The Case Study - Seylan Bank

86Seylan Bank PLC Annual Report 2009The composition and scope/terms of referenceof the board subcommittees which were functionalas at 31st December 2009 and their attendance atcommittee meetings during 2009 are given below:Committee /Composition No. of meetings Scope/Terms of referenceEligibility Attendedto attendAudit Committee:Mr. P.L.P. Withana (Chairman)Mr. F.N. Goonewardena(resigned on 3/12/09)Mr. N.M. Jayamanne PC(appointed w.e.f. 24/2/09)Mr. P.G.S. Kariyawasam(appointed w.e.f. 3/12/09)775N/A*773N/A* No Meetings were held after 3rd December 2009 until 31st December 2009The Audit Committee comprises three Non-ExecutiveDirectors (of whom two are independent) and isheaded by Mr. Lalith Withana an Independent Directorwho possesses relevant financial experience andqualifications.The Executive Director, CEO, Chief Financial Officer andDGM Internal Audit attend the Committee meetingsby invitation. The External Auditors participate atthe meeting whenever required and therefore hasdirect access to the Audit Committee to report on anymatters independently to the board. The Committeehas met seven times during 2009.The Committee reviews Internal Controls, InformationTechnology governance activities and security andcontrols and reviews and monitors all audit activitiesand operations and the effectiveness of internalcontrols including IT/Information Systems controlthat are in place and the Bank’s compliance with keystatutory and regulatory requirements and industrybest practices.The Report of the Audit Committee is set out on page100 to 101 of the Annual Report.