| (b) |
appoint the members of the audit committee. |
[Section 40(1) substituted by section 13 of Notice No. 1260, GG 42045, dated 20 November 2018]
| (2) |
The audit committee must consist of at least three persons of whom the majority may not be in the employ of the Auditor-General. |
| (3) |
The chairperson of the audit committee— |
| (a) |
may not be in the employ of the Auditor-General; and |
| (b) |
must be independent, knowledgeable of the status of the position, have the requisite business, financial and leadership skills and may not be a political office bearer. |
| (4) |
The membership of the audit committee must be disclosed in the annual report of the Auditor-General referred to in section 41. |
| (5) |
The audit committee must meet at least three times a year. |
| (a) |
must in the annual report referred to in section 41 comment on— |
| (i) |
the effectiveness of internal control; and |
| (ii) |
its evaluation of the Auditor-General’s annual financial statements; and |
| (b) |
may communicate any concerns it may have to the— |
| (ii) |
external auditor of the Auditor-General; and |
Protection of Businesses Act, 1978
