Audit Committee Member - CA

Audit Committee Member - Must be CA with 15 yrs Auditing exp . Consulting Role

This Position Is A Consulting Position, Which Requires The Candidates To Travel To Afghanistan Once In Every Three Months . The Best Candidate Will A Retired Banking Professional With Good Experience In Internal Auditing, Who Have Sound Knowledge In Scrutinizing

The Candidate Profile :

No Of Position : 3

Audit Committee :

- Audit Committee could be separate from Board of Supervisors or could be a sub-committee of the Board of Supervisors with necessary expertise and independence.

- Bank's Board of Supervisors may create Audit Committee from its majority independent members or such other eligible persons who are composed of odd numbers that have not less than 3 and more than 9 members after seeking necessary DAB approval before its creation. At least one member of this committee must have knowledge and skill of banking, accounting or financial management.

- In case the Audit Committee is separate from Board of Supervisors, before a bank appoints a person to serve on its Audit Committee, the bank must propose the issue to Da

- Afghanistan Bank as well as submit documents pursuant to Article 12 of Banking Law of

- Afghanistan, during an application for a banking license and/or during subsequent reappointment, and shall obtain Da Afghanistan Bank's authorization.

- The Board of Supervisors of each bank must nominate chairman and members of the Audit Committee to DAB for approval.

- None of the members of the Audit Committee may be members of the Management

- Board or employees of the bank or an enterprise in the same group as the bank.

The Audit Committee of a bank shall :

- Review the annual financial statements of the bank before the statements are approved by the Board of Supervisors

- Review such other financial reports of the bank as the Audit Committee deems necessary

- Review and evaluate the bank's policies regarding internal controls, and make recommendations to the Board of Supervisors regarding their approval

- Oversee the implementation and maintenance of the bank's internal controls by the bank's Board of Management

- Periodically review the effectiveness of the bank's internal controls with the head of the Bank's internal audit function and Board of Management

- Periodically evaluate the effectiveness of the bank's internal control systems report, its findings to the Board of Supervisors, and recommend any changes it deems necessary, Recommend to the Board of Supervisors an audit firm to conduct the banks external audit;

- Meet with the bank's external auditors to discuss the annual audit of the bank's financial statements; and

- Perform other tasks, related or incidental to the above, as determined by the Board of Supervisors.

- Audit Committee must convene at least once every three months. Audit committee quorum completes by presence of two-third of all members and, valid decisions are taken by majority of present members. Members cannot abstain from voting except in case of Conflict of Interest.

- Audit Committee can request Board of Supervisors meeting only to consider any matter of disquiet to the committee.

- Audit Committee can hire its legal specialists and auditors related to its field.

In addition, Audit Committee should :

- Supervise the work of internal auditors and oversee their relationship with external auditors

- Ensure independence, objectivity and qualifications of internal and external auditors

- Review periodically the remuneration and performance of the external auditors and ensure a periodic change of senior audit partner

- Ensure appropriate functionality of internal audit function

- Receive and review internal audit reports and draw attention of the Board of Management and Board of Supervisors to any material matters

- Engage external advice as required.

- Review the external auditor's letter to bank's management (containing recommendations on internal control issues) and consider the adequacy of the Board of Management's response.

- Ensure compliance with regulatory requirements and internal procedures through reviewing reports from the Board of Management and internal and external auditors.

- Due attention must be paid to breaches of regulations, related party transactions and litigations.

Audit committee Article 52 :

- The board of supervisors of each bank shall establish an audit committee of uneven number of not less than 3 and more than 9 members, the majority of whom shall consist of independent members of the board of supervisors or any other qualified persons. At least one member of the audit committee shall have sufficient experience and expertise in banking, accounting, or financial management.

- Prior to appoint a person as an audit committee member, upon application for the banking license, the board of supervisors shall submit proposal to Da Afghanistan Bank along with relevant information and documents in accordance with article 12 of this law, and obtain the approval of Da Afghanistan Bank.

- None of the members of the audit committee may be members of the management board or employees of the bank or an enterprise in the same group as the bank.

The audit committee of a bank shall have the following duties and responsibilities :

- Review the annual financial statements of the bank before the statements are approved by the board of supervisors

- Review such other financial reports of the bank as the audit committee deems necessary

- Review and evaluate the bank's policies regarding internal controls, and make recommendations to the board of supervisors regarding their approval

- Oversee the implementation and maintenance of the bank's internal controls by the bank's management board

- Periodically review the effectiveness of the bank's internal controls with the help of the bank's internal audit function and management board, and report its findings to the board of supervisors, together with appropriate recommendations for changes it deems necessary

- Recommend to the board of supervisors an audit firm to conduct the banks external audit

- Discus with the bank's external auditors about the annual audit of the bank's financial statements

- Perform other tasks, related to the above, as determined by the board of supervisors.

- The audit committee shall meet at least once per quarter, and may meet more frequently if the committee deems it to be necessary. The quorum of the audit committee is completed by existence of two third majority of the members and decisions are taken by a majority vote of the committee members who are present. Members may not abstain from voting except where voting would lead to a conflict of interest.

- The audit committee may only call a meeting of the board of supervisors of the bank to consider any matter of concern to the committee.

- The audit committee may hire its own legal and auditing experts.

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