The Audit Committee is established according to the Banking Law and the regulations of BRSA and CMB. The Audit Committee is responsible for overseeing the Bank’s accounting system, financial information and its disclosure to the public, as well as taking all required measures to provide supervision of operation and efficiency of the internal control system. The Committee consists of three members. The qualifications of Members of the committee are given below.
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Member |
Function |
Member Definition |
Educational Status |
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Eric Hermann
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Member
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Non-executive Board Member |
Undergraduate
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Dirk Bruneel
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Member
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Non-executive Board Member
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Undergraduate
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M. Tınas Titiz |
Member
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Independent Board Member
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Undergraduate
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The Audit Committee meets at least quarterly - at least 4 times a year. Moreover, the Audit Committee meets with the independent auditors of the Bank at least 2 times a year, in order to discuss the issues regarding internal control, financial statements, internal audit and some other important issues that needs to discussed. The resolutions and meeting minutes of the committee are recorded and filed by Executive Secretaries.
The duties and responsibilities of the Audit Committee are given below:
- Inspection of the Bank’s financial statements and other relevant data in terms of their compliance to international accounting standards and accuracy
- Reporting and verification of the Bank’s annual and quarterly financial statements to the Board of Directors in terms of their compliance with the accounting standards and accuracy including the opinions of the independent auditor and the committees’ own evaluation of the subject.
- Monitoring each and every step of the audit process undertaken by the independent auditors
- Monitoring the workings of the internal control system of the Bank and advising the Board of Directors on how to improve the efficiency of the system
- Monitoring the members of the Board, executive management and other personnel in order to prevent any existing or potential conflicts of interest and their compliance to the Bank’s internal regulations and policies regarding the disclosure of information considered as a trade secret
- Monitoring the Bank’s compliance with relevant laws and internal regulations
- Ensuring the transparency and sufficiency of the internal audits
Annual Performance Evaluation
The Committee reviews and evaluates ts performance and compliance to its working principles at least twice a year. The committee presents its findings and its recomendations for amendment of the working principles to the Board.