Our audit committee members are appointed and dismissed by AGM (Annual General Meeting). The establishment of the audit committee refers to our statutes No. 17 of 2024 article 13 paragraph 3 which states that the AGM must form an Audit Committee that works collectively and functions as a organisation supervisor. The Audit Committee of TRIPLE-F has been established since 2018, in accordance with Decree No. 08/KEP/AGM/2018 dated May 2, 2018 on the Establishment of the Audit Committee of TRIPLE-F. The Audit Committee functions to assist the Board of Supervisory in carrying out its supervisory duties on the management of the organisation in accordance with the principles of Good Organisation Governance (GoG). In performing its duties, the Audit Committee has an Audit Committee Charter which was ratified on April 30, 2024. The Audit Committee Charter contains the background, vision, mission, purpose and objectives, position, membership, rights and authorities, duties and responsibilities, relationship with related parties, meetings, reports, as well as conflicts and code of ethics as guidelines for the Audit Committee.
Each three year, the AGM must appoint an audit committee, which may include both Chairwoman Directors and/or non-Directors, subject to the following limitations:
- A majority of the members of the audit committee may not consist of members of the finance management, if a finance management has been constituted;
- The Chair of the audit committee may not be a member of the management team has been constituted;
- The audit committee may not include any member of the staff or the Chairwoman board or Treasurer;
- The audit committee may not include any person who has a material financial interest in any entity doing program with TRIPLE-F
It is the responsibility of the audit committee to:
- Recommend to the Board the retention and, when appropriate, termination of an independent certified public accountant and external program evaluator to serve as auditor;
- Negotiate the compensation of the auditor on behalf of the organisation;
- Confer with the auditor to satisfy the audit committee members that TRIPLE’s financial and program evaluation affairs are in order;
- Review and determine whether to accept the audit;
- Approve the performance of any non-audit services provided by the auditor’s firm.
Depending on how they are composed and appointed, audit committees may be treated as either board committees or as advisory committees
Our Audit Committee composition :