Section 15: Establishment of Committees for the Council.

(1) There is established for the Council 3 Standing Committees and any other committee the Board may deem necessary-
(a) Technical and Oversight Committee;
(b) Finance and General Purposes Committee; and
(c) Audit Committee (non-executives).
(2) The functions of the Technical and Oversight Committee shall be:
(a) to receive regular reports from the Inspection and Monitoring Directorate on breaches observed;
(b) to review sanctions to be meted out to any professional Accountant; professional or public interest entity;
(c) to review such reports and make appropriate recommendations to the Board;
(d) to receive and deliberate on all appeals against sanctions and make recommendations to the Board;
(e) to receive regular reports from each standard setting directorate; and
(f) to consider such reports and make recommendations to the Governing Board on:
(i) new issues to be addressed by the standard setting directorate;
and
(ii) convergence of local and international standard and other related matters.
(3) The functions of the Finance and General Purposes Committee shall be:
(a) to make recommendations on the Management of the Council's finance, appraise financial implications of proposed activities, consider the annual budgets and accounts, and make recommendations on variations in level of all fees charged by the Council;
(b) to review the Executive Secretary's and management's regular reports on performance against budget for a financial year;
(c) to be responsible for the Council's staff establishment, salaries and conditions of service, staff training and development and approval of staff terminal benefits;
(d) to make recommendations to the Council on the:
(i) relationship with other bodies;
(ii) administration of the Council such as its organization and determining the requisite tools and material resources;
(iii) income and expenditure policies ;
(iv) review of the audited financial statements of the Council and the management letter thereon ; and
(v) the administration of fines and other fees.
(4) The functions of the Audit Committee shall be:
(a) to oversee the systems of internal controls regarding finance, accounting, and legal compliance;
(b) to fix the fees of external auditors of the Council;
(c) review Council's financial statements and other financial information; and
(d) review Council compliance with other regulatory requirements.
(5) Membership of a Standing Committee shall be 7 persons who are experts in the relevant fields, and the Committee shall elect one of them to be the Chairman of the Committee.
(6) Standing Committees shall hold meetings at least once a month and the quorum shall be 3.
(7) In the absence of the Chairman, members of the committee shall elect one of them to act as Chairman for the meeting.
(8) Without prejudice to other provisions of this Act, the Board may appoint such other standing or ad-hoc committees as it deems fit to consider and report on any matter with which the Board is concerned.
(9) A committee appointed under sub-section (8) of this section shall :
(a) consist of such number of persons (not necessarily members of the Board) appointed by the Council and shall remain on the Committee in accordance with the terms of his appointment; and
(b) be presided over by a member of the Board
(10) A decision of a committee established under this section shall be of no effect until it is confirmed by the Board.