The Audit Committee's role is to assists the Board in fulfilling its oversight responsibilities relating to NSIA's accounting and financial reporting policies and practices, compliance programmes, internal controls and general compliance with applicable laws and regulations. Other responsibilities for the Audit Committee are as follows:
- Review the financial reports to ensure their accuracy and adequacy
- Review Internal control and audit systems and ensure they are effective
- Review and ensure NSIA compliance with applicable laws and regulations
- Select, review, and recommend the appointment of external auditors and auditor's fees
- Assess the results of NSIA operations reported by relevant business unit which the committee considers to be vital and advise the Board of Directors on their improvement and remedies
- Ensure compliance with applicable regulations and disclosure of related party transactions and conflict of interest
- Prepare the Audit Committee reports for publication in the annual report
- Assess areas of business and financial risk
- Review Internal control systems
- Appoint external auditor and monitor independence and performance of external auditors
- Oversee the internal audit function – outsourced internal auditor reports to this committee.
Details regarding the composition and other roles of the Audit Committee are contained in the Committee's Charters.