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legal-general

Audit Committee

  • The members of the Audit Committee are appointed by Board of Directors under Section 85(b) of Financial Institutions Law, 2016.
  • All the members of the Audit Committee are comprised of Non-Executive Directors from various areas and also Independent Directors.
  • The Audit Committee assesses the effectiveness and independence of the bank’s internal audit operations. It also reviews the risk management framework and internal control systems. Based on its findings, the committee provides suggestions and recommendations to the Board of Directors.
  • Audit Committee is responsible to ensure that senior management is taking necessary corrective actions in a timely manner to address control weaknesses, non-compliance with policies, laws and regulations, and other critical issues identified by auditors and other aspects of control functions.
  • Audit Committee meet ordinarily once every three months in accordance with Section 85(e) of Financial Institutions Law, 2016.

Appointment of External Auditor

  • Appointment of External Auditor has been carried out in accordance with Financial Institution Law 2016, Section 88.

Financial Reports

  • Financial reports prepared by the external auditor are compiled yearly and delivered before the annual shareholders’ general meeting, and acquire approval for the reports.

Customer Journey

  • The bank’s internal audit department treats its departments and branches as internal customers. It focuses on providing accurate and effective audit services and emphasizes reporting audit findings to the Audit Committee.
  • In case of the external auditors, as well as the Central Bank of Myanmar’s audit team,visiting the bank to conduct their audits. Intenal audit team faccilitates with management, departments, and branches as coordinating agents.

Brand Consistency

  • To strengthen the bank’s reputation, audits are conducted to ensure the accuracy of records and compliance with laws, regulations, and internal policies.