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Audit Committee

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 (Term 2022 - 2023)

Chairman Maria Dolores B. Yuvienco
Independent Director
MembersOctavio 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

April 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

1Committee member until Apr. 21, 2021
2Includes 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


Read the Audit Committee Charter here.