Annual Report 2012 - National Savings Bank

75ROOTED IN OUR HERITAGEGOVERNANCE REPORT3 (6) Board Appointed Committeesvi Ensure that the Internal Audit function isindependent of the activities it audits and that it isperformed with impartiality, prociency and dueprofessional care;(k) The Committee shall consider the major ndingsof internal investigations and management’sresponses thereto;(l)The Chief Finance Ofcer, the Chief InternalAuditor and a representative of the ExternalAuditors may normally attend meetings.(m) The committee shall have:i Explicit authority to investigate into any matterwithin its terms of reference;ii The resources which it need to do so;iii Full access to information; andiv Authority to obtain external professional adviceand to invite outsiders with relevant experience to(n)(o)(p)attend, if necessary.The Committee shall meet regularly, with duenotice of issues to be discussed and shall recordits conclusions in discharging its duties andresponsibilitiesThe Board shall disclose in an informative way:i details of the activities of the Audit Committee;ii the number of audit committee meetings held inthe year; andiii details of attendance of each individual directorat such meetings.The Secretary of the committee shall record andkeep detailed minutes of the committee meetingsDuring the year, the Internal Audit functionindependently performed impartial procient and dueprofessional care except, in the action relation to TheFinance Share transaction matter.The Committee has reviewed major ndings andmanagement responses thereto. Please refer theCommittee Report on page 95.Complied withAs per the BAC Charter the committee has beenempowered to investigate any matter, access toinformation, authority to obtain professional advice,resources to carry out its functions etc.Refer the Committee Report on page 95.Complied withCommittee has met 5 times during the year and decisionsare recorded.Complied withPlease refer, Scope of Board Audit Committee is given inpage 95.Dates of meetings held during the year are given inpage 95.Details of attendance of Directors are given in page 95.Complied withDGM Audit acts as Secretary and detailed minutes aremaintained.Complied withNATIONAL SAVINGS BANK . ANNUAL REPORT 2012