3.16. The functions of the audit committee include
(1) approving the annual internal audit plan;
(2) making sure that a plan for the optimal use of the Commission’s resources is put in place, and following up on that plan;
(3) seeing to it that appropriate and effective internal control mechanisms are put in place;
(4) making sure that a risk management process is put in place;
(5) reviewing any activity likely to be detrimental to the Commission’s financial health that is brought to its attention by the internal auditor or an officer;
(6) examining the financial statements with the Auditor General; and
(7) recommending the approval of the financial statements by the board of directors.
The audit committee must notify the board of directors in writing on discovering operations or management practices that are unsound or do not comply with the law or the regulations or with the policies of the Commission.