(1)  The Board must establish an audit committee.

(2)  An audit committee is to provide the Board with advice on any of the following:

(a) the audit charter of the Academy;

(b) monitoring the systems of financial reporting and internal control;

(c) the resources necessary to carry out internal audit of the Academy;

(d) any other matter referred to it by the Board.

(3)  Schedule 3 has effect with respect to the membership and meetings of the audit committee.