Section 359 (3) of the Companies and Allied Matters Act Cap C20 LFN 2004 requires every public company to establish a Statutory Audit Committee (SAC) composed of an equal number of its directors and representatives of the shareholders.
Subject to such other additional functions and powers that the Company’s Articles of Association may stipulate, the objectives and functions of the Statutory Audit Committee shall be to ascertain whether the accounting and reporting policies of the Company are in accordance with legal requirements and agreed ethical practices; to review the scope and planning of audit requirements; to review the findings on management matters in conjunction with the external auditors and departmental responses thereon; keep under review the effectiveness of the Company’s system of accounting and internal control; make recommendations to the Board in regard to the appointment of, removal and remuneration of the external auditors of the Company; authorise the internal auditor to carry out investigations into any activities of the Company that may be of interest or concern to the committee; examine the auditor’s report and make recommendations thereon to the Annual General Meeting (AGM) as it may think fit.
|Evangelist Akinola Soares|
|Alhaji S.B. Daranijo|
|Mr Hakeem Batula|
|Mrs. Olapeju Sofowora|