THE AUDIT COMMITTEE

The Audit Committee is a standing committee of the Board of Directors, and includes governance responsibility for both Internal Audit and External Audit. The primary responsibility of the Audit Committee is to assist the Board in fulfilling its oversight responsibility for:

• The integrity of Capital & Credit’s financial statements and financial reporting process and systems of risk management and internal controls
   

• The performance of the internal audit function;
   

• The annual independent audit of Capital & Credit’s financial statements and the evaluation of the independent auditors’ qualifications, independence and performance
   

• The compliance by Capital & Credit with legal and regulatory requirements, including Capital & Credit’s policies and procedures;
   

• Monitoring the policies and programmes of the Asset/Liability Committee to measure their effectiveness and conformity with Regulators Best Practice in liquidity management, capital management and internal control standards