| (1) | The audit committee must— |
| (a) | establish an audit charter to— |
| (i) | guide its audit approach and, in consultation with the internal audit unit, that of the internal audit unit; |
| (ii) | set out its operating procedures; and |
| (iii) | determine the rules that govern its relationship with the internal audit unit and the Accounting Officer; |
| (b) | carry out such investigations into Parliament’s financial and risk management as it considers necessary or as requested by the Accounting Officer; |
| (i) | the effectiveness of internal control; |
| (ii) | the quality of financial management and any reports compiled by the Accounting Officer in terms of this Act; and |
| (iii) | the quality of the annual financial statements, performance reporting and compliance with the applicable laws and regulations. |
[Section 48(1)(c)(iii) amended by section 14 of Act No. 34 of 2014]
| (d) | report to and advise the Accounting Officer on matters relating to the financial and risk management of Parliament; and |
| (e) | communicate any concerns it deems necessary to the Executive Authority and the Auditor-General. |
| (2) | In performing its functions, the audit committee— |
| (a) | has access to the financial records and other relevant information of Parliament; |
| (b) | must meet as often as required to perform its functions, but at least four times a year; and |
| (i) | the internal audit unit of Parliament; and |
| (ii) | the person designated by the Auditor-General to audit the financial statements of Parliament. |
