REPORT OF THE AUDIT COMMITTEE
Audit committee of the Central Insurance Company Limited is a Sub-Committee of the Board of Directors. The Committee is headed by a Director who is an Independent Director of the Company. The Chief Internal Audit & Compliance officer has direct access to the Committee and the Committee is directly reportable to the Board.
PURPOSE OF AUDIT COMMITTEE
The role of the Audit Committee is to monitor the integrity of the financial statements of the Company and review and, when appropriate, make recommendations to the Board on business risks, internal controls and compliance. The Committee assists for the Company and in ensuring a good monitoring system within the business. The Audit Committee is responsible to the Board of Directors.
ROLE OF THE AUDIT COMMITTEE:
According to the Terms of Reference approved by the Board and in compliance with Section 3.00 of the Bangladesh Securities and Exchange Commission Notification No. BSEC/CMRRCD/2006-158/207/Admin/80 dated 03 June 2018, the role of the Committee is as follows:
CONSTITUTION OF THE AUDIT COMMITTEE
The Audit Committee met with the external auditor’s separately, and with the internal auditors, on an annual basis without any Executive Directors being present. The Secretary of the Audit Committee facilitates the Chairman and other members for effective functioning of the Committee as per its terms of reference as well as corporate governance notification of BSEC.