The audit committee consists of not more than three members appointed from the Management Committee, one of whom shall be conversant with financial and accounting matters.
The primary responsibility of the Audit committee includes:
- Ensuring establishment and review of the internal control system.
- Review performance and findings of the internal auditor and recommend remedial actions regularly and at least once in every three months.
- Recommending three names of external auditors and the remuneration to the Management Committee.
- Reviewing coordination between internal and external audit functions as well as monitor external auditors’ independence and objectivity.
- Report to the Management Committee on their findings and recommendations.
The credit committee consists of three members of the Management Committee, and whose chairman shall be the Management Committee vice chairman.
Its duties among others is to:
- Ensure establishment and review of appropriate credit policy.
- Ensure that problem loan accounts are adequately identified and classified.
- Ensure adequate provisions for potential loss is maintained.
- Review periodic credit and loan portfolio reports of the SACCO before submission to the Management Committee.
The Education Committee consists of three members appointed from the Management Committee. Its duties among others are to:
- Review and recommend education programmes for members, Management Committee members, and the general public.
- Monitor implementation of educational programs formulated to ensure that the members and the Management Committee are well trained and prepared for the tasks they are entrusted with.