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Finance

Audit Committee

Accountability

This committee is responsible to the Diocesan Board of Finance (the "Board"), and after discussion with the Board, the Chairman should attend and report to the Bishop's Council, once a year.

Terms of Reference

  1. To consider and advise the Board on the appointment of the external auditor, the audit fee and any questions of resignation or dismissal of the auditor.
  2. To discuss with the external auditor before the audit begins the nature and scope of the audit and to receive comments from Auditor and Board.
  3. To receive the external auditors' report and to review it and the financial statements with them and the senior financial officers of the dioceses, (before submission to the Board) with particular reference to:
    1. any changes in accounting policies and practices;
    2. major judgmental areas;
    3. any significant adjustments resulting from the audit;
    4. compliance with accounting standards;
    5. compliance with legal requirements.
  4. To keep under review the effectiveness of internal control systems.
  5. To review the external auditors' management letter and management response and report to the Board accordingly.
  6. To review the work programme of internal audit, if any is found necessary.

Membership

  1. All members are appointed by the Board, to serve for a period of 2 years, which can be renewed.
  2. Membership
    • Elected by the Board (4)
    • Co-opted (not from the Board) (2)
  3. There should not be more than 6 members, including a chairman.
  4. The Chairman to be elected by the full Board and will be an additional member of the committee. The Vice-Chairman to be elected by the committee.