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It specifies the committee’s communication role across management and auditors, its powers to request information, resolve internal conflicts, and conduct or oversee investigations. It details supervisory duties over internal audit, engagement with external auditors, compliance and internal control effectiveness, and follow-up of recommendations and complaints. 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It also evaluates external auditors’ appointment, remuneration, independence, performance, audit plan coverage of risks, and major observations before submitting outcomes to the Board.","https://schema.org",{"og:url":78,"og:type":120,"og:title":59,"og:site_name":91,"og:description":61},"article",{"robots":122,"canonical":78},"index,follow",{"doc_id":124,"site_id":56},260981,1790086992,{"code":4,"msg":5,"data":127},{"doc_id":124,"user_id":128,"nickname":88,"user_avatar":129,"doc_module":9,"category_id":35,"category_name":36,"doc_title":59,"doc_description":61,"doc_content":130,"file_id":131,"file_url":132,"file_type":133,"file_size":134,"view_count":8,"is_deleted":4,"is_public":9,"is_downloadable":9,"audit_status":9,"page_count":45,"language":135,"language_code":57,"site_id":56,"html_lang":57,"table_of_contents":136,"faqs":137,"seo_title":138,"seo_description":61,"update_tm":139,"read_time":140},687207412472,"https://ap-avatar.wpscdn.com/davatar_155a257f0dc6eb9ab79c44ca47cae57d","“Audit Committee”  \nCharter  \n(May 2017)  \nReference: 05.17 BAC CHART 005  \nIssuance Date: December 2004  \nRevision Date: May 2017  \nApproval Date: June 2017  \nVersion number: 005  \nApproved by: The Board of Directors  \nI.  Committee Purpose  \nThe Audit committee is established by and among the Board of Directors for the primary purpose of assisting the Board in fulfilling its oversight responsibilities regarding the requirements of internal control and internal audit particularly in terms of: (i) the Bank’s internal audit function performance (ii) the internal and external auditors’ competence, (iii) the integrity of the Bank’s financial statements and disclosures standard adopted,(iv) the efficiency and soundness of the internal control system,(v) the Bank’s compliance with legal and regulatory requirements and,(vi) the follow-up on the implementation of recommendations issued by the Internal Audit Department, the External Auditors and the Regulators.  \nIn fact, the Audit Committee provides an avenue of communication between management, external auditors, internal auditors and the Board of Directors.  \nII. Authority  \nThe scope of the Audit Committee’s work shall cover the Bank in Lebanon and all its branches and affiliates in Lebanon and abroad.  \nThe Audit Committee has authority to conduct or authorize investigations into any matters within its scope of responsibility. It is empowered to:  \n􀂾 Seek information/documents it requires from the Bank’s staff members all of whom are directed to cooperate with the Committee’ requests;  \n􀂾 Resolve inevitable conflicts which arise between the internal audit activity and the department/function under review or the Management;  \n􀂾 Meet with the Bank‘s staff members, External Auditors, or outside counsel, as necessary;  \n􀂾 Institute and oversee special investigation as needed;  \n􀂾 Follow-up of the implementation of recommendations issued by the Internal Audit Department, the External Auditors and the regulators.  \nIII. Responsibilities  \nThe Audit Committee will carry out the following responsibilities:  \nIII.1 The supervision of the Internal Audit Activities  \n􀂾 Directly oversee the Internal Audit Department to ascertain its independency, the internal auditors objectivity and that the resources are sufficient to fulfill its duties;  \n􀂾 Assess the performance of the Internal Audit activity and the Department’s Head, taking into consideration remarks and recommendations of the External Auditors and the supervisory authorities;  \n􀂾 Give its opinion regarding the Internal Audit Department compensation and submit relevant recommendation to the Board of directors;  \n􀂾 Propose the appointment, replacement, dismissal or resignation of the Head of Internal Audit and submit it to the Board of Directors for approval;  \n􀂾 Review the reports issued by the Internal Audit Department, at least quarterly (and when deemed necessary), discuss and give advice regarding said reports and send letters to the Management in that respect, when needed;  \n􀂾 Review and approve the Internal Audit procedure manual and charter, audit cycle and annual audit plan and subsequent modifications thereof.  \nIII.2 The External Auditors  \n􀂾 Opine on the appointment of independent External Auditors after verifying that they enjoy the human and financial resources, the ethical standards and the necessary expertise and qualifications to perform their work proficiently in accordance with the size of the Bank and the complexity and diversification of its operations.  \n􀂾 Propose the annual remunerations ofthe External Auditors;  \n􀂾 Assess the External Auditor’s performance, independence and objectivity;  \n􀂾 Take cognizance of the External Auditors’ Audit Plan to ascertain that it covers all risks the Bank may be exposed to;  \n􀂾 Discuss with the External Auditors and Senior Executive Management, the Bank’s financial statements before their publication;  \n􀂾 Discuss the major observations and recommendations raised in the Auditors’ ","cbCaim072gNzGJnV","https://ap.wps.com/l/cbCaim072gNzGJnV","pdf",519824,"English","# Committee Purpose\n# Authority\n# Responsibilities\n## Supervision of the Internal Audit Activities\n## The External Auditors\n## Compliance and Internal Control\n## Other responsibilities\n# Composition","[{\"question\":\"What is the Audit Committee’s primary purpose?\",\"answer\":\"To assist the Board of Directors in fulfilling oversight responsibilities regarding internal control and internal audit, including audit performance, auditor competence, financial statement integrity, internal control efficiency, regulatory compliance, and follow-up on recommendations.\"},{\"question\":\"What authority does the Audit Committee have?\",\"answer\":\"It can conduct or authorize investigations within its scope, seek required information and documents from bank staff, resolve conflicts between internal audit and reviewed departments or management, meet with relevant parties, and institute special investigations as needed.\"},{\"question\":\"What are the key responsibilities related to internal audit and external auditors?\",\"answer\":\"It supervises internal audit activities, assesses internal audit performance, reviews internal audit reports, and approves internal audit procedures and plans. It also evaluates external auditors’ appointment, remuneration, independence, performance, audit plan coverage of risks, and major observations before submitting outcomes to the Board.\"}]","Audit Committee - Charter - 05.17 BAC CHART 005 | PDF",1789347977,7]