Section 35: Function, Duties and Powers of the Audit Committee

1) The functions, duties and powers of the Audit Committee shall be as follows: –

(a) To submit its report and recommendations to the Board on accounts, budget and audit procedures and control system of the Bank,

(b) To ascertain whether or not the audit and preparation of periodic balance sheet and other documents of the Bank have been carried out properly,

(c) To supervise the implementation of the appropriate risk management adopted by the Bank,

(d) To audit the managerial and performance of works of the Bank in order to be assured that the prevailing laws applicable to the Bank have been fully complied with,

(e) To frame a bylaw for auditing of the Bank in accordance with the prevailing laws and international auditing standards and to submit it to the Board for approval.

2) The Audit Committee shall, while submitting the report and recommendations to the Board pursuant to Clause (a) of sub-section (1), furnish the information thereof to the Governor.