Finance & Audit Committee

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The National Commission for Science and Technology Board in addition to the Awards Committee, may for the purpose of performing its functions under the the Science and Technology Act 2003, establish other Committees.

The Board delegates to the Committees some of its functions as it considers necessary for purposes of performing its fuctions under the Act. The Board has established the Finance and Audit Committee.

The Finance and Audit Committee Charter defines the relationships between the FAC, NCST Board of Commissioners, other Committees of the Board and the Secretariat. The FAC Charter is part of NCST corporate governance framework. It provides the structure through which the Board (through the FAC) is able to provide financial and risk management oversight to NCST in order to achieve NCST mandate under the Act.

The Charter establishes the authority and responsibility of FAC so that it may function effectively and efficiently.

The FAC is mandated to assist the Board in fulfilling its oversight responsibilities through:

  1. Integrated Reporting and Disclosures: FAC shall ensure that appropriate systems and processes are put in place in order to produce integrated reports to Government of Malawi and other key stakeholders. These reports and disclosures shall give a complete picture of NCST’s financial and non-financial profiles. The reports shall be holistic and reliable.
  2. The FAC shall ensure that reporting is integrated across all areas of performance, reflecting the choices made in the strategic decisions adopted by the Board, and should include reporting in the triple context of economic, social and environmental issues. The FAC shall ensure the reports generated by NCST shall enable the Government of Malawi and other key stakeholders to assess both the book value and economic value of NCST.
  3. Governance of Risk: the Board has identified the strong interdepence between risk management and the achievement of NCST strategic and operational plans. The Board is responsible for the governance of risk and determination of NCST risk tolerance. The FAC shall assist the Board in carrying out its risk management responsibilities and ensuring NCST has effective and effecient internal control systems.
  4. Internal Audit: the FAC shall ensure that a risk-based approach directs the Internal Audit Function. This will enable IAF to addresses strategic, operational, financial and sustainability issues in its quest to deliver value to NCST.
  5. 4. Governance of Information Technology: the Board recognises that information and communication technology is fundamental to the support, sustainability and growth of NCST. ICT cuts across all aspects, components and processes of NCST and is therefore not only an operational enabler for the Organisation, but an important strategic asset which should be leveraged to create opportunities and to gain competitive advantage.
  6. As well as being a strategic asset to NCST, ICT also presents the Organisation with significant risks. The FAC shall ensure that strategic asset of ICT and its related risks and constraints are well governed and controlled. This will ensure that ICT resources supports NCST strategic objectives.
  7. Compliance: the Board is responsible for NCST’s compliance with Malawian Constitution, the Act and other relevant laws and regulations. The Board ensures that NCST also complies with the non-binding rules, codes and standards with which the Organisation has elected to abide to. The FAC shall monitor NCST’s compliance with all applicable laws, rules, codes and standards.

To support achievement of good corporate governance the FAC is committed to ensuring reciprocal accountability and balanced measurement.