Malta Financial Services Authority Act (Cap. 330), article 12A

12A. (1) It shall be the function of the Audit Committee to: (a) determine whether the governance, controls and risk management processes of the Authority in implementing agreed policies and strategies across the activities of the Authority are adequate, effective and functioning; (b) determine the Internal Audit Unit’s remit and role; MALTA FINANCIAL SERVICES AUTHORITY [CAP. 330. 13 (c) evaluate the performance of the Internal Audit Unit set out under article 12B; (d) carry out such other functions as may be assigned to it by the Board of Governors. (2) In carrying out its functions the Audit Committee shall have all powers necessary to enable it to perform its functions properly, and the provisions of sub-articles (4) and (5) of art icle 12B shall, mutatis mutandis , apply to the Audit Committee. (3) In carrying out its functions under sub-article (1)( b), the Audit Committee shall consult the Chief Executive Officer regar ding new tasks and the processes app lied throughout the activities o f the Authority to ensure full coverage of the activities of the Auth ority by the Internal Audit Unit. In so far as its functions under su b- article (1)( c) are concerned, the Audit Committee shall take into consideration the internal audit plan and any audit quality assurance assessment reports. (4) The Audit Committee shall be composed of a Chairman and two other members appointed by the Board of Governors, for such term, being a period of not more than three years, as may be specified in the letter of appointment, and shall be eligible for reappointment; and shall rece ive such remuneration as the Authority may from time to time, determine. (5) The Authority shall consult the Audit Committee before appointing one or more suitable officers to perform the functio ns of Director and Deputy Director within the Internal Audit Unit. (6) The Audit Committee shal l report to the Board of Governors on the progress made i n its area of competence and on the progress made by th e Internal Audit Unit. (7) The Audit Committ ee shall be independent of the Board of Governors, and shall act independently of it. (8) The Audit Committee shall designate one of the officers of the Authority as its Secretary fo r such period and under such t erms as the Board of Governors shall deem appropriate. (9) The provisions of article 7 shall, as far as applicable, mutatis mutandis apply to the meetings of the Audit Committee, and the provisions of paragraphs ( a), ( b), ( d) and ( e) of article 6(6) shall, as far as applicable, mutatis mutandis apply to the office of the Chairman and the members of such Committee. Internal Audit Unit. Added by: XXXI. 2017.5.