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Section 05 Upholding Accountability
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f) The Bank’s annual business plan and budget are submitted to the Board for approval. In addition, variances between actual
and targeted results are also presented to the Board on a monthly basis. This allows for timely responses and corrective
actions to be taken to mitigate risks;
g) An Audit & Assurance Department (AAD) reports to the BAC, performs regular reviews of the processes to assess their
effectiveness and highlights any significant risks affecting the Bank. The BAC reviews the internal auditor’s auditable areas and
resources annually, via the Annual Audit Plan; and

h) BAC regularly reviews and holds discussions with the Management on actions taken to address lapses in the internal control
processes and issues identified in reports prepared by the internal and external auditors, as well as regulatory authorities.

AUDIT & ASSURANCE DEPARTMENT (AAD)
AAD independently reviews the adequacy and integrity of the internal control systems in managing key risk, and reports
accordingly to the Board Audit Committee (BAC) on every two months basis. Where weaknesses have been identified as a
result of the reviews, improvement measures are recommended to strengthen controls and follow-up audits are conducted
by AAD to assess the status of implementation thereof by Management.

RELATIONSHIP WITH EXTERNAL AUDITOR
BAC has established an appropriate and transparent relationship with the external auditor. It meets at least once a year with the
external auditor without the presence of the Management of the Bank.