AUDIT COMMITTEE

TERMS OF REFERENCE

The functions of the audit committee shall be—

1. to inquire into and report upon the manner in which the finances of the council, its assets and human resources are being used;
2. to ascertain whether the funds and assets of the council are applied to the purposes intended and are consistent with any regulations and standing orders issued by the council, or the Minister, as the case may be;
3. to call for information, explanations and evidence in respect of any matters in respect of which the auditors have made observations;
4. to receive and consider reports of internal and external auditors and make appropriate recommendations to the council;
5. to recommend to the council appropriate methods of investment of moneys, and custody of any other properties of the council.
6. The audit committee shall report its proceedings only to the council: Provided that where the Minister requests a report of such committee, the committee shall comply with such request.
7. The council shall pay due regard to any recommendation made by the audit committee in terms of subsection (1), but shall not be obliged to act in accordance with any such recommendation