The Audit Committee’s activity is to assist in improving the effectiveness of internal control system, risk management and corporate governance, as well as supervision over the internal audit service, ensuring adequate application of the accounting principles, monitoring the quality of financial statements and assess the compliance of the external auditor's work with the standards established by the legislation of the Kyrgyz Republic.
In 2018, the Audit Committee held 19 meetings, where the materials on the internal audit activities, monitoring of the implementation of internal and external audit recommendations, and on review of the internal control system were considered. The Audit Committee on a semi-annual basis provided information on its activities for consideration by the Board of the National Bank. Independent member of the Audit Committee participated in selection of the external auditor for the National Bank. The Audit Committee held meetings on the financial statements audit for the year with the responsible representatives of the external auditors to guarantee the external auditors’ independence.