Petroleum Authority of Brunei Darussalam Act · 2021 Revised Edition · Part 2
9. Audit Committee
Official textFrom Attorney General's Chambers, unchanged
The Authority shall establish an Audit Committee.
Authority
"Authority" means the Petroleum Authority of Brunei Darussalam established by section 3;
The members of the Audit Committee shall consist of at least two external persons with extensive professional experience and at least one of the directors not being the Chairman. the Deputy Chairman or the Managing
Director.
At least one member of the Audit Committee shall be a person with extensive professional experience in the field of accounting or auditing.
The responsibility of the Audit Committee shall include -
oversight of the internal audit function;
recommendations on the appointment of the external auditors. the scope of external audits and other services;
providing the opportunity for the auditors to meet and discuss findings; and
(4 reviewing with the external auditors the end of year financial statements.
The Authority shall determine the further responsibilities and conditions of the Audit Committee.
The Audit Committee shall periodically report to the Authority.
Subject to this Act and to any direction given by the Authority in that behalf. the Audit Committee may regulate its own procedure.
Delegation by Authority
.
The Authority may, in respect of a specified matter WXass5f matters, in writing, delegate to a member or committee of the Board or to an officer or other employee of the Authority, the exercise of any power or the performance of any function conferred or imposed on it by this Act, except for the power of delegation conferred by this section.
Board
"Board" means the Board of Directors of the Authority referred to in section 5(1);
B.L.R.O. 4:2021
Petroleum Autl~oriq 22
petroleum
"petroleum" has the same meaning assigned to it in section 2 of the Petroleum Mining Act;
o f Brunei Darussalmz
A delegation under subsection (1) may be -
subject to such conditions as may be determined by the
Authority in the instrument of delegation;
be revoked or varied by a subsequent order made in the same manner.
The Authority may continue to exercise any power and perform any function conferred or imposed on it by this Act notwithstanding the delegation by it of such power or function.
Terms defined in s 2
Authority
Defined · s 2"Authority" means the Petroleum Authority of Brunei Darussalam established by section 3;
Board
Defined · s 2"Board" means the Board of Directors of the Authority referred to in section 5(1);
Managing Director
Defined · s 2"Managing Director" means the Managing Director appointed under section 6(1); B. L.R.O. 4:2021 Petroleum Authority 12 of Brunei Durussalurn "member' means any member of the Board: "midstream petroleum operation'' means any operation or activity related to petroleum processing. storage and transportation. including the planning of any such operation or activity;
petroleum
Defined · s 2"petroleum" has the same meaning assigned to it in section 2 of the Petroleum Mining Act;
Part
Functions, Duties and Powers of Authority
Part
Provisions Relating to Staff
Part
Mineral Rights
Part
Financial Provisions
Part
Transfer of Company Petroleum
Part
Transfer of Government Petroleum
Part