Section 9
Audit Committee
of Petroleum Authority of Brunei Darussalam Act
(1)
The Authority shall establish an Audit Committee.
(2)
The members of the Audit Committee shall consist of at least two external persons with extensive professional experience and at least one of the directors not being the Chairman. the Deputy Chairman or the Managing
Director.
(3)
At least one member of the Audit Committee shall be a person with extensive professional experience in the field of accounting or auditing.
(4)
The responsibility of the Audit Committee shall include -
(a)
oversight of the internal audit function;
(b)
recommendations on the appointment of the external auditors. the scope of external audits and other services;
(c)
providing the opportunity for the auditors to meet and discuss findings; and
(4 reviewing with the external auditors the end of year financial statements.
(5)
The Authority shall determine the further responsibilities and conditions of the Audit Committee.
(6)
The Audit Committee shall periodically report to the Authority.
(7)
Subject to this Act and to any direction given by the Authority in that behalf. the Audit Committee may regulate its own procedure.
Delegation by Authority
.
The Authority may, in respect of a specified matter WXass5f matters, in writing, delegate to a member or committee of the Board or to an officer or other employee of the Authority, the exercise of any power or the performance of any function conferred or imposed on it by this Act, except for the power of delegation conferred by this section.
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Petroleum Autl~oriq 22
o f Brunei Darussalmz
(2)
A delegation under subsection (1) may be -
(a)
subject to such conditions as may be determined by the
Authority in the instrument of delegation;
(b)
be revoked or varied by a subsequent order made in the same manner.
(3)
The Authority may continue to exercise any power and perform any function conferred or imposed on it by this Act notwithstanding the delegation by it of such power or function.