Question
Which committee must be composed entirely of Non-Executive Directors (NEDs)?
Solution
A PSB shall set up an Audit Committee of the Board (ACB) comprising only NonExecutive Directors (NEDs). The members shall have the ability to understand all financial statements as well as the notes / reports attached thereto and at least one member shall have requisite professional expertise / qualification in financial accounting or financial management [e.g., experience in application of accounting standards and practices, including internal controls around it].
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