The Audit Committee
The Audit Committee is established by and reports to the Board of Governors. Acting independently, the Committee assists the Board of Governors in its oversight responsibilities for the internal governance, internal controls, financial statements, risk management and internal audit function of the Authority. In line with the Audit Committee Charter the Head of Internal Audit has free and confidential access to the Chairperson of the Audit Committee.
The MFSA’s Internal Audit function is an independent and consulting activity designed to add value and improve the operations of the Authority. It designs its audit engagements to provide independent and objective assurances to the Board of Governors through the Audit Committee.
The Internal Audit function supports the Authority to accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of the internal risk management, control, and governance processes. It keeps the Audit Committee informed on emerging trends and standards in internal auditing and prevention of fraud by providing consultancy and advice as appropriate for the better functioning of the Authority. Internal Audit further assists the MFSA to identify, analyse, respond, gather information and monitor strategic risks that could actually or potentially impact the ability of the Authority in achieving its mission and objectives.