The Audit Committee of the Ministry of Finance has been set up on the grounds of Article 18 of the Public Sector Internal Audit Law and consists of three members: two external members and one internal member. The setting up, the appointment of the members and the activity of the Audit Committee take place in accordance with the provisions of the Ordinance on the Procedure for Appointing the Members and Determining the Activity of the Audit Committees of Public Sector Organisations (promulgated in the State Gazette, issue No 11 of 31.01.2017).
When performing its activity, the Audit Committee shall have the following powers:
- Coordinates the status and the number of staff of the internal audit unit, the strategic and annual plans for the internal audit work;
- Considers and adopts the annual internal audit report by a decision;
- Makes familiar, where necessary, and delivers opinions on audit reports on audit assignments and on all significant issues related to the organisation’s internal audit;
- Monitors the organisation’s risk management process and delivers opinions containing recommendations for improvements;
- Interacts with internal auditors;
- Monitors the organisation’s financial reporting processes and delivers opinions containing recommendations for improvements;
- Monitors the effectiveness of the organisation’s internal control systems and delivers opinions containing recommendations for improvements.