The Audit Committee, which oversees the Internal Audit Function, is established by a decision of the General Council and composed of two (2) members of the General Council and one external expert of recognized standing and experience in auditing – accounting.
The Audit Committee shall in particular:
- Supervise the internal audit function
- Make recommendations on the appointment of external auditors and the scope of external audits
- Consult with the external auditors on the findings of their audits
- Audit, together with the external auditors, the end-of-year financial statements
- Submit reports to the General Council and the Executive Board on a regular basis, and
- Regulate any issue concerning its operation
The Executive Board or members of the Fund’s staff may be invited to attend the meetings of the Audit Committee.