Annual Report 2012 - National Savings Bank

97ROOTED IN OUR HERITAGEREPORT OF THE BOARD AUDIT COMMITTEEreports, the deciencies observedtherein, responses by the Headsof Divisions and branches andcorrective actions taken to rectifythe deciencies observed.11) Reviewed the summary of internalinvestigations on the fraudulentand irregular activities andmanagement action thereon.12) Followed up on the outsourcing ofInformation System Audit.13) Reviewed the manpowerrequirement and the staff mattersof the Audit & Vigilance Division.Committee ensured the provision of allinformation and documents requiredby the external auditor for the purposeof audit.ReportingThe Committee directly reported to theBoard of Directors about its activitiesalong with the minutes of the meetings.The Committee is of the view that theterms of reference of the Committeewere complied with in all materialaspects.External AuditBy statute, the Auditor General is theexternal auditor of the Bank. TheSuperintendent of Government Auditis invited to attend to the Committeemeetings as an observer. The Committeereviewed and discussed the nature andscope of the external audit in 2012. Theexternal auditor was invited to discussthe ndings of the external auditorduring the Committee meetings. TheLionel P. FernandoChairman – Board Audit CommitteeColombo28 March 2013NATIONAL SAVINGS BANK . ANNUAL REPORT 2012