Annual Report 2012 - National Savings Bank

96ROOTED IN OUR HERITAGEREPORT OF THE BOARD AUDIT COMMITTEEBoard Audit Committee CharterThe Committee functioned withinthe terms of reference stipulated inthe Board Audit Committee Charter.In terms of the Charter, the scope ofthe Committee was to assist the Boardof Directors in fullling its oversightresponsibilities for:a) The integrity of the Bank’snancial statements;b) The effectiveness of the Bank’s riskmanagement function;c) The performance of the Bank’sexternal audit function;d) The performance of the Bank’sinternal audit function.The Charter also stipulates the functionsand responsibilities, and the authorityof the Committee. A Charter Checklistwas introduced to assist the Committeeto assess its compliance to the Charter inperforming the Committee’s functionsand discharging its responsibilities:Internal Audit CharterThe Internal Audit Charter is usedin order to assist the internal auditto discharge its duties effectively andindependently. The Charter includesthe scope, functions, responsibilities,authorities, reporting procedure andindependence and objectivity of theinternal audit.Activities during the YearThe Committee attended to thefollowing activities during the year2012:1) Approved the Audit Plan forthe year 2012 and 2013 at themeetings held in January 2012 andNovember 2012 respectively.2) Reviewed the Charter Checklistto assess the compliance to theCharter in performing Committee’sfunctions and discharging itsresponsibilities in the year 2011.3) Discussed and completed the SelfAssessment Guide for 2011.4) Reviewed the nancial statementsof the Bank for the year ended 31stDecember 2011, and the quarterended 30th September 2012 andrecommended to submit the sameto the Board of Directors.5) Reviewed the performance of theAudit & Vigilance Division.6) Reviewed the progress of the RiskManagement function of the Bank.7) Approved the report on the BoardAudit Committee activities to beincluded in the Annual Report of2011.8) Reviewed and discussed the natureand the scope of the Governmentaudit for the year 2012.9) Reviewed the performanceappraisal of senior audit staffmembers of the Audit and &Vigilance Division.10) Reviewed the internal auditndings. The Committeeconsidered the internal auditNATIONAL SAVINGS BANK . ANNUAL REPORT 2012