Skills Development Act, 1998 (Act No. 97 of 1998)
Constitution of the Information Systems (IT), Electronics and Telecommunications Technologies Sector Education and Training Authority (ISETT SETA)
17. Audit Committee
|17.1||Duties and Functions|
The Audit Committee shall be responsible for the oversight and monitoring of the financial, budgetary, facilities, compliance and risk related affairs of the Authority. The Audit Committee shall be responsible to and shall report to the Authority;
The Audit Committee shall consist of at least five members, of whom the majority should be independent persons appointed by the Authority and at least two shall be members of the Authority.
The Audit Committee shall appoint a chairperson from the independent members of the Committee.
|17.3||Any person who may be required from time to time to attend a meeting of the Audit Committee but who is not a member of the Audit committee shall be entitled to speak at the invitation of the chairperson but not to vote.|
|17.4||The Audit Committee shall meet at least four times in each financial year of the Authority and within. The time, date and place of such a meeting shall be determined by the chairperson in consultation with the Authority;|
|17.5||The quorum for Audit Committee meetings shall be 50% + 1;|
|17.6||Terms of Office|
Members so nominated shall become members for the period of two years from the time of their nomination until the next nominations.
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