The committee is responsible for making recommendations related to internal audits, financial statements, annual audit reports of NIFRA, etc. to the board. It also decides upon the nature and scope of an audit and is responsible for the appointment of an external auditor.
The committee ensures that the bank has suitable internal control system and risk management system in line with the regulations and laws set by the regulators. It reviews the effectiveness of corrective measures taken by various business units in response to instructions/ reports received from relevant regulators.
The committee reviews interim and annual financial statements focusing on compliance with accounting standards, stock exchange and legal requirements, and changes with respect to accounting practices and policies.
The Audit Committee is coordinated by Shankar Prasad Adhikari (Director).