Committee

Central Audit Committee at Finance Division

The Central Audit Committee (hereafter called as audit committee) is the oversight body for internal audit. The Audit Committee is a key part in the governance of the organization. The Audit Committee provides oversight of the internal audit function. Audit Committee dealings with the auditors enable it to assess the degree of assurance that the organization can obtain from the audit process.

The members of the Audit Committee are as follows:

No.	Designation	Position
1.	Secretary, Finance Division	Chairperson
2.	Additional Secretary, Expenditure Management Wing, FD	Member
3.	Representatives of Implementation Monitoring and Evaluation Division (IMED), Central Procurement Technical Unit (CPTU) (Not below the rank of Director)	Member
4.	Representatives from concerned Line Ministries/Divisions of large spending Departments (Not below the rank of Joint Secretary)	Member
5.	Heads of concerned Departments	Member
6.	Representatives from Controller General of Accounts (CGA) Office	Member
7.	Chief Accounts & Finance Officer of Line Ministry/Division of the concerned department	Member
8.	Director, IAU of concerned Departments	Member
9.	Independent External member Nominated by Secretary, FD	Member
10.	Deputy Secretary, Expenditure Management-3, FD	Member-Secretary

Responsibilities

(i) The Audit Committee will submit report in writing to the Cabinet Division as part of the APA indicator on audit resolution. A copy of the report will be given to the Secretary/Principal Accounting Officer to the controlling ministries of implementing departments.

(ii) The Audit Committee will advise on:
a) The strategic processes for risk, control and governance and the Statement on Internal Control;
b) The accounting policies, the annual financial statements;
c) The planned activity and results of internal audit;
d) Adequacy of management response to issues identified by audit activity;
e) Assurances relating to the governance requirements for the GoB;
f) (Where appropriate) proposals for tendering for either Internal or Outsourced/Co-sourced audit services or for purchase of non-audit services from contractors who provide audit services;
g) Anti-fraud policies, whistle-blowing processes, and arrangements for special investigations;
h) The Audit Committee will also periodically review its own effectiveness.

(iii) It will be the duty of the Audit Committee to ensure that the Head of an MDA:
a) Pursue the implementation of matters in all audit reports as well as financial matters raised in the reports of internal audit units in the MDA;
b) Annually prepares a statement showing the status of implementation of recommendation made in all internal audit reports as well as the Comptroller & Auditor-General's reports which have been accepted by Parliament and any other related directives of Parliament;
c) The statement will show remedial action taken or proposed to be taken to avoid or minimize the recurrence of undesirable features in the accounts and operations of the MDA and the time frame for action to be completed.;