charter fo Audit committees

T H E R E P U B L I C O F U G A N D A CHARTER FOR AUDIT COMMITTEES November 2008 1 Introduction The Public Finance and Accountability Act, 2003 [the Act], provides for the establishment of Audit Committees [S 8(6)]. In accordance with the Act, the Minister issues this Charter to provide guidance on the scope, responsibilities and powers of Audit Committees. The charter provides guidance to members of the Audit Committees in discharging their respective duties. It sets out the committee s objectives, authority, composition, roles and responsibilities and provides a channel of communication with the different stakeholders. 1.0 Overall Objective of the Audit Committee 1.1 The primary role of the Audit Committee is to assist the Accounting Officer in fulfilling his/her duties as designated to him\her by the Secretary to the Treasury in accordance with the provisions of the Public Finance and Accountability Act 2003 [Section 8]. 1.2 The Audit Committee will generally review and report on: • the financial reporting process, • the system of internal control; • management of risks • the audit process in the ministry/departments/agencies; and • the ministry/departments/agencies process for monitoring compliance with laws, policies, regulations and its code of conduct. 2 1.3 The Audit Committee will take special interests in all accounting, financial management, and audit ...