ADVOKS GLOBAL · KENYA
The Central Bank of Kenya (Mortgage Refinance Companies) Regulations, 2019
13. Audit committee
Edition: 2022-12-31 · In force
13. Audit committee
(1)An audit committee shall assist the board in raising the standards of corporate governance and internal controls in the following areas—(a)ensuring that financial and operational information is prepared in a timely and accurate manner;(b)improving the quality of financial record keeping and reporting;(c)strengthening the effectiveness of internal and external audit functions;(d)strengthening the internal control environment and risk management;(e)enhancing public confidence in the credibility and stability of the mortgage refinance company;(f)monitoring incidences of non-compliance with the Act or any other relevant legislations and advising the board on the best solutions; and(g)monitoring the ethical conduct of the mortgage refinance company and developing the code of conduct and ethical standards and requirements, including effectiveness of procedures for handling and reporting complaints.(2)The external and internal auditors of a mortgage refinance company shall have free access to the audit committee.(3)The external auditor may, upon request, attend and be heard at any meeting of the audit committee.(4)Upon the request of the external auditors, the chairperson of the audit committee shall convene a meeting to consider any matter that the external auditor deems necessary to be brought to the attention of directors or shareholders.