Page 47 - Stanbic Bank IR 2024

STANBIC BANK BOTSWANA LIMITED | Integrated Report 2024 45

PRINCIPLE 8 (continued)

BOARD AUDIT

COMMITTEE

(BAC)

Butler Phirie
Chairman

The Audit Committee’s purpose is to oversee the Bank’s internal controls, assurance functions, and compliance with regulations. They
evaluate the effectiveness of audit and compliance functions, promote communication among stakeholders, ensure financial statement
integrity, and foster a strong control environment.

For the year under review, the Committee has successfully fulfilled its obligations in accordance with its mandate and has attested same
to the Board. In executing the committee’s responsibilities as outlined in the Committee’s terms of reference, the following key focus
areas were addressed:
„ Reviewed and approved the internal audit charter and the internal audit plan.
„ Evaluated quarterly reports from internal audit, which included progress on audit plan delivery.
„ Reviewed financial reports, including quarterly financial updates, and updates on liquidity and capital planning and management.
„ Assessed reports on fraud risk and investigations.
„ Considered and approved the appointment of the external auditor including the auditors’ fees and reviewed the external auditor’s
reports.
„ Approval of the audit scope
„ Monitoring the performance of external and internal auditors
„ Ensure timely approval of the financial reports.

BOARD AUDIT COMMITTEE ATTENDANCE 2024

19/03/2024 19/06/2024 20/08/2024 12/11/2024
Q1 Q2 Q3 Q4
B Phirie (Chair)
C Coutinho * * * *
M Alves Da Silva
A Khunwana* n/a n/a n/a
*A Khunwana was appointed to the committee on 14 August 2024
KEY
Attended * Invitee to the committee n/a - Not a member of the committee