(1) There shall be an audit and risk committee of the Board.

(2) The audit and risk committee shall -

(a) ensure the transparency and integrity of the Authority's accounting and financial reporting systems,

(b) ensure that appropriate systems of internal control are in place, in particular, systems for risk management and financial and operational control, and

(c) arrange for the appointment of auditors to carry out audits of the books, accounts and other financial statements of service providers engaged under section 32 and investment management providers appointed under section 68 so far as they relate to the services performed for the Authority.

(3) The members of the audit and risk committee shall comprise -

(a) 2 members of the Board who are not chairperson of the Board and who are appointed by the Board, and