Annual Report 2012 - National Savings Bank

73ROOTED IN OUR HERITAGEGOVERNANCE REPORT3 (6) Board Appointed Committees(c) The Committee shall make recommendations onmatters in connection with:(i).the appointment of the external auditor for auditservices to be provided in compliance with therelevant statutes;(ii) the implementation of the Central Bankguidelines issued to auditors from time to time;(iii) the application of the relevant accountingstandards; and(iv) the service period, audit fee and any resignation (iv) Not Applicable.or dismissal of the auditor; provided that theengagement of the Audit partner shall not exceedve years, and that the particular Audit partner isnot re-engaged for the audit before the expiry ofthree years from the date of the completion of theprevious term.(d) The Committee shall review and monitor theExternal Auditor’s independence and objectivityand the effectiveness of the audit processes inaccordance with applicable standards and bestpractices.Audit Committee meetings.(e) The Committee shall develop and implement apolicy on the engagement of an External Auditorto provide non-audit services.during the year.(f)The Committee shall, before the audit commences,discuss and nalise with the External Auditors thenature and scope of the audit.(g)The Committee shall review the nancialinformation of the Bank, in order to monitor theintegrity of the Financial Statements of the Bank,its Annual Report, accounts and quarterly reportsprepared for disclosure, and the signicant nancialreporting judgments contained therein.(i), (ii) and (iii) By statutes the Auditor General is theExternal Auditor of the Bank.Since the Auditor General is the External Auditorthe independence and objectivity are maintained.Effectiveness of the audit process is discussed with theSuperintendent of the Government Audit at the BoardNot relevant as the Auditor General is appointed as perthe Constitution. No such service has been obtainedThe Auditor General has a permanent ofce at theBank and the Superintendent of the Government Auditattends Board Audit Committee meetings regularly andparticipates in deciding the scope of the Audit Committee.Complied withComplied withNATIONAL SAVINGS BANK . ANNUAL REPORT 2012