Committee roles and responsibilities
The Audit Committee monitors and evaluates the adequacy and effectiveness of the Bank’s systems of internal controls, risk management, and governance processes. It provides oversight on the integrity of the Bank’s financial statements and financial reporting process, performance of the internal and external audit functions, and compliance with bank policies, applicable laws, and regulatory requirements.
In addition, the Audit Committee reviews the external independent auditor’s annual audit plan and scope of work and assesses the independent auditor's overall performance and effectiveness. In consultation with Management, the Committee also approves the independent auditor's terms of engagement and audit fees.
Committee Composition and Meetings (Term 2022-2023)
Chairman
Maria Dolores B. Yuvienco (Independent Director)
Members
Octavio Victor R. Espiritu (Non-Executive Director)
Cesar V. Purisima (Independent Director)
During 2021, the committee members attended meetings as set out in the following table:
Office | Name | Date of Appointment | Attendance/ Meetings | % | Years served on Committee |
|---|---|---|---|---|---|
Chairman (ID) | Maria Dolores B. Yuvienco | Apr. 10, 2014 | 17/172 | 100% | 7.7 |
Member | Octavio Victor R. Espiritu | Apr. 15, 2010 | 15/172 | 88% | 11.7 |
Member (ID) | Cesar V. Purisima | Apr. 22, 2021 | 10/102 | 100% | 1.7 |
Member | Romeo L. Bernardo1 | Oct. 21, 2020 | 7/7 | 100% | 0.5 |
1 Committee member until Apr. 21, 2021
2 Includes BPI Joint AuditCom & RMCom Meeting
Committee Performance
As part of the annual Board effectiveness review, a separate exercise was conducted to assess the Committee’s 2021 performance. The survey found the Committee to have performed its duties and responsibilities effectively.
Committee Charter
Audit Committee charter
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| BPI is regulated by the Bangko Sentral ng Pilipinas