Malaysia legislation
Section 49
Section 49
(a)
ascertain the authority and validity of all expenditures;
(b)
examine the accounts of the registered society, or appoint competent persons to examine such accounts, at regular intervals which shall not in any case be less than once every three months; and
(c)
communicate to the Board any discrepancies that may occur in the management of the registered society.
(2)
The Internal Audit Committee of a registered society shall present at the annual general meeting a report on the management and affairs of the registered society, including any violations of the by-laws of the society.
(3)
The Internal Audit Committee of a registered society shall at all times have access to all books, accounts and documents of the registered society, and any person required by the Internal Audit Committee to produce any information or such books, accounts and documents shall comply with such requirement.
(4)
All costs and expenses incurred by the Internal Audit Committee of a registered society in the exercise of their duties, functions and responsibilities shall be borne by such registered society.