Annual Report 2012 - National Savings Bank

74ROOTED IN OUR HERITAGEGOVERNANCE REPORT3 (6) Board Appointed Committees(h) The Committee shall discuss issues, problems andreservations arising from the interim and nalaudits, and any matters the Auditor may wish to Complied withdiscuss including those matters.(i)The Committee shall review the External Auditor’smanagement letter and the management’s responsethereto.Complied with(j)The Committee shall take the following steps withregard to the internal audit function of the Bank:i Review the adequacy of the scope, functions andresources of the internal audit department, andsatisfy itself that the department has the necessaryauthority to carry out its work;ii Review the internal audit program and resultsof the internal audit process and, where necessary,ensure that appropriate actions are taken on therecommendations of the internal audit department;iii Review any appraisal or assessment of theperformance of the Head and senior staff membersof the internal audit department;iv Recommend any appointment or terminationof the Head, senior staff members and outsourcedservice providers to the internal audit function;v, Ensure that the committee is appraised ofresignations of senior staff members of the InternalAudit Department;The committee has met the representative of AuditorGeneral in the absence of executive management.Reviewed the Auditor General’s Report for the year 2011issued under the section 13(7) (a) and the managementresponse thereon.The Committee has reviewed the scope & functionsunder Audit Plan. Actions have been taken to increasestaff strength and other resource requirement of theAudit division. Please refer the Committee Report onpage 95.The Committee has reviewed audit program and resultsand actions on recommendations. Please refer theCommittee Report on page 95.The performance of Head of Audit (DGM Audit) for theyear 2011 and 2012 is to be carried out during the year2013. Performance of the Senior Staff members of AuditDivision is assessed by the Head of Internal Audit andreports to the BAC for review.No such situation has arisen during the year.No outsourced service providersNo such situation has arisen during the year.Head of Internal Audit is a Fellow Member of ICASLand the staff is well-experienced and conversant withbanking operations. Head of Internal Audit reports tothe BAC directly.NATIONAL SAVINGS BANK . ANNUAL REPORT 2012