The Audit Committee, which began operating in November 2016, is a standing advisory body of the Council of the National Bank of Ukraine, established in accordance with legislation and the principles of collaborative decision-making (as specified in NBU Board Decision No.2.3 dated 24 November 2016).
The Audit Committee is tasked with assessing the reliability and effectiveness of the NBU’s internal controls and the completeness and authenticity of the central bank’s financial reporting.
Moreover, the Council of the National Bank of Ukraine has empowered the Audit Committee to supervise the spending and administrative expense budget, the activities of the internal audit division, and capital management and other financial issues within the Council’s mandate.
The Audit Committee cannot exceed five members by law. The Audit Committee currently consists of four members of the NBU Council:
In addition to members of the NBU Council, independent auditors may be members of the Audit Committee (Article 13 of the Law of Ukraine On the National Bank of Ukraine).
Committee members prepare and submit to the NBU Board draft decisions, conclusions, recommendations, and proposals on matters that fall within their competence.
Meetings of the Audit Committee are held at least ten times a year.
The powers of the members of the Audit Committee are determined by the relevant Regulation.