243. The audit committee’s functions vary from company to company but they invariably include
the following –
a) recommending the nomination and remuneration of external auditors;
b) reviewing the audit carried out by external auditors;
c) discussing with the external auditors any problems that arise during audits ;
d) reviewing the company’s accounting policies and the need to make changes to them;
e) reviewing the company’s internal control environment;
f) reviewing reports from the company’s internal audit department and providing an
independent reporting channel for the internal auditors who would otherwise report to
the finance director only;
g) reviewing the half-year and annual financial statements prior to their approval by the Board;
h) reviewing the independence and objectivity of the auditors of the company;
i) recommending to the Board the appointment of the chief financial officer or financial
director and reviewing his performance;
j) ensuring that the company’s internal control procedures are adequate;
k) appointing a new firm of auditors and negotiating the audit fee; and
l) preparing the terms of reference of new auditors for adoption by the Board.

• According to the NATIONAL CODE ON CORPORATE GOVERNANCE ZIMBABWE