HC-3.2.1
Past version: Effective from 01 Oct 2010 to 31 Dec 2010
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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 policies and 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-1.2.8). 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.
October 2010