SADC Financial Regulations Effective 1 April 2013 Regulation  7  –  Audit  Committee   1. The Committee’s charter on its duties are specified in its Terms of Reference including review of: annual financial statements, internal controls, risk management systems, internal audit, external audit and measures adopted for the achievement of economy, efficiency and effectiveness in the operations of the Institution. 2. The Committee shall submit its reports to Council through the Finance Committee. 3. The Committee shall have five (5) serving members, appointed from nationals of Member States who possess the relevant qualifications required for the appointment to serve in the Committee. The rotation system set out in the Terms of Reference shall be followed. 4. Council shall appoint the members and the designated alternate members to the Committee. 5. The Committee shall have access to all records, books of accounts and other documents, which in their opinion are necessary for the performance of their duties. Page 17 of 100