Powers and Objective of FAC

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Powers of the FAC
The FAC shall have powers necessary to perform its functions and discharge its responsibilities effectively. This shall include not limited to the following:

  • To investigate any activity within its terms of reference.
  • To seek information from any employee.
  • To obtain outside legal or other professional advice.
  • ┬áTo secure attendance of outsiders with relevant expertise, if it considers necessary.
  • The Committee may form and delegate authority to subcommittees.

 

Objectives of the FAC

The main objective of the FAC is to assist the board in providing oversight over the financial, compliance and risk management policies and procedures. Specific objectives shall include but not limit to:

  • Timely approval of documents by the NCST Board.
  • Timely approval of documents by the Funders.
  • Amicable working relationship with representatives of donors and funders.
  • Effective budgeting for funds in accordance with established procedures.
  • Effective financial policies in place and that these are implemented fully by Management to ensure continuous operational improvement and achievement of financial goals, including adherence to policies of the funding partners.
  • Effective decisions at the Board level as a result of adequate information in terms of periodic financial statements.
  • Effective procurement procedures which demonstrate good stewardship over financial resources and that ensure value for money.
  • Effective oversight over the Financial Audit process as a result of clear leadership provided to Management.
  • Effective procedures of selecting and dismissing external auditors that inform the Board and the Council adequately.
  • Effective procedures for determining the remuneration of external auditors.