HC-3.2.1
The Board must establish an audit committee of at least three directors of which the majority must be independent including the Chairman. The committee must:
(a) Review the Islamic bank licensee's accounting and financial practices;
(b) Review the integrity of the Islamic bank licensee's financial and internal controls and financial statements (particularly with reference to information passed to the Board — see HC-1.2.10). The information needs of the Board to perform its monitoring responsibilities must be defined in writing, and regularly monitored by the Audit Committee;
(c) Review the Islamic bank licensee's compliance with legal requirements;
(d) Recommend the appointment, compensation and oversight of the Islamic bank licensee's external auditor; and
(e) Recommend the appointment of the internal auditor.
Amended: January 2012
Amended: January 2011
October 2010
Amended: January 2011
October 2010