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Skills Development Act, 1998 (Act No. 97 of 1998)


Constitution of the Financial and Accounting Services Sector Education and Training Authority (FASSET)

5. Audit Committee


5.1 The management board must appoint an audit committee, consisting of two representatives from the management board, and 4 further persons who are not members of the management board, who have the necessary standing and expertise to provide the management board with assurance that risks associated with Fasset are being appropriately managed.


5.2 Audit committee external members will be appointed for a 3 year term. The management board representatives will be appointed every election year. Audit Committee member's fees shall be approved by the management board.


5.3 The management board will establish the audit committee's written terms of reference in accordance with the audit charter of Fasset.


5.4 The audit committee will be required to report to the chairperson of the management board on a bi-annual basis.


5.5 The audit committee will meet at least on a bi-annual basis or more regularly, if the risk profile of Fasset so indicates.


5.6 The chief executive officer will attend audit committee meetings on the invitation of the chairperson of the audit committee. Fasset will provide secretarial services to support the audit committee in fulfilling its responsibilities.