How we are structured

BSTDB follows best international practices in adopting documents which provide guidance for its main activities. The policy framework adopted by BSTDB is based upon the broad guidelines laid out in its statutory documents, and together with its strategies, form the Bank’s most important directional documents for undertaking initiatives and working in various areas.

The Audit Committee assists the Board of Directors in carrying out its responsibilities with regard to financial and other reporting issues, internal control and compliance with agreements, rules, regulations, policies and codes. It promotes the “control awareness” culture throughout the organization.

According to its Terms of Reference, the Audit Committee: Reviews the financial statements and general accounting principles of the Bank. Ensures that the combined external and internal audits adequately cover the various risk areas. Discusses with the External Auditors the scope and content of their work and evaluates their performance.

The work of the Audit Committee is governed by its rules of Procedures and Terms of Reference.

• Reviews the policy, scope, work programme and reporting relating to the Bank's internal audit and post evaluation.
• Oversees the status, ability to perform duties independently and the performance of compliance, internal audit, post evaluation and risk management functions.
• Summarizes and channels to the attention of the BOD, suggestions of the members of the management concerning the business and the functioning of the Bank.

The work of the Audit Committee is governed by its rules of Procedures and Terms of Reference.