7.11. The functions of the audit committee include
(1) approving the annual internal audit plan;
(2) making sure that a plan for the optimal utilization of the Company’s resources is put in place, and following up on that process;
(3) seeing to it that internal control mechanisms are put in place and making sure that they are appropriate and effective;
(4) making sure that a risk management process is put in place;
(5) reviewing any activity likely to be detrimental to the Company’s financial health that is brought to its attention by the internal auditor or an officer;
(6) examining the financial statements with the Auditor General and the external auditor appointed by the Government; and
(7) recommending the approval of the financial statements by the board of directors.