The East Coast Economic Region Development Council (ECERDC) has approved for the establishment of an Audit Committee during the 2nd Council Meeting held on August 22, 2008.
The primary function of the Audit Committee is to assist the Council in fulfilling its oversight roles and responsibilities namely:
The identification and assessment of risks and ensuring the proper implementation of appropriate systems to manage these risks;
Reviewing the adequacy and the integrity of internal control systems and management information systems established within ECERDC, including systems for compliance with applicable laws, regulations, rules, directives and guidelines; and
Ensuring the existence of a satisfactory framework of reporting of internal controls and regulatory compliance encompassing not only financial-related controls but also operational and compliance controls, and risk management.