Audit Committee

The purpose of the Audit Committee is primarily to provide independent oversight of the financial and regulatory reporting processes, the combined assurance process and its effectiveness, the system of internal controls and compliance with laws and regulations. In addition, it is a requirement of the Banks Act that all banks establish an Audit Committee.

A summary of some of the key terms of reference of the Audit Committee includes, among others:

  • Reviewing the Group's interim and annual financial statements and recommending approval to the Board.
  • Setting mandatory terms on the length of time that an audit partner may serve, being a maximum period of five consecutive financial years, as prescribed in terms of Section 92 of the Companies Act, 71 of 2008, as amended.
  • Overseeing compliance with anti-money laundering control rules and regulations impacting the bank.
  • Ensuring that the committee has a comprehensive understanding of International Financial Reporting Standards (IFRS), Global Reporting Initiative Standards and any other reporting framework relevant to Al Baraka Bank.
  • Reviewing and approving the internal audit programme for the ensuing year, which is based on an assessment of the Bank’s top risks identified during the internal audit risk assessment process.

  • In consultation with the Board of directors, being responsible for the appointment, performance assessment and/or dismissal of the head of the internal audit function.

This Committee comprises of the following members:

  • Mr. A Essack ( Chairperson)
  • Adv. J.M.A. Cane SC
  • Mrs. S.M. Nyasulu