Section 61: Functions, Duties and Powers of the Audit Committee

Functions, duties and powers of the Audit Committee shall be as follows:-

(a) To ascertain whether or not the accounts, budget and internal auditing procedures, and internal control mechanisms of bank and financial institution are appropriate and, if they are appropriate, to carry out monitoring and supervision, whether or not they are complied with,

(b) To cause to carry out internal auditing of the accounts and books of records of the bank or financial institution and to ascertain whether or not such documents are prepared according to the prevailing law, regulation and directives of the Rastra Bank,

(c) To conduct or to cause to conduct auditing of management and operation, managerial and work performance of the bank or financial institution to be assured that the laws in force in the bank or financial institution are fully complied with,

(d) To carry out monitoring of whether or not actions are being taken according to the Act or Rules enacted under the Act, Byelaws, policies or given directives in the bank or financial institution and to submit the report thereof to the Board of Directors,

(e) To recommend names of three auditors for appointment of the  external auditor,

(f)To furnish opinion on the subjects as required by the Board of Directors.