As enacted

Contents

Central Bank of Sri Lanka Act 2023 · As enacted · Part XVII · Internal and External Audits

103. Audit Committee

Official English translation. The Sinhala text prevails. Open the official Sinhala text, official PDF on documents.gov.lk

(1)

There shall be an Audit Committee of the

Central Bank (in this Act referred to as the “Audit

Committee’’) consisting of such number of members of the

Governing Board appointed pursuant to paragraph (b) of subsection (2) of section 8 as may be nominated by the

Governing Board.

(2)

(a)

In the absence of at least one member of the

Governing Board with extensive experience in the field of

Accounting or Auditing, an expert with extensive experience in such field shall be appointed by the Governing Board as an additional member of the Audit Committee.

(b)

The expert shall not have been a member of the

Governing Board or an employee of the Central Bank during the period of three years immediately preceding the date of his appointment as a member of the Audit Committee.

(3)

An expert appointed under paragraph (a) of subsection (2) shall be removed by a decision of the Governing Board if the Governing Board is satisfied that such expert is subject to any of the disqualifications referred to in subsection (2)

of section 17.

(4)

The powers, duties and functions of the Audit

Committee shall include-

(a)

overseeing the internal audit function;

(b)

monitoring compliance with the findings and recommendations issued by the Chief Internal

Auditor;

(c)

meeting with the auditors to discuss their findings;

and

(d)

reviewing with the auditors the annual financial statements.

(5)

The Audit Committee shall, once in four months report to the Governing Board.

(6)

Subject to subsection (2), the Governing Board shall define the composition, and powers, duties and functions of the Audit Committee in the Audit Charter of the Central

Bank.

Part XVIII

General Provisions

Read on from Part XVIII

Part XIX

Repeals and Savings

Read on from Part XIX