Regulatory Alerts2003-11-20 | 127577Basic Requirements for the Audit Committee
The National Bank of the Kyrgyz Republic mandates that all commercial banks establish an Audit Committee to enhance board efficiency and strengthen internal control and financial reporting oversight. The regulation specifies strict composition rules, requiring at least three directors including two independent members, with the chair being an independent director who does not lead the risk committee. The Audit Committee is assigned comprehensive duties including supervising accounting procedures, evaluating internal and external auditors, and ensuring compliance with Shariah standards for Islamic banking institutions.
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